Brit Insurance profits were down slightly in the first half of 2006 compared to the same period last year, as reduced investment and the weakened dollar undermined a strong underwriting performance.
Brit Insurance is a major UK-domiciled general insurance and reinsurance group that writes both for the UK and international business. The insurer made a profit of GBP106 million in the first half of the year, compared to GBP112.2 million the previous year. Although profit was down by 6%, the company still comfortably beat consensus forecasts of just over GBP90 million.
Analysts have been generally positive about the performance of the company, which saw its underwriting profit rise to a record GBP92 million.
Brit chief executive Dane Douetil was quoted by Reuters as saying: Overall I’m absolutely delighted with the health of the business. We’re firing on all cylinders in the sense that all our underwriting centers are making good profits.