Brit sees profits plunge to £6.8m
Brit Insurance has reported a dramatic fall in profits before tax to £6.8m from £77.5m in 2010 in its half year results to 30 June.
The provider's combined operating ratio deteriorated to 104.8% as opposed to 96.5% in the comparable period of 2010. Brit stated that the fall included 15.5% for major claims whereas the first half of 2010 had only 7.1% against it.
The insurer stated that gross written premium rose 2.1% at constant exchange rates for the period to £845.3m and that underlying management expenses had been reduced by 11.8% to £75.4m. It also achieved 0.9% premium rate increase in the first six months of 2011 (H1
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