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Brit Insurance records pre-tax loss of £8.7m

Brit Insurance recorded a pre-tax loss of £8.7m for the first six months to June, down from a profit of £49.9m for the same period last year.

The Lloyds of London underwriter says the massive swing from a profit to a loss was the result of a foreign exchange charge amounting to £94.5m.

Excluding the effect of the foreign exchange charge, pre-tax profits were £64.9m for the first six months to June, up 24.1 per cent from £52.3m for the same period last year.

Net income for the six months to June also swung from a profit of £37.6m last year to a loss of £6.3m this year.

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