Brit Limited, a Lloyd's insurer, has reported robust financial results for the first half of 2023, showcasing significant growth compared to the previous year. The company disclosed a group profit after tax of $574.1 million, a substantial increase from $32.1 million in the corresponding period of 2022. Additionally, the adjusted group operating profit showed a positive shift, climbing to $257.4 million from a loss of $(154.1 million) in H1 2022. Brit Limited's gross written premium for the period totaled $2.02 billion, slightly up from $1.99 billion in the first half of 2022.
The underwriting profit also saw an increase, reaching $95.1 million compared to $79.5 million in the prior year. CEO Martin Thompson expressed his contentment with the company's performance, highlighting a strong underwriting result with a combined ratio of 93.3%.
He acknowledged favorable market conditions and significant rate increases in various business lines, although competitive challenges were also noted in certain segments. Thompson reiterated Brit's strategic focus on profitability and performance, emphasizing investments in data and digital capabilities to drive future success. He expressed confidence in the company's direction and culture moving forward.
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