“The COVID-19 pandemic is a global crisis, the likes of which has not been seen for generations.”
Those were the words of Brit Limited group chief executive officer Matthew Wilson as he talked through the company’s financial results, released today. It’s fair to say that the impact of the coronavirus pandemic was there for all to see with the company’s combined ratio leaping to 106.7% at the end of the first half of 2020, compared to 94.4% in the same period last year – 15.7pps were attributed to COVID-19 losses. The company also suffered an operating loss before the impact of FX and tax of $193.6 million – that compares to a profit of $139.6 million in the first half of 2019.
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