Ecclesiastical reports £59.7m loss after Covid-19 hit
GWP was up by 9% in the first half of 2020, while the provider's COR worsened to 101.1%.
Ecclesiastical Insurance has posted a pre-tax loss of £59.7m for the first six months of 2020.
This is compared to a pre-tax profit of £42.8m in H1 2019 and the provider stated that the loss was due to the impact of Covid-19 on financial markets including an investment loss of £48.9m.
Its underwriting loss for the time period was £1.3m (H1 2019: profit of £9.5m), while the provider’s combined operating ratio for H1 2020 deteriorated to 101.1% from 91.4% in the first half of 2019.
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