Brit Insurance Holdings announced a higher than expected 32% increase in pre-tax profits.

Announcing its year-end results Brit said pre-tax profits rose from £77.6m in 2003 to £102.5m in 2004.

Despite setting itself a target of £1.3bn gross written premiums in 2004, Brit announced only a slight rise in the number from £1.016bn in 2003 to £1.087bn in 2004.

Combined ratio increased to 92.5% compared with 88.5% in 2003.

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