Ecclesiastical Insurance Office plc (“Ecclesiastical”), the specialist financial services group, today announces its 2019 interim results.
- Gross written premiums (GWP) up 7% from the same period last year at £185.0m (H1 2018: £172.7m), supported by strong retention, new propositions and benefiting from favourable foreign exchange
- Profit before tax of £42.8m (H1 2018: £19.4m)
- Investment returns of £42.0m (H1 2018: £17.7m), where markets have recovered since the end of 2018
- Continuing to see steady measured progress in our insurance business with underwriting profits of £9.5m giving a combined operating ratio (COR) of 91.4% (H1 2018: profit of £8.0m, COR 92.3%)
- We will grant a further £5m to our charitable owner in September to give to good causes. This will take us to £70m towards our target of £100m in charitable donations by the end of 2020.
Mark Hews, Group Chief Executive Officer of Ecclesiastical, said: “Our purpose at Ecclesiastical is to contribute to the greater good of society. By delivering sustainable, profitable, long-term growth, we are able to support thousands of good causes across the UK through our charitable giving. I’m very proud that in April we launched the Movement for Good Awards, giving away £1m to charities in 2019.
“Alongside this we’re announcing today a further £5m will be granted to our charitable owner in September. This will bring us to £70m towards our target of £100m by the end of 2020.
“This giving is made possible thanks to the hard work and dedication of everyone at Ecclesiastical. I’m delighted to report a positive financial performance in the first half of 2019, underpinned by continued strong underwriting performance. This is a result of our disciplined underwriting approach, and a benign environment in the first half of the year. Positive growth in global stock markets has also delivered strong investment returns, demonstrating the benefit of our long term equity investment strategy.
“Our strategic goal is to be the most trusted and ethical specialist financial services group and we continue to win external accolades for the way we do business.
“Ecclesiastical home insurance was once again rated first by Fairer Finance overall and came first for trust and first for customer happiness. Ecclesiastical Canada was awarded Top Employer for Young people 2019 for the seventh consecutive year.
“Our reputation for claims excellence was also enhanced with our UKGI business being the only insurer to win multiple awards at the Insurance Post Claims Awards.”