Ecclesiastical profits reveal impact of summer floods

Ecclesiastical has reported a 50% drop in pre-tax profits and a sharp hike in its combined ratio as the summer floods and theft of metal from churches hit hard on its 2007 annual results.

Pre-tax profits fell from £77m in 2006 to nearly £36m last year and the combined ration soared from a very healthy 88.5% in 2006 to 102.9% in 2007.

The insurer also reported a group underwriting loss of nearly £7m, down from a profit of £27m in 2006.

Despite the results, group chief executive Michael Tripp remained bullish: “There’s no doubt it has been a difficult year for the entire industry. But I’m delighted that we’ve weathered the storm. We have produced another strong profit, further