Brit Limited reported a pre-tax profit from continuing operations of $661 million for 2024, partly due to a pre-tax profit increase in H1. That figure compares favorably with the pre-tax profit of $623.9 million the company reported in 2023.
After-tax profit from continuing operations was $576.2 million, down from $629.2 million the previous year. Return on net tangible assets from continuing operations stood at 23.5%, reflecting an increased level of adjusted net tangible assets held during the year.
The combined ratio for continuing business after discounting was 75.7%, with an undiscounted combined ratio of 85.9%. The insurance service results was a profit of $674.8 million. Gross written premium for 2024 totaled $3.78 billion, up from $3.75 billion in 2023.
The company’s capital position remains strong, with a surplus over management entity capital requirements of $987.5 million, or 53%, after dividend payments of $605.4 million. Meanwhile, the company’s investment portfolio remains largely allocated to cash and fixed income securities, representing 84.5% of total investments.
Last year, Brit expanded its operations in Bermuda with the launch of Brit Re. The company said it remains committed to improving its underwriting capabilities, including the introduction of new strategic pricing and rating engines.
In December, AM Best affirmed the financial strength rating of A (Excellent) and the long-term issuer credit rating of “a” (Excellent) for Brit Reinsurance (Bermuda) Limited (Brit Re), reflecting the unit’s balance sheet strength and limited business profile. The outlook for both ratings remains stable.
Brit also launched the “BUILD Project Cargo” and “Cyber First50” consortia and completed the sale of its holding in Canadian MGA Sutton during the year.
Meanwhile, Ki, which was recently established as a standalone operation, said its platform now allows brokers to access third-party digital capacity from multiple syndicates. Ki’s written insurance premium rose by 16.6% to $1.04 billion.
Brit CEO Martin Thompson said the company’s strong performance in 2024 was thanks to its underwriting and investment results, with a clear strategic focus on performance and profitability.
“Market conditions remained favorable in 2024, with cumulative increases since January 2018 of 62.8%. However, challenges have emerged, including increased competition and rate reductions in several classes, resulting in an overall rate reduction of 1.4%,” he said.
Looking ahead, Thompson said the company plans to invest in technology, strengthen broker relationships and underwriting capabilities, as well as carefully manage its insurance cycle operations amid shifting market dynamics and industry challenges.
“The long-term objective is to remain a leading player in the Lloyd’s market, driven by a focus on lead underwriting and sustainable profitability,” Thompson said.
