Brit LIMITED
PRESS RELEASE
28
February 2025
results for the Year ended 31 December 2024
A
strong performance underpinned by a clear strategic
focus
Key points
· Group
profit before tax from continuing operations of $661.0m (2023:
$623.9m).
· Group
profit after tax from continuing operations of $576.2m (2023:
$629.2m).
· Return
on net tangible assets on continuing operations of 23.5% (2023:
41.7%), primarily reflecting the increased level of adjusted net
tangible assets held during 2024.
· Combined ratio for continuing business after discounting of
75.7% (2023: 76.2%) and an undiscounted combined ratio for
continuing business of 85.9% (2023: 85.3%).
· Insurance service result was a profit of $674.8m (2023:
$649.5m).
· Insurance premium written for 2024 of $3,779.5m, an increase
of 0.5% over 2023 ($3,753.5m) at constant rates of exchange.
· Investment return was a strong $347.7m or 5.0% (2023: $394.4m
or 6.2%).
· Capital position remains strong, with a surplus over
management entity capital requirements of $987.5m or 53.0% (2023:
$1,050.5m or 54.5%), after dividend payments in the year of
$605.4m. A significant proportion of our investment portfolio
remains invested in cash and fixed income securities (2024: 84.5%;
2023: 85.8%).
· Overall risk adjusted rate decrease of 1.4% (2023: increase of
7.1%).
· Key
developments include:
o Ki established as a standalone
operation within the Brit Limited and Fairfax groups following
highly successful launch and incubation by Brit;
o Focus on underwriting
capability development, including new strategic pricing and rating
engines for a number of classes;
o Launch of Brit Re, the
strategic expansion of our Bermuda presence;
o Successful first year of Ki's
enhanced offering allowing brokers to access third-party digital
capacity from multiple syndicates directly through the Ki
platform;
o Ki franchise growth: Overall
insurance premium written by the Ki franchise, on behalf of Ki
Syndicate 1618 and third parties, grew by 16.6% to
$1,039m;
o Launch of the 'BUILD Project
Cargo' and 'Cyber First50' consortia;
o Completion of the sale of our
holding in Canadian MGA Sutton;
o Continued focus on our
customers through claims innovation; and
o Continued focus on our
digital, data and AI strategy.
Martin Thompson, Group Chief
Executive Officer, commented:
'I am pleased to report a
strong performance for 2024, with an undiscounted combined ratio of
85.9%, a discounted combined ratio of 75.7%, and a profit before
tax from continuing operations of $661.0m. The excellent
underwriting and investment results we have delivered reflect our
clear strategic focus on driving performance and
profitability.
Positive market conditions have
continued during 2024, with compound increases since 1 January
2018, the last low point in the cycle, of 62.8%. However, we
are also seeing markets becoming more challenging, with increased
competition and rate reductions in a number of classes, resulting
in overall rate reductions of 1.4%. Against this backdrop we have
continued to be highly disciplined and focused on underwriting
profitability.
Building on Brit's position and
reputation as a lead market is an essential priority and we are
more active than ever in influencing and shaping the market,
driving terms and price across all lines that merit focus. This is
a testament to the high quality of our underwriting and claims
teams and our sharpened focus on developing market leading
underwriting capability. Our strong broker relationships
remain a fundamental enabler, while we have also made good progress
with our investment in digital and data-enabled capabilities,
having delivered the foundational phase, a cloud-native modern data
platform.
Our aspiration for the Group is to
be a long-term winner in the Lloyd's market, supported by our clear
strategic focus on lead underwriting to drive sustainable
performance and profitability. Our 2024 results reflect another
year of strong performance and show we have the foundations from
which to achieve this through Syndicate 2987, a highly relevant
lead market. In 2025 we will continue to invest in our
technology strategy, broker relationships and underwriting
capabilities to build on our established leadership positions,
while retaining our long-term focus on careful management of the
insurance cycle.
We remain mindful of shifting market
dynamics, and the challenges faced by our customers and the
industry, as illustrated by the recent California wildfires. The
human impact of such events is significant and our thoughts are
with those affected. They also remind us of the role of
insurance in helping businesses and individuals navigate a complex
and ever-changing risk environment. Our diversified and balanced
portfolio makes us well placed to support our customers through
Brit's underwriting and claims expertise. This, together with our
strategy and unique culture, gives me great confidence in the
outlook for Brit.'
Brit Limited's 2024 audited Annual
Report
Brit Limited's 2024 audited Annual
Report is available at www.britinsurance.com.
For further information, please
contact:
|
Antony E Usher, Group Financial
Controller, Brit Limited
|
+44 (0) 20
3857 0000
|
|
Edward Berry, FTI
Consulting
|
+44 (0) 20
3727 1046
|
|
Tom Blackwell, FTI
Consulting
|
+44 (0) 20
3727 1051
|
Disclaimer
This press release does not
constitute or form part of, and should not be construed as, an
offer for sale or subscription of, or solicitation of any offer or
invitation or advice or recommendation to subscribe for, underwrite
or otherwise acquire or dispose of any securities (including share
options and debt instruments) of the Company nor any other body
corporate nor should it or any part of it form the basis of, or be
relied on in connection with, any contract or commitment whatsoever
which may at any time be entered into by the recipient or any other
person, nor does it constitute an invitation or inducement to
engage in investment activity under Section 21 of the Financial
Services and Markets Act 2000 (FSMA). This document does not
constitute an invitation to effect any transaction with the Company
or to make use of any services provided by the Company. Past
performance cannot be relied on as a guide to future
performance.
Brit at a Glance
Brit is a market leader in global
specialty insurance and reinsurance, writing a broad range of
commercial insurance. Brit is a highly regarded and an
influential name in the Lloyd's market and we pride ourselves on
our specialist underwriting and claims expertise.
We operate globally via a
combination of our own international distribution network that
benefits from Lloyd's global licences, and through our broker
partners. Our underwriting capabilities are underpinned by a
strong financial position, our underwriting expertise and
discipline and customer service, enhanced by a data led approach
and strong focus on innovation.
We have a strong track record and
are passionate about our business, our people and our clients and
we have focused on cultivating a franchise that is built on
delivering exceptional service. Our culture is centred on
achievement, and we have established a framework that identifies
and rewards strong performance.
Brit is a member of the Fairfax
Financial Holdings Limited group of companies (Fairfax). The
Fairfax financial result for the year ended 31 December 2024,
published on 14 February 2025, includes the Brit financial
result.
www.britinsurance.com
