Ecclesiastical reports interim losses
Ecclesiastical has reported its interim financial results for the first six months of 2010, including an 8.8% rise in gross written premiums, to £250.3m.
The firm recorded an investment return of £11.1m, down £3m from the same period last year.
In addition, an underwriting loss of £15.5m was incurred, compared to a £15.1m profit last year, a state of affairs attributed to the highest claims ratio in a decade.
Ecclesiastical recorded a pre-tax loss of £9.9m, down from a pre-tax profit of £25.7m in the same period in 2009, but not as severe as the £21.5m loss of H1 2009.
Group Chief Executive Michael Tripp responded to the results by stating that the previous year had been a fortunate one, featuring a stock market recovery and a benign claims situation.
Tripp went on to explain that 2010 was a year of exceptional weather events, including the most prolonged winter in the UK for many a year and expressed cautious optimism about the future.
Category: Financials, Insurance News
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