Ecclesiastical records interim profits
Specialist insurer Ecclesiastical has posted its interim financial results for 2009, including pre-tax profits of £25.7m, a sharp improvement on the £21.5m loss incurred during 2008.
The insurer saw gross written premiums rise by 9% to £229.9m, and general business underwriting delivered a profit of £15.1m compared to a £5.4m in the previous year.
Group Chief Executive Michael Tripp has stated that the firm has greatly changed during the course of the financial turbulence and volatility, and that this has been reflected in the firm’s good performance in the first six months of 2009.
Tripp went on to say that the firm’s strategy of emphasising value over price and focusing on customer service and specialist skills had been vindicated by its interim results.
Ecclesiastical will certainly be pleased to have returned to profitability following on from a full-year loss of £22.5m in 2008, and hope to continue in the black in the latter half of the year.
Category: Financials, Insurance News
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