Company: Brit Insurance
Published: 22 August 2011
I am pleased to announce that the Group recorded profit before tax of £119.2m and a return on equity of 14.4% (both excluding the effect of foreign exchange on non-monetary items). This is a good result given the increased major claim burden faced by the Group and the continued tough economic conditions.
2010 was a quieter period in terms of headline strategic activity but underlying this a huge effort has been put in by all staff to build on the ‘Average to Outperform’ programme established in 2009. This programme is designed to raise performance across the entire Group and develop a culture of outperformance.
Major strides have been made during 2010 in terms of managing and optimising the underwriting portfolio, as can be seen in the significant improvement to Global Markets’s attritional claims ratio, improving expense efficiency and the continuation of talent management through internal promotions and external recruitment.
anaging the underwriting portfolio has constrained growth but has already improved its underlying quality. Much of the benefit from these initiatives will become evident over the coming years.
© Incisive Insurance Information (IP) Limited 2018, Published by Incisive Insurance Information Limited, Haymarket House, 28-29 Haymarket, London SW1Y 4RX, are companies registered in England and Wales with company registration numbers 9245293 & 9245298.