Britannia results

Britannia has posted a profit of US$60.9 million for the year, reflecting a reduction in large claims that improved the underwriting loss to $27.9 million, combined with strong investment returns of $88.8 million (including foreign exchange gains). The improvement in the combined ratio to 111.3 per cent from 137.7 per cent demonstrates the hard work of the Britannia Group underwriting team in several renewals. The most significant factor in the improved underwriting result is lower claims costs. Retained claims, those below $10 million, were down 25 per cent from last year, returning to more normal levels.