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:
  • Ki established as a standalone operation within the Brit Limited and Fairfax groups following highly successful launch and incubation by Brit;  
  • Focus on underwriting capability development, including new strategic pricing and rating engines for a number of classes;
  • Launch of Brit Re, the strategic expansion of our Bermuda presence;
  • Successful first year of Ki’s enhanced offering allowing brokers to access third-party digital capacity from multiple syndicates directly through the Ki platform;
  • 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;
  • Launch of the ‘BUILD Project Cargo’ and ‘Cyber First50’ consortia;
  • Completion of the sale of our holding in Canadian MGA Sutton;
  • Continued focus on our customers through claims innovation; and
  • 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

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.