Daily Insurance Industry News
 
 
Daily Insurance Industry News
Thursday 15th of November 2018
September 4, 2007

Brit expects dip in profit

by Gill Montia

Story link: Brit expects dip in profit

Brit Insurance, the general insurance and reinsurance company, recorded increased pre-tax profits of £106.8 million in the six months to the end of June 2007.

The result compares with pre-tax profit of £106 million for the same period of 2006, and is ahead of analysts’ expectations, despite claims activity in the first-half returning to more normal patterns than the low levels experienced by the group in 2006.

The company also saw a 4.6% increase in gross written premiums, to £727.4 million.

However, underwriting profit fell during the period, to £70.3 million, as compared with £92 million in the first-half of 2006.

In announcing the results, Brit’s chief executive warned that second-half profits may be below those posted in the first-half of this year.

The company is experiencing strong competition across many classes of insurance but despite challenging market condition, has not changed its medium term outlook and expects to see improvements in the second-half of 2008, and beyond.

Finally, Brit’s chairman, Clive Coates, has announced plans to retire in May of 2008. He will be replaced by John Barton, who was the chairman of Wellington Underwriting prior to its takeover by Catlin Group.

 

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