19th Aug 2005 07:00
BRIT Insurance Holdings PLC19 August 2005 BRIT INSURANCE HOLDINGS PLC PRESS RELEASE For immediate release 19 August 2005 Trading update: Brit Insurance Holdings PLC ("Brit"), the UK general insurance group, todayreleases a trading update indicating that its results for the six month periodto 30 June 2005 will be materially ahead of market expectations. It is anticipated that the Group's pre-tax profit for the first half of 2005will be in the region of £110 million. This is due to a combination offavourable trading conditions, low levels of claims incurred, excellentinvestment performance and profit on exchange rate adjustments when reportingunder International Financial Reporting Standards ("IFRS"). Dane Douetil, Group Chief Executive Officer of Brit, said: "Brit's performancehas been extremely strong, however, it is unlikely that all the positive factorsexperienced in the first half of the year will be repeated in the second half. In addition IFRS could introduce further volatility. Although we believe thatit would be imprudent to infer that our excellent first half performance will berepeated in the second half of 2005 we look forward to the year end with someconfidence." Brit will announce its interim results for the period ended 30 June 2005 onTuesday 6 September 2005. - Ends - Enquiries: Dane Douetil, Group Chief Executive Office, Brit Insurance Holdings PLC 020 7984 8500Matthew Scales, Group Finance Director, Brit Insurance Holdings PLC 020 7984 8500Peter Rigby, Haggie Financial 020 7417 8989 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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