Ecclesiastical Insurance Office plc announces results for the period ending 30 June 2023

• Excellent trading momentum with continued growth in premiums, with GWP** rising to £288m from £262m at H1 2022. This was driven by new business wins and supported by strong retention and rate strengthening.
• Underwriting profit** of £0.3m (H1 2022 restated: £12.9m). Our underwriting result was impacted by larger than expected prior year claims in the UK as well as a major fire at St Mark’s Church in London in January.
• Overall profit before tax of £10.2m (H1 2022 restated: loss of £25.7m). This includes an investment result of £14.7m profit, a significant improvement on last year (H1 2022 restated: loss of £65.5m). Our strong capital position and long-term investment approach allows us to withstand short-term volatility in markets.
• Capital position remains strong with AM Best and Moody's ratings remaining stable.
• Ecclesiastical UK successfully launched into the Leisure sector as part of its growth plans to move into new adjacent sectors.
• Ecclesiastical granted £6m to its charitable owner Benefact Trust as part of its continued mission to contribute to the greater good of society. This brings the total given to good causes since 2014 to £205m. Benefact Group, the UK's third largest corporate giver***, has set a target to give £250m by the end of 2025.
• Ecclesiastical has continued to be recognised with prestigious awards including: First Place Gold Ribbon for the seventeenth consecutive time (Fairer Finance); 'Outstanding' Service Quality Marque for the second consecutive year (Gracechurch Claims Monitor); Specialist Insurance Company of the Year (British Insurance Awards); Claims Product Solution of the Year - Insurer (Insurance Times Claims Excellence Awards); and a Top Employer for Greater Toronto for the fifth consecutive year.
• Ecclesiastical UK has also been recognised by Best Companies as Insurance's Number 1 Company to Work for in recent league tables, supported by its inspiring purpose to give all available profits to good causes, and ambition to provide a world-class employee experience for all.

Mark Hews, Group Chief Executive Officer of Ecclesiastical, said:

“Ecclesiastical achieved an improved result in the first half of 2023, delivering sustainable, profitable growth despite the challenging economic environment. We have ambitious growth plans and premiums grew by 10%, driven by new business wins, rate strengthening and strong retention across our territories, and we delivered an overall profit before tax of £10.2m, a step change from the equivalent £25.7m loss last year. This strong improvement has been supported by profits from our overseas businesses in Ireland, Canada and Australia, offset by some large losses impacting our UK underwriting result. The result is a testament to our brilliant teams delivering against the plans and structures we’ve put in place.

“Alongside this, our capital position remains robust with our AM Best and Moody’s ratings remaining stable and regulatory solvency is near an all-time high.

“As a member of the Benefact Group, Ecclesiastical is driven by a unique purpose to contribute to the greater good of society. I’m delighted that we’ve been able to grant a further £6m to our charitable owner Benefact Trust in respect of our performance in the first half of 2023. This brings the total given to good causes since 2014 to an extraordinary £205m. Thanks to Ecclesiastical, the Benefact Group is now the UK’s third largest corporate giver to charity and is building a Movement for Good that transforms lives and communities for the better. We are united in our ambition to become the UK’s biggest corporate donor, giving £250m to good causes.

“At the start of the year, we simplified our legal structure within the Ecclesiastical and Benefact Groups to better align our businesses and support our strategic objectives and this is the first time reporting our results in line with our new company structures.

“Ecclesiastical UK is pushing hard for sustainable profitable growth and reported excellent GWP growth of 16% thanks to a number of new business wins. The UK business is investing significantly in its high net worth and schemes capabilities and expanding into new sectors as it pursues its strategy to ‘grow to give’.  In particular, Ecclesiastical UK has successfully launched into the Leisure market, including fine dining, gastropubs, high-quality hotels, arts and visitor attractions and exhibition centres.

“I’m incredibly proud that we were recently recognised as a world-class employer and named as Insurance’s Number 1 Company to Work for in recent league tables by Best Companies. We have a brilliant culture at Ecclesiastical and it’s thanks to our colleagues’ commitment to our ambition that we've been recognised at this level. As we strive to become even better, we will seek to attract new talent and build the capabilities of our teams.

“Our goal is to be the first-choice insurer in all our specialist markets, and we have the appetite and capacity to achieve our goal. We have an exciting pipeline of propositions being developed, and we will continue to invest in our systems and people so that we can deliver the best possible service to our customers and brokers. With a clear strategy and a purpose that drives us ever onward, I’m confident that we can continue our excellent progress and build a movement for good in society.”

* The ‘Group’ refers to Ecclesiastical Insurance Office plc together with its subsidiaries. The ‘Benefact Group’ and ‘wider group’ refers to Benefact Group plc, the immediate parent company of Ecclesiastical Insurance Office plc, together with its subsidiaries. The ‘Benefact Trust’ and ‘the Trust’ refers to Benefact Trust Limited, the ultimate parent undertaking of Ecclesiastical Insurance Office plc.

** 2022 comparatives have been restated following the adoption by the Group of IFRS 17 Insurance Contracts from 1 January 2023.

*** Directory of Social Change’s The Guide to UK Company Giving 2023/24.