Annual Financial Report

Brit Group Holdings LIMITED  

PRESS RELEASE

27 February 2026

results for the Year ended 31 December 2025

A focused Brit delivering a strong performance

Key points

· First set of annual results of the reconstituted Brit Group (Brit), following the separation of Ki Financial Limited (Ki) on 1 January 2025. 

· Group profit before tax of $716.7m (2024: $571.1m).

· Group profit after tax of $651.8m (2024: $478.4m).

· Return on net tangible assets of 28.8% (2024: 25.8%).

· Combined ratio after discounting of 81.9% (2024: 75.7%) and an undiscounted combined ratio of 89.3% (2024: 85.3%).

· Insurance service result of $446.2m (2024: $557.0m). 

· Insurance premium written for 2025 of $3,091.7m, an increase of 3.8% over 2024 ($2,978.5m) at constant rates of exchange.

· Strong investment return of $586.5m or 9.0% (2024: $272.3m or 4.8%).

· Capital position remains strong, with a surplus over management capital requirements of $1,524.7m or 175.2% (2024: $823.1m or 147.9%), after dividend payments in the year of $236.0m. A significant proportion of our investment portfolio remains invested in cash and fixed income securities (2025: 80.2%; 2024: 80.6%).

· Overall risk adjusted rate decrease of 4.8% (2024: decrease of 1.4%).

· Key developments include:

o  Continued focus on developing our underwriting capability;

o  Through Brit Re, the strategic expansion of our Bermuda presence;

o  Successful placement of Brit-sponsored catastrophe bond;

o  Strengthening of capital base, with Brit becoming the co-obligor on two existing senior unsecured notes, issued by Fairfax, with a total nominal value of CAD 700m;

o  Continued focus on our customers through claims innovation; and

o  Development of our digital, data and AI strategy.

Martin Thompson, Group Chief Executive Officer, commented:

'I am pleased to report a strong result for 2025, with Brit's clear strategic focus on performance and profitability generating profits for the year of $651.8m, an increase of 36.2% from 2024, and delivering a discounted combined ratio of 81.9% (2024: 75.7%). 

Although our results reflect the relatively benign loss environment in 2025, the unprecedented LA wildfires at the start of the year were another reminder that catastrophe exposure isn't defined solely by windstorms in the second half. They also reinforced the importance of thoughtful portfolio construction, diversification and aggregation management and a diligent and efficient claims service to enable customers to get back on their feet when they need us most.

Against the backdrop of a shifting market environment, we have continued to focus on building our position and reputation as a lead market. We lead on most of our business and are committed to strengthening and broadening our leadership capabilities at Lloyd's. Across our core classes we are setting price and terms and, with support from our excellent Claims team, constantly improving our proposition to the market. While 2025 saw increasing pressure on both rate and terms, we still believe attractive margins remain in many lines, and this is where we are choosing to deploy our capital and grow.

I am pleased with how we executed against our plan to expand our presence in Bermuda this year. Through Brit Re we are building a long-term Bermudian reinsurance platform [with meaningful scale]. The platform is giving us access to business and talent outside of London while benefitting from the Brit brand and our deep underwriting expertise. The team in Bermuda have delivered a strong result in 2025 and we look forward to continuing the development of the platform in 2026 and beyond.

We continue to invest in our ability to equip our people with the tools they need to compete and win. This year we have made further strides in how we use data whilst upgrading our company-wide AI literacy, our underwriting platform and the sophistication of our pricing tools.

Looking ahead to 2026, our strategy remains unchanged. Our aspiration for the Group is to be a long-term winner at Lloyd's, supported by our clear strategic focus on lead underwriting and sustainable profitability. We are fortunate to have our ownership with Fairfax, which allows us to have a long-term mindset. In the near term, we remain focused on managing the cycle and delivering against our objectives, against the backdrop of a market which continues to become more competitive and challenging. 

Our success is underpinned by our unique culture. I am proud of how this sees Brit strive for excellence in everything we do and would like to thank everyone at Brit for their hard work in delivering these results.'

The Brit Group Holdings Limited Group

This press release announces the first annual consolidated results for the Brit Group Holdings Limited Group ('Brit'). From 1 January 2025, the Brit and Ki Financial Limited ('Ki') businesses have operated independently, with these two holding companies being the key reporting entities for their respective businesses. Both Brit and Ki remain subsidiaries of Fairfax UK Holdings Limited (formerly Brit Limited). Unless otherwise stated, all amounts presented in this press release, including comparatives, are for the consolidated Brit Group Holdings Limited Group only and therefore do not include amounts arising in the Ki Group or in Fairfax UK Holdings Limited.

Brit Group Holdings Limited's 2025 audited Annual Report will be available at www.britinsurance.com by 6 March 2026. 

For further information, please contact:

Disclaimer

This press release does not constitute or form part of, and should not be construed as, an offer for sale or subscription of, or solicitation of any offer or invitation or advice or recommendation to subscribe for, underwrite or otherwise acquire or dispose of any securities (including share options and debt instruments) of the Company nor any other body corporate nor should it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever which may at any time be entered into by the recipient or any other person, nor does it constitute an invitation or inducement to engage in investment activity under Section 21 of the Financial Services and Markets Act 2000 (FSMA). This document does not constitute an invitation to effect any transaction with the Company or to make use of any services provided by the Company. Past performance cannot be relied on as a guide to future performance.

Brit at a Glance

Brit is a market leader in global specialty insurance and reinsurance, writing a broad range of commercial insurance. Brit is a highly regarded and an influential name in the Lloyd's market and we pride ourselves on our specialist underwriting and claims expertise.

We operate globally via a combination of our own international distribution network that benefits from Lloyd's global licences, and through our broker partners. Our underwriting capabilities are underpinned by a strong financial position, our underwriting expertise and discipline and customer service, enhanced by a data led approach and strong focus on innovation.

We have a strong track record and are passionate about our business, our people and our clients and we have focused on cultivating a franchise that is built on delivering exceptional service. Our culture is centred on achievement, and we have established a framework that identifies and rewards strong performance. 

Brit is a member of the Fairfax Financial Holdings Limited group of companies (Fairfax). The Fairfax financial result for the year ended 31 December 2024, published on 14 February 2025, includes the Brit financial result.

www.britinsurance.com