The U.K.’s Brit Insurance Holdings PLC, a general insurance group and leading Lloyd’s underwriter, announced strong first half results, posting a 拢31 million ($51.15 million) pretax net profit, compared to a 拢4.3 million ($7.1 million) loss in the same period last year.
The company’s announcement also cited the following highlights:
— Basic earnings per share of 2.82p (30 June 2002: loss of 1.26p) [4.65 cents and 2.08 cents respectively]
— Group combined ratio of 89.2% (30 June 2002: 90.2%)
— Gross written premium increased by 67.7% to 拢666.2m (30 June 2002: 拢397.3m) [$1.1 billion and $655.5 million respectively]
— Strong growth in the key UK Commercial markets.
— Successful withdrawal from non-core businesses.
— Trading conditions remain favourable with a positive outlook.
Commenting on the results, Chairman Clive Coates stated “Brit has had a record first half and we are building real earnings momentum. We have seen further steady improvement in our combined ratio to its best ever level. We are excited about our future prospects.”
Brit’s strong performance is further evidence that Lloyd’s underwriters seem to be having an exceptional year. However, while hard market conditions have raised premiums in most lines, claims costs and operating expenses are still rising. Brit reported 拢73.329 million ($121 million) in net claims paid in the 1st half of 2003, compared to 拢46.566 ($77 million) in 1st half 2002, while net operating expenses rose to 拢84.991 million ($140 million) from 拢38.113 ($62.8 million).
Topics Profit Loss
Was this article valuable?
Here are more articles you may enjoy.
One Weather Firm Warns New England Could See Big Hurricane This Season 
Hellman & Friedman’s Hub International Seeks $3 Billion in IPO 
Farmers Looks to Make it Easier for Consumers to Understand Insurance 
Clash of Florida Titans Pits Powerful Tribe Against Homebuilder Lennar 
