UK-based insurer Brit Insurance has reported a profit of GBP76m for the full year of 2011, compared to GBP110.5m for the same period in 2010.

The total revenue for the full year of 2011 was GBP1.37bn, compared to GBP1.44bn for the same period a year ago.

Operating profit was GBP91.3m, compared to GBP132.2m for the same period in the previous year.

Gross written premiums declined 2.7% to GBP1.49bn, compared to GBP1.53bn for the same period in the prior year.

During the period the effect of natural catastrophes on the group, net of reinsurance recoverable, was GBP141.9m, compared to GBP58.7m in 2010.

Brit Insurance CEO Mark Cloutier said that the company delivered a solid result in 2011 against a weak market, while at the same time making good progress in its efforts to reposition the group for the future.

"With record natural catastrophe and other large losses, low interest rates, volatile investment markets and a broadly flat pricing environment in a weak macroeconomic environment, 2011 was an extremely challenging year for the sector," Cloutier said.