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Daily Insurance Industry News
Sunday 18th of November 2018
August 24, 2011

Ecclesiastical reports H1 profits

by Richard Kilner

Story link: Ecclesiastical reports H1 profits

Specialist insurer Ecclesiastical has reported its financial results for the first six months of 2011, during which the firm recorded a pre-tax profit of £15.6m.

This compares favourably with a £7.6m pre-tax loss in H1 2010, and turnover was precisely the same as in the corresponding period last year (£254m).

The firm’s biannual investment return rose from £17.8m to £29.9m, and although an underwriting loss of £7.5m was incurred this was significantly better than in H1 2010 when the firm lost £15.5m.

Group Chief Executive Officer Michael Tripp described the biannual results as indicative of the firm’s strength and resilience.

Tripp stated that decisions taken last year helped the firm to enhance its profitability, despite difficult market conditions.

Global catastrophes, including earthquakes in New Zealand and Australia, caused £419m of general business gross claims cost, exceeding 2010’s annual total gross claims cost.

The positive biannual result follows H2 2010, when the firm returned to the black after suffering a net loss in the first half of the year.

 

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