Brit's results show boost in profit and GWP
Brit Insurance has grown 300% in the last year posting a before tax profit of £171.3m excluding the effect of foreign exchange on non-monetary items, dwarfing last year’s £39.6m result.
Brit's profit after tax came in at £87.5m in comparison to £66.6m at the end of 2008.
Gross written premium (GWP) increased by 21.6% or 10.4% at constant currency to £1,696.4m, a growth of 21.6%. Brit's combined ratio excluding the effect of foreign exchange on non-monetary items dropped to 94.0% (2008: 96.4%)
By sector Brit UK, saw an increase in GWP to £455.4m (2008: £350.6m), while Brit Reinsurance posted a GWP of £364.2m, compared to £260.7m in 2008. Brit Global Markets' GWP was £875.3m
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