Brit half year results hit by foreign exchange losses
Half year report reveals confusing contrasts in profit and loss
Brit Insurance has reported a loss of £8.7m for the first six months of 2009, contrasting sharply with a £49.9m profit last year.
The insurer's combined ratio has also deteriorated by 5%, from 88.8% to 93.8%, excluding the effect of foreign exchange on non-monetary items.
Despite these results, Brit insisted that the profit before tax excluding the effect of foreign exchange on non-monetary items increased by 24.1% to £64.9m and gross written premium was up by 30.2% to £983m.
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