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Daily Insurance Industry News
Saturday 20th of January 2018
February 25, 2011

Brit reports annual results

by Richard Kilner

Story link: Brit reports annual results

Brit reports annual results

Brit Insurance has reported its preliminary results for 2010, including pre-tax profits, excluding the effect of foreign exchange on non-monetary items, of £119.2m, down substantially from the £171.3m made in 2009.

However, profits after tax rose substantially, increasing from £87.5m by 26% to £110.5m, with earnings per share up from 113.2p to 142.4p.

Headline return on equity rose from 12.2% to 14.2%, but, excluding the effect of foreign exchange on non-monetary items, fell from 17.4% to 14.4%.

Gross written premiums declined by around 10% to £1,530.2m.

Brit Insurance Holdings N.V. Chief Executive officer Dane Douetil described 2010 as a year of solid and consistent growth, during which Brit managed to keep its costs broadly flat despite the expense of preparing for the implementation of Solvency II.

Douetil warned that the UK needed to stay away from excessive regulation which could cost the country its competitive edge.

 

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