The company saw its combined ratio deteriate to 92.7% (2006: 86.9%).
In a statement it added: "Brit Insurance is confident of continued success despite the downturn in the global economic outlook. "Rating levels in Brit Global Markets and Brit Reinsurance remain at satisfactory levels despite being under downward pressure from the high levels of the last two years.
"The UK market remains highly competitive. However, rates in UK motor stabilised towards the end of 2007, giving weight to our