Brit's pre-tax profit fell by £53.7m to £62.4m in 2005. The insurer's profit after tax fell by £36.9m to £47.6m.
The group's combined ratio deteriorated from 92.9% to 105.2%. However, gross written premiums were up from £1,086.7m to £1,202.5m, while net written premiums jumped from £910.4m to £970.9m.
Despite the 46% fall in profits, Dane Douetil, Brit's chief executive, remained upbeat: "2005 must be looked at in the context of three of the largest catastrophe events in history and with this in mind, I am very pleased that our talented underwriters, our diverse spread of business and a strong investment performance have contributed to another profitable year. 2006 has started encouragingly with pricing across many areas continuing to improve, giving us confidence for the remainder of the year.”
Brit's board has recommended that shareholders receive a final dividend of 3p, making a total dividend of 6p a share.
