Ecclesiastical's pre-tax profit surges with investment returns in first half of 2017
Underwriting profit declined to £9.6m while the combined operating ratio slipped to 90.5%.
Ecclesiastical Insurance’s group profit before tax surged in the first half of 2017 to £42.2m compared to the £15.2m posted in the same period last year.
The main driver was a vast improvement in investment returns which came in at £40.1m for the period, compared to £7.3m for the first half of 2016.
Underwriting profit declined to £9.6m (H1 2016: £12.9m), while the combined operating ratio (COR) deteriorated from 86.7% to 90.5%.
Gross written premium (GWP) for the group rose by 9% to £166m
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