Investment returns save Ecclesiastical as COR worsens

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The provider's combined operating ratio (COR) deteriorated to 108.5% from 105.5% the year before.

However the insurer managed to post a pre-tax profit of £37.8m for the year turning around the loss of £10.5m in 2011.

Exceeding expectations
This was mainly driven by group investments exceeding expectations and coming in at £56.6m far above the £8.2m achieved in the previous 12 months.

Turnover was broadly flat at £497.7m (2011: £490.9m) as general insurance gross written premiums stayed stable at

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