Ecclesiastical swings to half year loss on investment returns
Ecclesiastical Insurance has reported a pre-tax loss of £27.3m for the first half of the year compared to a profit of £46.5m in the same period of 2021.
The group’s swing back to a loss was driven by £79.8m of fair value losses in the investment portfolio (H1 2021: £34.3m gains) contributing to a net investment loss of £26.6m.
For the full year of 2021 Ecclesiastical delivered £77m of pre-tax profit having made a £15.7m loss in 2020.
In the first six months of 2022 gross written premiums were up 16% at £261.9m from £226.5m in the first half of 2021.
Underwriting profit also grew year-on-year, by 564%, to £16.6m.
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