Brit Limited has reported its interim results for the six months ending June 30, 2024, showing growth in profit and an improved combined ratio, despite a decline in written premiums.
The group's profit before tax from continuing operations rose to $362.4 million, compared to $300 million for the same period in 2023. Its undiscounted combined ratio improved to 80.5%, up from 82.3% in the previous year, while the discounted combined ratio also saw improvement, standing at 70.1%, compared to 72.0% at the end of June 2023.
However, Brit's return on invested assets fell to 2.0%, down from 2.4% in the prior period.
The total insurance premium written for the first half of 2024 decreased to $1,964.7 million, from $2,021.3 million in 2023. Despite the dip in premiums, the company reported a rise in its capital ratio, which increased to 167.7%, up from 154.5% at the end of December 2023.
Key developments during the period included Brit’s ongoing focus on enhancing underwriting capabilities and continued implementation of its digital, data, and artificial intelligence (AI) strategy.
The group also successfully launched an enhanced offering from its digital insurer, Ki, allowing brokers to access third-party digital capacity through the Ki platform.
Read More: Ki forms multi-year partnership with Beazley
Brit's group CEO, Martin Thompson (pictured above), attributed the performance to the company’s strategic focus on profitability rather than premium growth, highlighting improvements in the combined ratio and profit before tax.
He emphasized the importance of maintaining a careful approach to the insurance cycle and highlighted investments in technology, broker relationships, and underwriting capabilities as key contributors to the group's performance.
Looking forward, Thompson expressed confidence in the company’s positioning and portfolio, stating that Brit is well-prepared to navigate evolving market dynamics in the second half of the year and beyond, with a focus on leveraging its underwriting strength and strong broker relationships.
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