Ecclesiastical posts significant loss in half year results
Ecclesiastical has blamed poor stock market returns, metal theft and its “modernising” drive for a poor performance in the first six months that saw it report a pre-tax loss of £21.5m.
Although gross written premiums were up £9m to £210.8m, the overall combined ratio was a disappointing 104.5% (101.2%: 2007). In addition, there was a group investment loss of £35.3m, compared to a profit of £48.1m last year.
Group chief executive, Michael Tripp, argued that the results were in a large part a result of the insurer’s drive to modernise. He also stressed that premiums were in growth, despite the results.
“Gross written premiums saw a positive growth of 4.5% in the first half of
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