Insurance Age

Ecclesiastical reports overall pre-tax loss

Ecclesiastical has reported an overall pre-tax loss of £22.5m (£35.6m profit in 2007) and a net investment loss of £52.6m against a £69.4m gain in 2007. However, there was a vast improvement in underwriting profit to £9.1m against an £11.8m loss last year and an improved combined ratio of 94.5% (107.3%: 2007). Group chief executive, Michael Tripp, said: "The performance of our core business in 2008 was very good. It is frustrating that economic conditions and poor stock market returns overshadow