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Which 3 Stocks Would Warren Buffett Buy?Brit Insurance knocked by major claims
25-02-2011 08:22
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Insurer Brit is making a low key exit key from the stock market with pre-tax profits and premiums both lower.
Gross written premium fell by 9.8% to £1.53bn, a reduction of 9.8% or 10.4% at constant currency. Combined ratio excluding the effect of foreign exchange on non-monetary items deteriorated to 97.1% (2009: 94.0%) affected by significantly higher charge for major claims during the year
Profit before tax excluding the effect of foreign exchange fell to £119.2m (2009: £171.3m). Profit after tax was £110.5m up 26.2% (2009: £87.5m) and earnings per share of 142.4p up 25.8% (2009: 113.2p).
In October, Brit agreed an offer made by Apollo Management and CVC Capital Partners that valued each share at between £10.75 and £11.
Gross written premium fell by 9.8% to £1.53bn, a reduction of 9.8% or 10.4% at constant currency. Combined ratio excluding the effect of foreign exchange on non-monetary items deteriorated to 97.1% (2009: 94.0%) affected by significantly higher charge for major claims during the year
Profit before tax excluding the effect of foreign exchange fell to £119.2m (2009: £171.3m). Profit after tax was £110.5m up 26.2% (2009: £87.5m) and earnings per share of 142.4p up 25.8% (2009: 113.2p).
In October, Brit agreed an offer made by Apollo Management and CVC Capital Partners that valued each share at between £10.75 and £11.
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