Brit Insurance Holdings returned to profitability in the
full year to end of 2002 and is upbeat about the outlook for 2003 amid "exceptionally positive" underwriting environment.
The group forecasts gross premium income of £1.05bn for 2003
and said it continues to seek to deliver shareholder returns over the next few years.
"The return to profitability in 2002 is welcome. We continue to experience strong market conditions and the outlook for 2003 shows considerable promise," said chief executive Neil Eckert.
"The strength of our balance sheet enables us to take full advantage of the increased revenue levels we are experiencing. We are in a better position than ever to take full advantage of these conditions -- the best I've ever seen."
Full-year operating profit, based on a long-term rate of investment return, amounted to £25m against a loss of £99.4 m the year before. Total operating profit was
£11.4m against a £112.7m loss. Gross written premiums for 2002 grew 77% to £662.7m from £374m, while net written premiums rose to £522.2m from £245.1m.
Combined ratio in 2002 fell to 88.6% from 154.1% the year before, while its claims ratio dropped to 62.9% from 125.4%.
Brit said it saw a continued improvement in market underwriting conditions since the last quarter of 2001.
