Insurer's GWP up by 11%
Specialist church and charity insurer Ecclesiastical has reported a 36.2% profit drop despite growth in gross written premiums.
Pre-tax profits for the specialist insurer fell to £50.4m in 2010 from £79m in 2009. Ecclesiastical’s combined operating ratio rose to 102.0% in 2010 from 89.6% in 2009.
Despite the drop in profitability, Ecclesiastical's general insurance gross written premiums grew 11% to £4.74m from £4.27m.
"2010 has resulted in a very positive outcome for Ecclesiastical despite being one of the most challenging years yet," Ecclesiastical chief executive Michael Tripp said in a statement.
“Considering the difficult claims year we have experienced with several natural disasters, we have weathered extremely well, securing a £50m pre-tax profit and a turnover exceeding £30.5bn for the first time in our 123 years,” Tripp added.
Ecclesiastical 2010 highlights in £m (compared with 2009)
- Pre-tax profit: 50.4 (79)
- General insurance GWP: 474.4 (427.7)
- Underwriting result: -5.9 (+27)
- Combined operating ratio: 102% (89.6%)