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Daily Insurance Industry News
Monday 28th of May 2018
March 21, 2012

Ecclesiastical reports 2011 pre-tax loss

by Richard Kilner

Story link: Ecclesiastical reports 2011 pre-tax loss

Ecclesiastical has reported its financial results for 2011, including a pre-tax loss of £7.7m.

This compares to a pre-tax profit of £50.4m in 2010, and follows the H1 2011 pre-tax profit of £15.6m.

Turnover for the year came to £498.8m, slightly short of the record £506.6m the firm achieved in the previous year.

General insurance gross written premiums fell, year-on-year, from £474.4m to £465m, and group investment returns were £8.5m despite the difficult economic climate.

The firm also incurred an underwriting loss of £16.1m, compared to a £5.9m loss in 2010, and UK underwriting achieved a £7.6m profit.

Group Chief Executive Officer Michael Tripp described the results as solid in a turbulent financial environment and competitive insurance market.

Tripp went on to say that despite the challenges of 2011 the firm remained in a strong capital position.

 

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