Daily Insurance Industry News
Daily Insurance Industry News
Monday 23rd of July 2018
August 31, 2010

Ecclesiastical reports interim losses

by Richard Kilner

Story link: 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.


News posted:

Related stories to Ecclesiastical reports interim losses: