Ecclesiastical romps home with £79m profit
Ecclesiastical Insurance has reported a strong overall performance for 2009, with pre-tax profit of £79 million, compared with a loss of £22.5 million in 2008.
Underwriting profit totalled £27 million and good premium growth across the group resulted in an 11% rise in GWP, to £427.7 million.
Furthermore, a rise in the value of UK equities allowed net investment returns of £122 million, compared with a loss of £52.6 million for 2008.
Commenting on the results, group chief executive, Michael Tripp, said: “Our pre-tax profit of nearly £80 million is the second highest ever result for the company.”
He added: “Although the economic downturn continued and its effects had an impact on Ecclesiastical, our strong financial results prove that we have recovered well from 2008 and we are starting from a very strong position for 2010.”
The niche insurer, which specialises in heritage property, has recently reported that a drop in the price of lead caused by the global economic downturn helped to limit damage to church roofs last year.
However, more than 900 theft of metal incidents from churches were reported, costing an estimated £2 million plus.
Category: Companies News, Financials, Insurance News
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