Ecclesiastical chief hails "positive" results despite profit plunge
Ecclesiastical has maintained its traditional yo-yo financial results pattern as it reports a near £30m drop in profits on last year to £50.4m and an underwriting loss of £5.9m for 2010.
In 2009 the insurer posted profits of £79m, a huge swing from 2008 when it reported a loss of £22.5m. Likewise, in 2007, Ecclesiastical posted profits of just over £35m, a sharp decrease on 2006 when it delivered profits of over £77m.
However, Michael Tripp, group chief executive of Ecclesiastical described the results as a “very positive outcome” despite delivering a combined operating ratio of 102% and dramatic slump in underwriting profit of nearly £33m.
“Considering the difficult claims year
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Most read
- In Depth: Managing cyber risk in an ever-changing security landscape
- Covéa cuts losses but underwriting deficit grows
- JMG strikes its biggest deal of 2024 with BQI swoop