Brit has said profit before tax fell to £106m in the first six months of 2006 (2005 H1: £112.2m).
However, the insurer said profit before tax and foreign exchange movements on non-monetary items was £118.5m, an increase on the £102.5m reported for the same period in 2005.
Yesterday, Lloyd's insurer Amlin said it had taken a £45.5m hit, when it reported first half results, citing the adverse effect of foreign exchange translation.
Brit said gross written premiums were up 2.6% to £695.3m (2005 H1: £677.4m).
The insurer also reported a rise in underwriting profit by 38.4% to £92m (2005 H1: £66.5m) and said the group combined ratio improved to 82.4% (2005 H1: 87.4%).
Dane Douetil, chief executive officer, said: “A record underwriting performance has been achieved, helped by a particularly benign claims environment during the first six months.
“We have ambitious and challenging targets. Market conditions remain satisfactory overall and we look forward to achieving our goals for the second half of the year and beyond.”
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