Brit said the difference was principally due to the accounting treatment of net non-monetary liabilities arising in foreign currencies. Under International Financial Reporting Standards, such items are required to be held in the balance sheet at transaction rates of exchange.
At 31 December 2008, the net difference in the valuation of non-monetary balance sheet items between transaction and closing rates was £54m.
A statement from the insurer said Brit UK had a strong start to 2009, building on th
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