Brit Group reported a pre-tax profit of US$716.7 million for 2025, a 25.5% increase from the previous year and the insurer's strongest result since it began reporting as a standalone entity after the separation of Ki Financial.

The 2025 results mark Brit's first full reporting period since Ki Financial, the algorithmic follow syndicate it launched in 2020, was carved out as an independent company under parent Fairfax Financial Holdings on January 1, 2025.

Ki had written over US$1 billion in gross written premium by the time of the split, backed by a US$500 million investment from Fairfax and Blackstone Tactical Opportunities made in 2020. Brit remains a nominated lead for all classes of business written through Ki Financial, with Asta Managing Agency now serving as Ki's managing agent.

The structural change means year-on-year comparisons on premium, profitability, and combined ratio should be read with caution.

After-tax profit rose 36.2% to US$651.8 million, with the group delivering a return on net tangible assets of 28.8%, up from 25.8%. Insurance premium written totalled US$3,091.7 million, a 3.8% increase at constant exchange rates. The undiscounted combined ratio came in at 89.3%, compared with 85.3% the previous year.

Investment returns more than doubled to US$586.5 million, or 9.0%, from US$272.3 million, or 4.8%, in 2024. The group's capital surplus over management requirements stood at US$1,524.7 million after dividend payments of US$236 million.

Measuring against the market

Brit's undiscounted combined ratio of 89.3% compares favourably with Lloyd's own full-year target of 90 to 95% for 2025, as outlined in the market's guidance earlier that year. Lloyd's most recent full-year results, published for 2024, showed a combined ratio of 86.9% and a return on capital of 21.0%, below Brit's 28.8%.

Brit reported a risk-adjusted rate decrease of 4.8% for 2025. Lloyd's CEO Patrick Tiernan flagged in the market's half-year statement last year that premiums in certain lines were "falling at a concerning rate."

Group CEO Martin Thompson said the 2025 results reflected Brit's "clear strategic focus on performance and profitability." He noted that the Los Angeles wildfires early in the year underscored that catastrophe exposure is not defined solely by windstorms.

Thompson described the market as one that "continues to become more competitive and challenging," but said attractive margins remain in many lines.

Brit's Bermuda expansion through Brit Re continues, with Thompson calling the platform's 2025 result strong. The group's strategy, he said, remains unchanged.