Half-year Report

Brit GROUP HOLDINGS Limited

PRESS RELEASE

1 AUGUST 2025

interim results for the six months ended 30 june 2025

A STRONG performance FROM A FOCUSED BRIT

· Profit before tax increased to $307.7m (30 June 2024: $301.3m)

· Undiscounted combined ratio of 95.2% (30 June 2024: 80.8%)

· Discounted combined ratio of 87.4% (30 June 2024: 70.8%)

· Return on invested assets increased to a non-annualised 4.7% (30 June 2024: 2.0%)

· Insurance premium written increased by 8.3% to $1,692.2m (30 June 2024: $1,562.4m)

· Capital ratio increased to 191.7% (31 December 2024: 157.2%)

· Key business developments include:

o  Continued focus on underwriting capability development

o  Continued successful delivery of our digital, data and artificial intelligence (AI) strategy

o  Brit Reinsurance (Bermuda) Limited (Brit Re) expansion

o  Successful placement of Brit-sponsored catastrophe bond

o  Brit became primary co-obligor on two senior unsecured notes totalling CAD700.0m

Martin Thompson, Group CEO of Brit, commented:

'In the first half of 2025, Brit's profit before tax increased to $307.7m, reflecting a positive underwriting result and a strong investment performance. Against a backdrop of significantly increased major loss activity and more challenging market conditions, our insurance service result of $138.1m and our undiscounted combined ratio of 95.2% demonstrate our underwriting discipline and our focus on areas in which we can deliver differentiated performance. 

We remain focused on our four strategic pillars: Focus; Capability; Simplification; and Culture. This has seen us continue to invest in our lead underwriting platform, including deploying new underwriting tools and capabilities across our product range, allowing us to increase the quality and speed of our service for customers and brokers. We are also committed to ensuring our leadership in underwriting is matched by our leadership in claims, and our technology strategy is aimed at making sure our entire business is powered by best-in-class data, analytics and processes. 

It is also pleasing to see the strategic expansion of Brit Re, our Bermuda operation, continuing to gain traction. We believe that there is a real opportunity to meaningfully build out this part of our business, and have been encouraged by the reception we have received from brokers and trading partners. The start of 2025 also saw Ki begin operating as a standalone company within the Fairfax Group, enabling both Brit and Ki to further focus on their strengths in lead and follow respectively.

Looking ahead to the second half of the year and beyond, we remain mindful of shifting market dynamics. Our diversified and balanced portfolio, alongside our strong balance sheet, makes us well placed to manage the cycle effectively and, in turn, support our customers through our stability, service and expertise. This, our clear strategy and our unique culture gives us continued confidence in the outlook for Brit.'

Brit Group Holdings Limited

The consolidated position of Brit Group Holdings Limited ('Brit' or 'Group') is presented for the first time. From 1 January 2025, the Brit and Ki Financial Limited ('Ki') businesses are operating 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).

All amounts reported above, including comparatives, are therefore for the consolidated Brit Group Holdings Limited Group only and do not include amounts arising in the Ki group or in Fairfax UK Holdings Limited.

Brit Group Holdings Limited's 2025 Interim Report is available at www.britinsurance.com. Brit is a member of the Fairfax Financial Holdings Limited group of companies (Fairfax). The Fairfax financial result for the six months ended 30 June 2025, published on 31 July 2025, includes the Brit financial result.

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 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, 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 customer service. Our culture is centred on achievement, and we have established a framework that identifies and rewards strong performance. 

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Disclaimer

This Interim Report 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.