Annual Report
and Accounts 2024
Ecclesiastical Insurance Office plc
Ecclesiastical Insurance Office public limited company
Table of Contents
Page Contents
1 Directors and Company Information
2 Strate
gic Report
20 Governance
42I
ndependent Auditors’ Report
48
Consolidated Statement of Profit or Loss
49 Consolidated and Parent Statements of Comprehensive Income
50 Consolidated and Parent Statements of Changes in Equity
51 Consolidated and Parent Statements of Financial Position
52 Consolidated and Parent Statements of Cash Flows
53 Notes to the Financial Statements
Ecclesiastical Insurance Office public limited company
Directors and Company Information
Directors *R. D. C. Henderson FCA Chair
M
. C. J. Hews BSc (Hons), FIA Group Chief Executive
M. E. H. Bennett BSc (Hons), FIA Group Chief Financial Officer
S. J. Whyte MC Inst. M, ACII Deputy Group Chief Executive
*F. X. Boisseau MSc
*J. Coyle B Acc, CA, FCIBS
*
Sir S. M. J. Lamport GCVO, DL
*
The Venerable K. B. Best BA
*M. E. Darby-Walker BA
*A. C. Winther BA
Company Secretary R. J. Hall FCG
Independent Auditors PricewaterhouseCoopers LLP
2 Glass Wharf
Temple Quay
Bristol
BS2 0FR
United Kingdom
Registered and Head Office Benefact House
2000 Pioneer Avenue
Gloucester Business Park
Brockworth
Gloucester
GL3 4AW
United Kingdom
Company Registration Number 00024869
Registrar Computershare Investor Services plc
T
he Pavilions
B
ristol
BS13 8AE
*Non-Executive Director
1
Ecclesiastical Insurance Office public limited company
Strategic Report
The directors present their strategic report for the year ended 31 December 2024 for the Ecclesiastical Insurance Office public limited company
(‘Ecclesiastical Insurance Office plc’ or ‘EIO’), together with its subsidiaries the Ecclesiastical Group, also the Group.
Group Chief Executive’s Review
A record-breaking year
2024 was a record-breaking year for the Ecclesiastical Group as we exceeded our profit targets, won more awards than ever before, and – most
importantly – it enabled us to reach the fantastic milestone of donating £250m to good causes since 2014.
Through our giving, volunteering and charity support programmes, we helped change millions of lives for the better in communities across the UK, Ireland,
Canada and Australia, providing vital support to those that need it most.
Who we are
The Ecclesiastical Group is part of the Benefact Group, which is owned by the charity Benefact Trust. The Group is an international group of financial
services businesses with a purpose to contribute to the greater good of society.
Unlike many other companies, we’re motivated and inspired to grow our business so that we can give more to the host of incredible charities and
organisations that work tirelessly and selflessly day in, day out to improve the lives of those most in need.
Charities like Emily’s Gift, a remarkable project supporting children with cancer in Gloucestershire. I recently joined founder and CEO Julie Kent to learn
more about their impactful work, and how our donations have a made a difference to the charity – potentially saving lives, protecting more dreams, and
holding more families together.
I also had the privilege of hosting our first ever Benefact Group Charity Heroes Awards at the iconic Tower of London. This was a humbling, energising and
inspiring event where we recognised unsung heroes in the charity sector, and we heard how they are changing the world in which we live.
Grow more to give more
Our giving wouldn’t be possible without the continued success of our businesses, and I’m pleased to report the Group delivered an excellent result, posting
a pre-tax profit of £82.5m.
1
In General Insurance, we reported an underwriting profit
of £47.6m, up 94.3% on the previous year. 2024 was an exceptionally low year for claims, with
no major losses and more benign weather experience in the UK compared to other territories. This is in stark contrast to 2023 when we suffered our
largest ever UK loss with the devastating fire at St Mark’s Church in London. As the insurer of many iconic and irreplaceable buildings, a major loss or
weather event can be a significant driver of our underwriting result. Australia reported a small underwriting loss impacted by several factors, including an
adverse development in prior year liability claims. Canada’s strong underwriting result highlighted the resilience of the portfolio and quality of underwriting
action taken in recent years.
1
Gross written premiums
rose by 4.1% thanks to strong retention across our territories and excellent growth in the UK and Ireland, supported by good
growth in existing customer segments and expansion into new sectors, including Leisure and Office Professions.
Building a movement for good
During the year we were able to give a record £36.5m to good causes. This includes amounts to our ultimate charitable owner, Benefact Trust Limited, of
which £25.0m is in respect of 2024 performance and £8.0m in respect of 2023 performance.
This means we have achieved our ambition to give £250m to good causes since 2014. This is a remarkable achievement only made possible by the support
of our customers, colleagues, brokers and partners. Thank you to everyone who has helped us to reach this giving milestone. Whether you realise it or
not, you are supporting children with cancer, assisting the homeless, aiding those with mental health challenges, helping Ukrainian refugees, providing
medical relief in Gaza, helping those suffering from climate change disasters, and so much more. In short, you are truly changing lives by doing business
with us.
Delivering for our customers
Underpinning our charitable ethos is our unrelenting drive to do the right thing for our customers, and I’m incredibly proud that our specialist insurance
businesses are recognised as leaders in their fields and are trusted by our customers.
In General Insurance, our UK claims team was awarded Outstanding Service Quality Marque for the fourth consecutive year by Gracechurch,
demonstrating our commitment to excellent service. Ecclesiastical UK also retained top spot in the Fairer Finance rankings for an incredible 20th
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Strategic Report
consecutive time and remains the most trusted insurer in the UK, with the happiest customers. The home insurance business was also awarded a ‘Which?
Best Buy’ for both buildings and contents insurance. Our UK Risk Management team was also named Risk Management Team of the Year at the CIR Risk
Management Awards. Ecclesiastical Canada received the Excellence in Philanthropy & Community Service and P&C Insurer of the Year awards at
Insurance Business Canada’s Excellence Awards 2023.
We wouldn’t achieve this recognition without the hard work of all our teams across our Group. There's no doubt it's been a demanding 12 months, but our
colleagues have risen to the challenges head-on, and I want to extend my heartfelt thanks for all that they have accomplished.
Our Planet, Our Part
The threat from climate change is becoming ever greater. Last year was the hottest on record, surpassing the internationally agreed 1.5°C limit for the first
time. Extreme weather is now commonplace and last year saw wildfires, hurricanes, flooding, hailstorms across all the territories we insure. Despite the
extreme events, there has been relatively benign claims experience, particularly in the UK. I was in Canada last July and witnessed first-hand the
devastation caused by climate change, when deadly fires ripped through Jasper National Park in Alberta, destroying hundreds of buildings (including
many that we insured) and forcing the evacuation of the town of Jasper. I’m pleased we have received very positive feedback on the support we provided
to all those customers affected, and that Benefact Trust Limited made a substantial donation to the communities affected by this disaster.
As a responsible insurer, we know we have an important part to play in protecting our planet. We are seeking to respond to climate change by addressing
our carbon impact, while supporting customers and communities to tackle their climate challenges too.
To achieve this, we’re decarbonising where we can, challenging and influencing who we invest in, supporting the customers we insure to become more
climate resilient, and giving to charities making a big difference in all aspects of climate from biodiversity restoration to education in schools.
The Group’s Responsible & Sustainable investment policy not only avoids investment in businesses that we believe cause social harm, such as fossil fuels,
but also proactively seeks to invest in markets that have positive impacts, as well as considering environmental, social and governance factors in every
investment case. Through our Climate Stewardship Plan we're also engaging with our highest emitters and holding companies to account by setting
science-based targets.
Alongside this, we don’t underwrite businesses that are involved in the extraction, production or investment of fossil fuels, heavy industry or commercial
aviation, and we don’t invest our premiums in businesses that we believe cause social harm.
We’re reducing the impact of our operations and investing in highly assured charitable offset projects to enable us to be ‘net negative’ for our direct impact.
With focus and innovation, we’ll continue to find ways to reduce our carbon emissions and support our customers on our journey to net zero by 2040.
Destination employer
Our ambition is to build a world-class team, and I’m delighted that we once again achieved market-leading employee engagement scores in our
independently run B-Heard surveys.
Our parent company, Benefact Group plc, maintained a two-star ‘outstanding’ rating and a three-star ‘World Class’ UK accreditation. It was also named
among the Top 50 large companies to work for in the UK by Best Companies, moving from 47 to 41 in the rankings.
Ecclesiastical Canada was also named a Greater Toronto Top Employer for the seventh consecutive year, while Ansvar Australia was named among the
Top 50 workplaces for fathers in the Insurance Business Awards. Ecclesiastical Ireland received the Investors in Diversity Bronze Award.
As an ultimately charity-owned business with a unique and singular purpose to contribute to the greater good, we want to be a destination employer for
people who want to make a difference in the world. A place where talented people work together in a collaborative and inclusive environment, helping to
grow our business so that we can give more to good causes. A place where every colleague feels valued, respected and treated fairly. In short, we aim to
provide life-changing careers that change lives.
Looking ahead
We delivered so much in 2024, and go into 2025 refreshed, with momentum, confidence and optimism. We have a real clarity of purpose as we push
forward towards our strategic goals.
Inspired by the impact that our giving has on our beneficiaries, we are set to grow the business even further in 2025, with the aim of growing our giving.
We’ve got a strong sales pipeline across our businesses providing opportunity for profitable growth, and we’re ambitious and hungry to win new business.
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Strategic Report
This will see us continue our drive for profitable growth with stretching targets for our sales teams. In Ecclesiastical UK we will develop our new sectors,
Leisure and Office Professions, and it will be another exciting year for Ansvar UK following its brand refresh.
While we drive up sales, we’ll also maintain our focus on efficiency and effectiveness, making continuous improvements to our processes, products and
services for the benefit of our customers.
Join our movement
As we celebrate the incredible milestone of giving £250m to good causes and set our ambitions for the future even higher, I want to say a heartfelt, sincere
“thank you” to all our customers, business partners and dedicated colleagues for their exceptional support.
By doing business with our Group, you’re helping us to grow so that we can give even more to good causes. I invite anyone reading this, whether as a
potential colleague, customer or business partner, to come and join us and experience a different way of doing business. Together, with your support, we
can build a Movement for Good and transform lives for the better.
Mark Hews
Group Chief Executive
20 March 2025
1
The Group uses Alternative Performance Measures (APMs) to help explain performance. More information on APMs is included in note 37.
Principal risks and uncertainties
The Group undertakes a continual risk assessment process. Set out below are the principal risks encompassing the different types of risks which are
relevant to the Group’s business model and achievement of its strategic objectives.
Insurance risk
The risk that arises from the fluctuation in the timing, frequency and severity of insured events relative to the expectations of the firm at the time of
underwriting.
Risk detail Key mitigants Change from last year
Underwriting risk
• A robust pricing process is in place
There have not been material changes to this risk
The risk of failure to price insurance
• The underwriting licensing process has been
during the year.
products adequately and failure to
refreshed
establish appropriate underwriting
• A documented underwriting strategy and risk
disciplines. The premium charged must
appetite is in place together with standards and
be appropriate for the nature of the
guidance and monitored by the strategic
cover provided and the risk presented.
business units (SBUs)
Disciplined underwriting is vital to
• This is supported by formally documented
ensure that only business within the
authority levels for all underwriters which must
risk appetite and desired niches is
be adhered to. Local checking procedures ensure
written.
compliance
• Monitoring of rate strength compared with
technical rate is undertaken on a regular basis
within SBUs
• There are ongoing targeted underwriting
training programmes in place
• A portfolio management framework is in place
to ensure clear understanding and allow
targeted actions to be taken
• Group Underwriting audits are carried out
across General Insurance Businesses
Latent Claims
• Full review of physical and sexual abuse (PSA)
During 2024 there has been a material strengthening
The risk of financial loss arising from
claims utilising the stochastic reserving model
of reserves within EIO to reflect the emerging
the deterioration of reserves held for
for all territories
experience relating to latent claims. Oversight of PSA
causes of claim that typically have long
• Actuarial Function Holder review of Technical
claims continues across all territories.
latent periods prior to reporting.
Provisions with an opinion report provided to the
Board
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Strategic Report
• Robust management of claims including
investigation and justification
• Reserving Team training and understanding of
the risk to ensure recommendation of
appropriate reserves
Catastrophe risk
• Modelling and exposure monitoring is
There have not been material changes to this risk
The risk of large scale extreme events
undertaken to understand the risk profile and
during the year.
giving rise to significant insured losses.
inform the purchase of reinsurance
Through our General Insurance
• Local risk appetite limits have been established
business we are exposed to significant
to manage concentrations of risk and these are
natural catastrophes in the territories in
monitored by SBUs
which we do business.
• There is a comprehensive reinsurance
programme in place to protect against extreme
events. All placements are reviewed and
approved by the Group Reinsurance Board
• Processes in place to provide oversight and
sign off of reinsurance modelling and exposure
management across the company
• The Risk Appetite specifies the reinsurance
purchase levels and retention levels for such
events
Reinsurance risk
• We take a long-term view of reinsurance
The level of this risk has remained broadly similar
The risk of failing to access and manage
relationships to deliver sustainable capacity
since last year. We continue to take a long-term
reinsurance capacity at a reasonable
• A well-diversified panel of reinsurers is
approach to our reinsurance relationships.
price. Reinsurance is a central
maintained for each element of the programme
component of our business model,
• A General Insurance Reinsurance Executive
enabling us to insure a portfolio of large
Meeting approves all strategic general
risks in proportion to our capital base.
reinsurance decisions
Operational risk
The risk of loss arising from inadequate or failed internal processes, people and systems, or from external events
Risk detail Key mitigants Change from last year
Cyber risk
• A number of security measures are deployed to
Cyber risk remains a constantly evolving threat, with
The risk of criminal or unauthorised use
ensure protected system access
malicious threat actors continuing to seek to exploit
of electronic information, either
• Security reviews and assessments are
businesses. Ongoing investment in technology and
belonging to the Company or its
performed on an ongoing basis
employee awareness and vigilance is therefore
stakeholders for example customers,
• There is ongoing maintenance and monitoring
highly important at this time, which is continuing to
employees etc. Cyber security threats
of our systems and infrastructure in order to
be proactively managed.
from malicious parties continue to
prevent and detect cyber security attacks
increase in both number and
• There is an ongoing information security
sophistication across all industries and
training and awareness programme
remains the Company’s highest rated
risk.
Data governance (inc. management and
• A Group Data Committee is in place
Enhancements continue to be made to the
protection)
• Group data governance and Group data
governance, management, use and control of data, in
The risk that the confidentiality,
management and information security policies
order to meet the evolving requirements, and
integrity and/or availability of data held
are in place
remains a key focus.
across the Group is compromised, or
• Data is managed by Data Owners and
data is misused. The Group holds
Stewards, and supported by Data teams for
significant amounts of customer and
technical support and oversight
financial data and there could be
significant implications, including if this
is compromised or is found to be
inaccurate.
Critical Supplier risk
• Pre-defined contingency/exit plans in place
The risk remains unchanged, with action underway
Poor customer service or disruption to
with business-critical services
to continue to enhance oversight of the high risk
the business caused by supplier failure
• Regular credit checking and financial
suppliers.
(including data or regulatory breach) or
monitoring of suppliers' financial status
inadequate contractual arrangements,
• Ongoing and specialist due diligence and
due diligence, and ongoing supplier
ongoing monitoring, including cyber security and
management.
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Strategic Report
business continuity, prioritising tier 1 and 2
suppliers
Other risks
Other significant risks faced by the Group.
Risk detail Key mitigants Change from last year
Market and investment risk
• An investment strategy is in place which is
Overall market risk has increased, and we remain
The risk of financial loss due to changes
reviewed at least annually and recommended by
invested for the long term. We continue to monitor
in economic conditions. This includes a
the Market and Investment Risk Executive
market conditions and the geopolitical and
fall in the value of investments held, as
Meeting to the EIO Risk Committee. This includes
sociopolitical environment.
well as the impact of movements in
consideration of the Group’s liabilities and capital
exchange rates and discount rates on
requirements
insurance and pension liabilities.
• There are risk appetite metrics in place which
are agreed by the Board and include limits on
asset / liability matching and the management of
investment assets
• Derivative instruments are used to hedge
elements of market risk, notably currency. Their
use is monitored to ensure effective
management of risk
• There is tracking of risk metrics to provide early
warning indicators of changes in the market
environment as well as performance of
investment funds is monitored against their
respective benchmarks
Further information on this risk is given in note 4
to the financial statements on page 72.
Regulatory risk
• Close monitoring of regulatory developments
There continues to be a significant volume of
Failure to develop and embed a risk
and use of dedicated project teams supported by
regulatory change and therefore the risk remains
focussed culture to comply with
in-house and external experts to ensure
unchanged.
obligations under the regulatory
appropriate actions to achieve compliance
system, enable a competent authority
• Specialist compliance monitoring programmes
to exercise its powers effectively under
are in place across SBUs
the regulatory system, or counter the
• Regular reporting to the Board of regulatory
risk that the business may be used to
compliance issues and key developments is
further financial crime.
undertaken
We operate in a highly regulated
• An ongoing programme to enhance
environment which is experiencing a
documentation for ease of comprehension in line
period of significant change.
with the Consumer Duty
• Continued activity to ensure ongoing
compliance and enhancement against regulatory
change such as operational resilience
Conduct risk
• There is ongoing colleague training to ensure
The Group remains committed to placing customers
The risk of unfair outcomes arising from
customer outcomes are fully considered in all
at the centre of our practices and decision making,
the Group’s conduct in the relationship
business decisions
demonstrated by our wide-ranging industry awards
with customers, or in performing our
• Customer charters have been implemented in
and customer satisfaction scores. Overall the level of
duties and obligations to our customers.
all SBUs
this risk is unchanged from the prior year.
Customers are placed at the centre of
• Conduct risk reporting to relevant governing
the business, ensuring good customer
bodies is undertaken on a regular basis
outcomes, in line with the regulatory
• An ongoing Consumer Duty Day 2 programme
Consumer Duty, while safeguarding the
to enhance our compliance with the regulation
interests of all other key stakeholders.
• Customer and conduct measures are used to
assess remuneration
Brand and reputation risk
• There is ongoing training of core customer
Maintaining a positive reputation is critical to the
The Group aims to be the most trusted
facing colleagues to ensure high skill levels in
company’s vision of being the most trusted and
specialist insurer and as a consequence
handling sensitive claims
ethical specialist financial services group, and the
this brings with it high expectations
• Adopts a values led approach to ensure
risk remains unchanged to last year.
from all of our stakeholders, be they
customer-centric outcomes
Risks to our brand and reputation are inherently high
consumers, regulators or the wider
in an increasingly interconnected environment, with
industry.
the risks of external threats such as cyber security
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Strategic Report
• There is a dedicated marketing and PR function
attacks, and viral campaigns through social media
Whilst we aim to consistently meet and
responsible for the implementation of the
always present.
where possible exceed these
marketing and communication strategy
expectations, increasing consumer
• Ongoing monitoring of various media is in place
awareness and increased regulatory
to ensure appropriate responses
scrutiny across the sector exposes the
Group to an increased risk of
reputational damage should we fail to
meet them, for example as a
consequence of poor business practices
and behaviours.
Climate change
• Catastrophe risk is managed through
Whilst there is now more awareness of the
The financial and reputational risks
reinsurance models
challenges faced as a result of climate change, there
arising through climate change.
• The Group considers flood risk and other
have been no material changes to this risk since last
weather-related risk factors in insurance risk
year. A programme of work continues to fully
The key impacts for the Company are
selection
analyse the impact on the Group and to develop
physical risks (event driven or longer
• There is an ESG overlay on the investment
appropriate risk management responses.
term shifts), the transition risks of
strategy
moving towards a lower carbon
• The Group actively manages exposures and is
economy and liability risks associated
up to date on market development
with the potential for litigation arising
from an inadequate response.
Our business model and strategy
Ecclesiastical Insurance is part of the Benefact Group, a family of specialist financial services businesses united by a singular purpose: to donate all
available profits to charity and good causes. Our ambition to do right by our customers, clients and business partners and our commitment to philanthropy
enables Ecclesiastical Insurance Office plc to stand out in the financial services sector.
Benefact Group’s purpose is to contribute to the greater good of society, by managing a successful, ethically run portfolio of businesses. All available
profits generated by Ecclesiastical Group and the other businesses within the Benefact Group are used to support good causes through independent
grants from our ultimate charitable owner (Benefact Trust Limited) or our own considerable donations. We're committed to doing the right thing for our
customers, business partners and colleagues, and to delivering growing donations to our ultimate charitable owner, enabling Benefact Trust Limited to
continue its work in transforming people's lives.
The Benefact Group’s overarching strategy fosters alignment and strategic focus across all its businesses, including investment in systems and people to
target further growth and drive increased charitable donations. In fields such as Specialist Insurance, Asset Management, Broking and Advisory, each
business within the Benefact family is a specialist in its respective field, built on genuine insight and ethics. Together, businesses within the Benefact Group
offer products and services designed to protect in the present, anticipate possibilities, and invest in a healthier financial future.
Responsible business
The Ecclesiastical Group is part of the wider Benefact Group. A Responsible Business Report containing a summary of social and environmental impact is
in the Benefact Group Annual Report and Accounts which is published on www.benefactgroup.com. It covers social impact including approach to diversity,
equality and inclusion, colleague wellbeing and charitable giving. It also summarises climate impact and is supported by a separate report featuring
disclosures in line with the Taskforce on Climate-related Financial Disclosures (TCFD), which is published on the Company’s website. A separate report
enables the Benefact Group to explain climate-related disclosures in much more detail for the benefit of an increasing range of interested stakeholders.
The following table provides details of the carbon associated with the direct operation of businesses that are part of the wider Benefact Group, in line with
the Streamlined Energy and Carbon Reporting (SECR) requirements. This table does not include the emissions relating to our investment portfolio or our
underwriting activity. The Group offsets its Scope 1 and 2 emissions through highly assured charitable projects to achieve ‘net negative’ for its direct impact.
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Strategic Report
Emissions source 2024 2023
UK
Non-Uk
Total
Scope 1 & 2
UK
Non-UK
Total
Scope 1 & 2
tCO
2
e
tCO
2
e
tCO
2
e
tCOe/
tCO
2
e
tCO
2
e
tCO
2
e
tCOe/
employee
employee
Scope 1: fuel, fluorinated gas losses and fuel
116 15 131 142 7 149
combustion in offices and company fleet
Scope 2: electricity and cooling in premises
591 149 740
696 84 780
1
(location based)
Scope 2: Scope 2: electricity and cooling in
109 146 255
97 75 172
2
premises (market based)
3
Scope 3: business travel
, waste, water use 538 269 807 439 568 1,007
Total tCO
2
e (market based electricity)* 763 430 1,193 0.51* 678 650 1,328 0.56*
tCOe is tonnes of CO and equivalent gases.
1
The average emissions intensity of grids on which energy consumption occurs (using mostly grid-average emission factor data)
2
Emissions based on how an organization buys its energy
3
Air, rail, bus, taxi, ferry, car rental and vehicles owned and driven by an employee, driven for business purposes (grey fleet)
* Scopes 1, 2 (market based) and scope 3
In 2024, total energy use is 4,570,001 kWh of which 3,841,221 is UK and 728,780 kWh is non-UK based. In 2023, total energy use was 4,153,784 kWh of
which 3,962,931 kWh was UK and 190,853 kWh was non-UK based. Scope 3 emissions reported as part of SECR mostly comprise business travel. A data
discrepancy in 2023 contributed to an overstatement in reported emissions.
Methodology
The wider Benefact Group has reported on all emission sources required under the Companies (Directors’ Report) and Limited Liability Partnerships
(Energy and Carbon Report) Regulations 2018.
The reporting year runs from 1 September 2023 to 31 August 2024. The emissions reporting boundary is defined as all entities and facilities either owned
by or under operational control of the Benefact Group of companies, that is, emissions relating to our premises and associated travel by staff in the UK,
Ireland, Australia, and Canada.
The reporting comprises:
Scope 1: emissions from fluorinated gas losses, oil and gas used to heat our offices, and fuel used in company vehicles
Scope 2: emissions from electricity, cooling, heat and steam used in our offices
Scope 3: emissions from business travel, waste and water use in our offices
Calculating emissions from electricity scope 2 emissions is done in two ways:
Location based reporting calculates emissions based on the average emission intensity of the local power grid, regardless of what electricity
contracts are in place
Market based reporting reflects emissions from the specific electricity contract/s purchased
Location based electricity use shows emissions from physical consumption while market-based reporting reflects decisions made to purchase electricity
on a zero carbon tariff.
The above emissions are displayed in tonnes of carbon dioxide and equivalent gases (tCOe), have all been calculated using UK Government Greenhouse
Gas reporting emission factors 2021 (Department for Environment, Food and Rural Affairs), and independently verified according to ISO – 14064-1
Specifications with Guidance for the Validation and Verification of Greenhouse Gas Statements.
Colleagues
Colleagues across the Benefact Group are united by our purpose to give to good causes. Each business within the Benefact Group is specialist and expert
in its field, with an engaged global team of colleagues driving growth and success.
Health and wellbeing
Employee health and wellbeing continued to be a key focus for the Group in 2024. Learning resources and communications were expanded including
virtual sessions on understanding the menopause and a menopause conversation guide for people leaders. Men’s mental health was spotlighted in
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November, with personal stories and resources shared. A range of tools provided across the Group bring physical, mental and financial wellbeing support
together for employees and their families.
Investment in great workplaces continued in 2024. This included Ansvar UK moving to modern premises in the heart of Brighton. Integral to the move was
the new Community Hub, providing a free flexible workspace for local charities. The building is also built to a BREEAM Excellent sustainability standard,
putting it in the top 10% of UK new non-domestic buildings for sustainability.
Engagement
An independent assessment of engagement levels was benchmarked through the B-Heard survey provided by Best Companies. With almost 2,000
responses the survey is now a well-established way to listen and celebrate. The Benefact Group overall maintains a two-star ‘outstanding’ rating, a three-
star ‘World Class’ UK accreditation and is ranked as one of the UK’s Top 50 best large companies to work for.
A new communication, The Link, was launched to keep colleagues connected across all three continents the Group operates in. Colleagues were also
brought together at ‘Make It Happen’ events in the UK, where they collaborated to find solutions to real business problems.
Diversity, equity and inclusion
The Group continued its strong commitment to diversity, equity and inclusion. Group-wide inclusion networks grew, including the LGBTQ+ and Women’s
Network.
Over 200 leaders attended Leading Inclusively training, now a core element of the People Leader’s Journey programme. The Group’s attraction and
recruitment processes were reviewed and updated to ensure inclusivity, and inclusive hiring training will be rolled out to all recruiting managers in the UK
and Ireland in 2025. A new Women in Leadership programme was launched, targeted at developing senior female leaders from businesses across the
Group. The first cohort of 13 leaders completed the programme in 2024, with plans for global rollout in 2025.
A number of events brought people together, notably a Women in Leadership panel discussion which welcomed over 80 attendees from businesses and
the community and raised several thousand pounds for charity. Colleagues celebrated Pride month in June, including the LGBTQ+ network and allies who
represented Benefact Group at Gloucester Pride.
Non-Financial and sustainability information statement
The Non-Financial Reporting requirements contained in sections 414CA and 414CB of the Companies Act 2006 are addressed below. Non-financial and
Environmental, Social and Governance (ESG) information is integrated across the Strategic Report, in particular in the responsible business section starting
on page 7.
Non-financial and sustainability
Disclosure Section Pages
information
Business model Our business model and information
Strategic Report – Our business
7
on how we do business differently
model and strategy
Key performance indicators (KPIs) Our KPIs set out how we are doing
Strategic Report – Key performance
19
against our strategic goal
indicators
Principal risks Our key risks and their management Strategic Report – Principal risks
4
and uncertainties
Environmental, social matters,
Statements of our policy and
Strategic Report - Primarily within
7
colleagues, human rights,
practice in these areas
the responsible business section
financial crime and corruption
and below.
Our key policies / statements of intent
We have a range of policies and guidance in place to support the key outcomes for our stakeholders. These also ensure consistent governance on
environmental matters, our employees, social matters, human rights and anti-bribery and corruption.
Climate and environmental matters
The Ecclesiastical Group is part of the Benefact Group and as a diverse financial services business, the Benefact Group is exposed to climate risk primarily
through investments and insurance. It also has a responsibility to reduce its operational impact and can achieve positive impact through its charitable
giving. The majority of the Benefact Group’s climate and environmental matters are relevant to the Ecclesiastical Group.
A separate Task Force on Climate-Related Financial Disclosures (‘TCFD’) report is published on the Group’s website at www.ecclesiastical.com, but the
following provides a summary of key considerations.
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Governance
The Benefact Group Board has overarching responsibility for overseeing the response to climate change. Ecclesiastical as part of the Benefact Group
has adopted the Benefact Group plc's Governance Framework. Accordingly, the Ecclesiastical Risk Committee (and prior to that the Group Risk
Committee) has sight of climate related risk matters on behalf of the Ecclesiastical Board. Across the business various committees, management
functions and a core climate strategy function lead, develop and deliver the Group’s response.
Strategy
- The Benefact Group has a robust strategy review and evaluation process. In particular scenario analysis is used as a key tool for assessing
and understanding climate risk.
Testing risks through scenarios
Insurance Investment
• Focusing on worst case scenario: the assessment of
• Property investments continue to be assed for climate impact using a Real Estate
insurance underwriting risk has focused on the worst-case
Environmental Benchmark (REEB) benchmark, Energy Performance Certificate
scenario of the Bank of England’s three Climate Biennial
(EPC) schedule priority, physical and climate risk assessments and scope 1, 2 and
Exploratory Scenario (CBES) scenarios (the No Additional
3 data completion, it also included emissions reduction targets and a
Action scenario) because this enables identification of the
decarbonisation plan.
most extreme outcomes, therefore the greatest risks to the
• Footprinting: tools used by EdenTree, which is part of the Asset Management
business, particularly over the medium to long-term. The
division of the Benefact Group, enable the Benefact Group to view its
scenarios have been used primarily in a qualitative nature to
investments from various perspectives. These include the portfolio emission
identify the types of perils that are most likely to affect the
pathway vs climate scenario budgets (and whether it is overshooting) and the
current insured portfolio. We have also looked at other, less
associated temperature increase.
harmful scenarios to understand a range of feasible outcomes
and so the difference in expected impact that would result
Based on current targets, equity investments are expected to be aligned with the
from positive climate mitigation actions.
Sustainable Development Scenario by 2050, representing a potential
temperature increase of 1.5°C by 2050 compared to 2.9°C for the benchmark.
• Considering socioeconomic impacts: besides considering the
direct impact of weather events, the economic and social
• This figure is tracked annually to ensure continued alignment. This temperature
impact on key customers were also considered, in this case
alignment score is based on the ISS-ESG methodology and shows the estimated
also using the scenarios whereby Paris-aligned targets are
temperature increase which the portfolio is associated with by 2050.
met, to identify some of the issues they likely face in the
• The current proportion of holdings that have adopted a Science Based Target
various circumstances. This analysis is being used to inform
(SBT) are also tracked. Increasing this is a key part of our engagement work to
customer propositions and how the Benefact Group might
support the decarbonisation of our portfolio.
work with and support customers to manage and mitigate
climate risk.
The process has been used to assess the Benefact Group’s
insurance footprint in various geographies, for example
assessing wildfires in Canada, temperature rises in Australia
and windstorm and flood in the UK. For example, in the UK a
tool for flood and storm mapping, Mapview, is used to manage
individual and accumulated local exposures.
- The Benefact Group is a member of voluntary climate action initiative ClimateWise which drives best practice and provides independent
assessment.
Risk management
- The Enterprise Risk Management process provides the tools, guidance, policies, standards and defined responsibilities to enable the Benefact
Group to achieve its strategy and objectives whilst ensuring that risks to objectives are identified and managed.
- The Benefact Group’s risk management process is a structured and iterative method for identifying, assessing, responding and monitoring risk
on an ongoing basis.
- Risk management is integrated into the way the Benefact Group works with each business unit and significant business areas using this
process, producing risk registers and feeding into reporting shared with the Group Risk function and ultimately the Benefact Group Audit and
Risk Committee.
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- The principal climate risks faced by the Benefact Group are:
Risk Nature of risk Time horizon Actions being taken to understand and mitigate impact on business, strategy
and planning
Physical Direct damage to assets
There are acute, event-
• We have partnered with a third-party expert to quantify exposures on our
both owned and insured
driven risks which can
insured portfolio across territories where we operate using models based on
and indirect impacts from
occur over all time
a range of scenarios. This will be used to inform capital, pricing and
supply chain disruption.
horizons, and chronic
underwriting strategy.
risks, which are
• Mapping technology has also been used in the UK to identify concentration
The main physical risk
typically longer-term.
of risks in the most flood-prone areas.
exposures stem from its
• We continue to work with our reinsurance partners to ensure that our risk
property underwriting
mitigation remains appropriate for our current risk exposures and to learn
portfolio and from its
from their expertise.
investment assets.
• The Benefact Group is a member of the Partnership for Carbon Accounting
Financials (PCAF) and has completed an initial assessment of the carbon
impact of its underwriting portfolios in the UK, Ireland, Australia and Canada.
This will inform strategy for engagement and decarbonisation.
• As part of its investment process, EdenTree assesses a company’s exposure
to climate risk (including physical risk). Where this is deemed to be material
or poorly managed, a company will not be included in the portfolio.
Transition Relates to financial risks
Short to medium term • Funds are invested with a responsible and sustainable policy which excludes
resulting from transitioning
fossil fuel exploration and production, thermal coal extraction and eschews
to a low carbon economy.
investment in high carbon emitters (automotive, aviation and heavy industry).
They arise from policy,
• Across EdenTree’s Funds, we also invest in companies providing solutions
technology and market
that will enable the low-carbon transition alongside providing a compelling
disruption. Additional
investment case
implications include the
• The Benefact Group’s asset manager EdenTree has established a Climate
subsequent changes to
Stewardship Plan which engages investee companies and targets
consumer expectations,
improvement.
demand and behaviour.
• Climate change is also a permanent pillar of EdenTree’s engagement
strategy, and they have supported various initiatives over the years. They
The Benefact Group’s main
have contributed for seven consecutive years to the CDP’s non-disclosure
exposure to transition risks
campaign. They supported the Paris Pledge for Action in 2015 and are a
is on the value of its
signatory to the TCFD Framework. EdenTree also maintain memberships
investment assets through
including the UK Sustainable Investment and Finance Association, UN
the impact of changes to a
Principles for Responsible Investment and the Institutional Investors Group
low carbon economy on
on Climate Change.
investee companies.
• The Benefact Group also footprints its property portfolio annually, to
understand both physical and transition risks, inform investment strategies
and understand energy performance.
Liability Stems from the potential
Short term • Each territory have assessed exposure to the potential for receiving future
for litigation if entities and
liability claims relating to climate related litigation arising from customers’
boards do not adequately
activities. Each territory will also continue to track potential for insured
consider or respond to the
customers to be exposed to liability risks and the evolving legal
impacts of climate change.
environment.
- A full overview of actions taken to understand and mitigate impact on business, strategy and planning is included in the full TCFD report.
Actions include mapping technology to identify concentration of insurance risks and a responsible and sustainable investment policy.
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Metrics and targets
- The Benefact Group has committed to Net Zero targets over the short and long-term. Net Zero progress and ClimateWise performance are
integrated into our long-term incentive plan for senior leaders.
- A wide range of metrics and targets are used across the Benefact Group’s climate programme (fully outlined in the TCFD report). They include
fund alignment with a 1.5-degree pathway, underwriting footprint calculated to the Partnership on Carbon Accounting Financials
methodology, amount of giving to climate charities and carbon intensity per employee.
- The Benefact Group does not have a suite of key performance indicators specifically in relation to measuring climate change, but this is
monitored through investment performance.
Taskforce on Climate-related Financial Disclosures (TCFD) compliance summary
Climate reporting is included in the Strategic report (in particular in the Responsible Business section) and a separate TCFD report published on
www.ecclesiastical.com. The following table is produced to highlight the TCFD pillars, recommended disclosures and where this information can be
found across the Strategic report and separate TCFD report.
TCFD pillars TCFD recommended disclosures Section of the Strategic report, that
Section of the TCFD
disclosures are included in, in
Disclosure report with
compliance with the Companies Act
further details, in
compliance with the Listing
Rules
Governance
- Describe the Board’s oversight of climate-
- Non-financial and sustainability
- Governance structure
Disclose the
related risks and opportunities
information statement (page 9).
overview (page 4).
organisation’s
- Describe management’s role in assessing and
- Section 172 statement (page 14)
- Examples of climate
governance around
managing climate-related risks and
topics
climate-related issues
opportunities
discussed/decisions
and opportunities
made at various
governance forums
including Board
Committees and
management groups
(page 5).
Strategy
- Describe the climate-related risks and
- Climate strategy overview in the
- Strategy overview (page
Disclose the actual and
opportunities the organisation has identified
Group Chief Executive’s Review
6).
potential impacts of
over the short, medium, and long-term
(page 2).
- How climate is
climate-related risks
- Describe the impact of climate-related risks and
- Non-financial and sustainability
embedded in how the
and opportunities on
opportunities on the organisation’s businesses,
information statement (page 9).
Group operates (page 6).
the organisation’s
strategy, and financial planning.
- Principal risks (page 4).
- Climate risk and
business, strategy and
- Describe the resilience of the organisation’s
opportunity
financial planning
strategy, taking into consideration different
consideration (page 7).
where such information
climate-related scenarios, including a 2 degree
- Physical, transition and
is material.
or lower scenario.
liability risks outlined,
time horizons considered
and actions being taken
to understand and
mitigate impact outlined
(page 8).
- Using scenario analysis
to understand and test
climate risk (page 9).
Risk management
- Describe the organisation’s processes for
- Non-financial and sustainability
- Risk management
Disclose how the
identifying and assessing climate-related risks.
information statement (page 9).
framework and process
organisation identifies,
- Describe the organisations processes for
overview (page 10).
assesses and manages
managing climate-related risks.
- Overview of how the risk
climate-related risks
- Describe how processes for identifying,
management process
assessing, and managing climate-related risks
and risk management
are integrated into the organisation’s overall risk
tools are used to capture,
management.
assess and respond to
risk, but also to monitor
and report (page 10).
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Metrics and Targets
- Disclose the metrics used by the organisation to
- Climate strategy overview in the
- Overview of Net Zero
Disclose the metrics
assess climate-related risks and opportunities in
Group Chief Executive’s Review
targets set over the
and targets used to
line with its strategy and risk management
(page 2).
short- and long-term
assess and manage
process.
- Non-financial and sustainability
(page 11).
relevant climate-
- Disclose Scope 1, Scope 2, and, if appropriate,
information statement (page 9).
- Overview of approach to
related risks and
Scope 3 greenhouse gas emissions (GHG), and
- Direct footprint reporting in line
key metrics against each
opportunities where
the related risks.
with SECR requirements (page 8).
pillar of climate strategy
such information is
- Describe the targets used by the organisation to
(page 12).
material.
manage climate-related risks and opportunities
and performance against targets.
Colleagues
The Benefact Group’s Code of Conduct policy is centred on ‘Doing the right thing’ and sets the standards of conduct and behaviour expected
from employees.
The Board aims to ensure it is comprised of persons who are fit and proper to direct the business. The Board’s diversity policy sets out the
approach to diversity in the leadership population.
Other information on our commitments to supporting diversity and development is included in the Responsible Business section on page 7. Also
included within the Corporate Governance report on page 26 is information about the composition and diversity of the Board.
Social matters
The Benefact Group was founded with a charitable purpose and this remains what motivates us today. We believe business has a social
responsibility and should give more to support charities and communities. The Group does not make political donations.
The Group’s tax strategy supports our group strategy and the ethical way we do business. We are committed to managing all aspects of tax
transparently and in accordance with current legislation. We work to achieve the spirit of legislation and not just the letter of the law in each
tax jurisdiction. Our tax strategy is available on www.ecclesiastical.com
Human rights, anti-bribery and anti-corruption
The Benefact Group Board is committed to operating with honesty and integrity in all of our business activities and promoting an anti-bribery
and corruption culture across the Group.
The Benefact Group has established and upholds good practices regarding human rights, anti-corruption and anti-bribery through a range of
measures including robust risk management, employee Code of Conduct and employee training on topics such as data protection and
vulnerable customers.
The Benefact Group complies with relevant legislation concerning supply chain – the Modern Slavery Act 2015 and the Payment Practices and
Performance regulations – to drive good practice and transparency.
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Section 172 Statement
The directors confirm that during 2024 and to the date of this Report, they have acted to promote the success of the Company for the benefit of its
members as a whole and considered the matters as set out in section 172(1)(a) to (f) of the Companies Act 2006. This section describes how the directors
have had regard to those matters when performing their duties.
Our approach to the long term success of the Company
The directors recognise that the long-term success of the Company, and therefore our ability to continue to help people, charities and good causes is
dependent on having regard to the interests of its stakeholders at its heart. In order to achieve our strategic ambitions, the Board understands how
important it is to listen and respond to the needs of our stakeholders.
As a global financial services group driven by the ambition of transforming lives and communities, we are continually striving to do the right thing at all
times. However, there are occasions where the needs of different stakeholder groups may not always be aligned. On these occasions, the Board attempts
to balance the conflicting interests and impacts on our stakeholders in their decision-making.
Our stakeholders
Customers
Colleagues
The Board considers that customers should be at the heart of everything
Th
e Board recognises that colleagues are the Company’s greatest asset given
we do, putting their needs first, treating them fairly and ethically and
their specialist skills and knowledge and propensity to go above and beyond.
ensuring any actions or decisions demonstrate our passion for customers
and make us first choice for customers both today and in the future.
What matters to them?
- Culture and purpose
What matters to them?
-
Fair pay and reward
- Customer experience
- Flexible working practices
- Fair pricing
- Ma
king a positive impact on society
- Specialist expertise and guidance
- Health and wellbeing
- Products which represent fair value and are clear and easy to
- A diverse, equitable and inclusive workplace
understand
- T
raining, development and progression
- Bein
g part of an ambitious, commercial and successful business
Communities
Shareholder and investors
The Board is committed to doing business differently and building a
The Board understands the need to maintain a close and open relationship with
movement for good across society, transforming lives and communities.
shareholders and investors characterised by transparency and mutual
understanding.
What matters to them?
- Charitable giving
What matters to them?
- Health and safety
- Financial performance and returns
- Emp
loyment, economic and societal contribution
- Strate
gy and business model
- Env
ironmental impact of operations
- Env
ironmental, social and governance (ESG) performance
- Reputa
tion
-
Strong leadership
Suppliers (including brokers)
Regulators
The Board recognises the importance of the role that suppliers play in
The Board recognises the importance of open and honest dialogue with
ensuring a reliable service is delivered to customers and the need to
regulators (including those in the UK, Australia, Canada and the Republic of
have a strong working relationship.
Ireland) and is committed to complying with applicable legislation and
regulation in order to maintain standards of business conduct.
What matters to them?
- Collaborative approach
What matters to them?
- Open terms of business
- Outcomes for customers
- Fair payment terms
- Oper
ational and financial resilience
- Responsible supply chain
- Openness and transparency
- Communication
-
Compliance with legislation and regulation
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Stakeholder Engagement
Below is an overview of our approach to stakeholder engagement and outcomes.
Key stakeholders Methods of engagement and outcomes
Customers At Ecclesiastical, we focus upon always providing first class service to our customers. To do so, we understand that anticipating
the needs of our customers is fundamental to achieve this.
Throughout the year, the Board has paid regard to the progression on the Group’s digital strategy. At its Away Day in October,
the Board received a presentation on Artificial Intelligence (AI), primarily the impacts that AI is having upon the insurance industry
and the ways in which the Group’s digital strategy will need to evolve to further improve the customer journey and enhance the
ways in which customers interact with us in the future.
Additionally, the Board received updates on customer matters via the Group Chief Executive’s Report and business updates. The
Board and the Group Remuneration Committee takes account of customer experience through regular reviews of key measures
such as Net Promoter scores and customer satisfaction.
We understand how important it is to be there for our customers when they need us the most. Therefore, Operational Resilience
continued to be a key area of focus for the Board throughout 2024 ahead of the regulatory deadline in March 2025.
The Board continued to oversee Consumer Duty compliance and reviewed and approved the Consumer Duty Annual Attestation
to ensure that the Group’s business strategy remained consistent with delivering good customer outcomes in accordance with
the Consumer Duty.
The Group also has regular engagement with customers including conducting listening exercises, surveys, holding focus or
consultative groups, monitoring customer complaints and satisfaction data. Key outcomes are shared with the Board. Our
commitment to customers and clients is demonstrated by the tailored Customer Promises that have been developed for our
businesses, the awards that we have won and independent research.
Colleagues
Members of the management team and subject matter experts are invited to Board and Committee meetings to present on items
and input into discussion. During the year, the Group Chief People Officer provided an update on the Group People Strategy.
Directors visit subsidiaries, businesses and project teams to gain a good understanding of colleagues’ views.
In order to engage, involve and inform colleagues, a range of methods as set out below are used:
- Sir Stephen Lamport as the designated non-executive director for employee engagement is briefed on associated survey
results and findings are reported to the Board.
- A variety of communication channels including intranet, all colleague emails (including weekly news, results, achievements
and changes), briefings, conferences and publishing of financial reports and feedback and discussion is adopted (including to
make colleagues aware of financial and economic factors affecting the performance of the Company);
- Colleague engagement surveys adopting the B-Heard Survey provided by an external partner, Best Companies.
- During the year colleagues undertake training to support the accessibility and understanding of our whistleblowing policy,
procedure and approach to ensure they feel safe to speak up and challenge when needed;
- Direct engagement and consultation through colleague representative forums including the Group’s recognised Union (Unite)
and Employee Networks such as the DEI working Group, Women’s Network and Neurodiversity Network;
- ‘Town Hall’ meetings are hosted virtually by senior management where colleagues can ask questions and provide feedback.
- A performance-related bonus scheme is operated, which directly links individual objectives and business performance to
encourage employees to participate in the overall financial success of the Company and the Benefact Group; and
- A range of training, development and volunteering activities are available to colleagues, including technical courses,
mentoring, coaching and community opportunities.
Communities We are ultimately owned by a charity with a unique purpose to contribute to the greater good of society. All of our available
profits are donated to good causes and as part of the Benefact Group we are the third largest UK corporate donor over a decade.
During the year, the Board has received regular updates on our charitable giving and areas of focus. In addition, directors have
also had the opportunity to visit beneficiaries to see first-hand their work which has enabled a better understanding of needs.
The Board approved a donation of £25m to Benefact Trust Limited (BTL) to support its funding of charities in respect of the
Group’s 2024 performance, as well as an £8m donation is respect of 2023 performance.
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Key stakeholders Methods of engagement and outcomes
Shareholder and
Benefact Group plc owns the entire issued Ordinary share capital of Ecclesiastical Insurance Office plc. Benefact Group plc in
investors
turn is wholly owned by Benefact Trust Limited with whom the Board has an open and constructive relationship.
Protocols for the exchange of information between Benefact Trust Limited and Benefact Group plc and its subsidiaries (including
Ecclesiastical Insurance Office plc) are in place and cover performance, operations and financial position. There is at least one
‘Common Director’ (a director who is a member of the Boards of Benefact Trust Limited, and Ecclesiastical Insurance Office plc)
who is expected to attend every Board meeting.
The common directors present a summary of highlights from Benefact Trust Limited Board meetings to the directors. There is
also engagement between respective Board and Committee Chairs and the Group Chief Executive Officer. Regular dialogue
takes place on Benefact Trust Limited’s expectations of the Group, strategy for the development of the business and grants from
the Group. This ensures the views of Benefact Trust Limited are communicated to the Board as a whole. In turn, the Common
directors are able to support the Directors of Benefact Trust Limited to understand the performance and strategic issues faced
by the Company.
A conflict of interest policy which sets out how actual and perceived conflicts of interest between the two companies are
managed is in place.
Suppliers (including
Ecclesiastical operates in conjunction with a range of suppliers, who are essential to the high standard of service we provide to
brokers)
our customers. We understand the importance of maintaining solid relationships with our suppliers.
Directors do not usually directly interact with our suppliers; this responsibility is delegated to management who are responsible
for the day to day management of supplier relationships within the remit of the Supplier Relationship Management Framework.
The Board, via reporting from the Risk Committee (previously Group Risk Committee) are kept up to date on the development of
any actual or potential supplier risks.
During the year, the Board (via the Group Risk Committee) received an update on outsourcing and the Supplier Relationship
Management Framework. They also received reports and updates from management allowing them to oversee associated
relationships and to keep up to date on developments.
Awareness refresher sessions were also provided to colleagues managing suppliers’ relationships on their responsibilities
under the Outsourcing Policy including consideration of associated regulatory requirements throughout the year.
Regulators As an insurance group, we are subject to the financial services approvals and regulations. We maintain an open and constructive
relationship with the regulators. Members of Senior Management and Directors meet with our UK Regulators throughout the
year, as appropriate.
Regulators engaged with us to discuss their objectives and priorities. The Board actively engaged with the Regulators in relation
to the separation of the Board and that of Benefact Group plc. Constructive feedback was also sought in relation to the refreshed
governance framework, which was a key area of focus for the Board this year.
The Board (via its Committees) continues to receive regular reports detailing the Group’s regulatory interactions. Regular reports
are also received on the evolving legal and regulatory landscape incorporating a detailed impact and progress assessment.
Consideration of environmental and climate change matters.
As part of the Benefact Group, we are committed to playing our part in making our planet a better place for future generations. Therefore, we have
developed a roadmap to become a Net Zero company by 2040. The Board received an update on the Group’s climate positioning during the year. The
presentation included input from internal subject matter experts and insights from the Benefact Leadership Development Programme.
Stakeholder engagement in decision making
The Board adopts a range of approaches to engage with stakeholders and recognises that the importance of a stakeholder group may differ depending
on the matter being considered. Given the nature of the business, the Board sometimes engages directly with stakeholders and also understands that it
may be more appropriate for engagement to be undertaken at an operational level.
The Board considers a variety of information to understand the impact of the Company’s operations and the interests and views of key stakeholders. A
one-year rolling plan of business for discussion is agreed annually to ensure that the Board is focused on the right issues at the right time and sufficient
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time is allowed for appropriate consideration and debate. Information is provided to directors in papers in advance of each meeting. Colleagues from the
business are invited to attend meetings to provide insight into key matters and developments. At each Board meeting, the directors discuss strategic and
business matters, financial, operational and governance issues and other relevant issues that arise. In addition, the Chair of each Committee provides a
verbal report to the Board on proceedings of those meetings including areas of discussion and any recommendations. Because of this, the Board has an
appreciation of engagement with stakeholders and other relevant matters, which enables the directors to comply with their legal duties. Below is an
example of a decision made by the Board:
Refreshed approach to governance
Ecclesiastical is proudly part of the part of the Benefact Group, a financial services group with a charitable owner, Benefact Trust Limited. In 2023, the
Benefact Group plc Board restructured its business repositioning itself as a holding company, overseeing the three distinct businesses which it owns being
Insurance (Ecclesiastical), Asset Management (EdenTree) and Broking and Advisory (Benefact Broking & Advisory). In 2024 and, as a consequence of this
the Board focused on increasing independence between the Boards of Benefact Group plc and Ecclesiastical. The intention was to move away from the
common directorship model. This was agreed in Q1 2024, following which a working group was established comprising the Group Company Secretary
and a number of Non-Executive Directors from both Benefact Group plc and Ecclesiastical (the Working Group). The objective of the Working Group was
to progress development of a refreshed governance framework, that would reflect the new approach.
A consequence of the decision to separate the boards was the need to refresh the composition of the Ecclesiastical Board of Directors, to ensure
independence from that of its parent board. For a more detailed overview of the appointment process please see the Nominations Committee Report.
As detailed within the Corporate Governance Report, it was agreed that Ecclesiastical should have an independent Audit Committee and a separate Risk
Committee which had historically been joint committees with Benefact Group plc. These were established during the year and the existing Group Audit
Committee, Group Risk Committee and Group Finance & Investment Committees (which were joint with Benefact Group plc) were all disbanded and their
duties allocated between the Board and its new Committees.
The revised Governance Framework, including the Audit Committee and Risk Committee’s Terms of Reference were approved by the Board in September
2024. Additionally, the composition of the Audit Committee and Risk Committee respectively were also agreed.
During its decision-making process throughout the year, the Board had regular contact with the Regulator and incorporated any feedback received as
necessary. Additionally, the Board held open dialogue with the Benefact Trust Limited to ensure that the revised Governance Framework reflected its
strategic ambitions for the Group. As an insurance company that is committed to helping to transform lives, the Board are confident that this refreshed
approach is in the best interest of Ecclesiastical and has positioned the Group to continue building our movement for good, for the benefit of our customers
and communities.
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Group Chief Financial Officer review
I am pleased to present my first financial review since becoming Group Chief Financial Officer and am delighted to be able to outline an outstanding set of
results. The Group is reporting a profit before tax of £82.5m (2023: £44.8m) which represents a stronger performance than expected and continued
progress in the delivery of the Group’s strategy. Critically, these results support our ambition to give more to good causes and we’ve now surpassed our
target of giving £250m since 2014.
Overall profit was driven by both a strong net investment result of £71.9m (2023: £57.5m) and excellent trading performance with an insurance service
1
result of £83.5m (2023: £70.7m). Gross written premium
increased by 4.1% to £640.3m (2023: £615.0m) as a result of new business and rate
improvements. The Group recognised a net insurance financial loss of £6.9m (2023: £19.5m) due to the impact of discount rate unwinding, partly offset by
gains as a result of increased discount rates.
The Group’s strong credit ratings with both Moody’s (A2 with stable outlook) and AM Best (A with stable outlook) were reaffirmed during the year and our
Solvency II regulatory capital position remains well above both regulatory requirements and our risk appetite.
General Insurance
Overall, the Group’s underwriting businesses achieved particularly strong results in the year. We have continued to deliver growth in insurance revenue,
1
building on the strength of our position in core segments and recent product launches in the UK. The increase in gross written premium
of 4.1% to £640.6m
(2023: £615.0m) reflected excellent new business wins and rate strengthening. Underwriting experience has benefited from particularly benign weather
claims and a more stable claims environment, resulting in an insurance service result of £72.7m (2023: £56.2m) and a Group Combined Operating Ratio
1
(COR)
of 86.9% (2023: 92.6%).
Our ongoing investment program, with a strong emphasis on advancing our technology platforms and supporting our colleagues, remains a key focus.
These technological investments are crucial for driving our business growth and meeting our customers' long-term needs.
United Kingdom and Ireland
1
In the United Kingdom and Ireland, underwriting profits
rose to £53.6m (2023: £16.4m), driven by an unusually benign year for weather claims, large
1
losses and higher associated profit commission. Gross written premium
grew by 9.3% (2023: 15.9%) to £436.9m (2023: £399.7m) driven by record new
business wins and excellent retention levels, reinforcing the strength of our proposition.
Many of our core segments experienced double digit growth, with Art & Private Client and Schemes being particularly strong growth areas in 2024. In
addition to the new Leisure product launch in 2023, which continues to be a success, 2024 saw a further launch of the Office Professions product.
Our strategy over the medium term is to continue to grow, while maintaining our strong underwriting discipline to increase the profit contribution to the
Group. Our specialisms will continue to deepen through investment in people, technology and innovation together with the propositions, specialism and
excellent service that our customers and broker partners value.
Australia
1
1
Our Australian business reported an underwriting loss
of AUD $6.3m (2023: AUD $9.6m loss). Gross written premium
fell by 3.9% in local currency to
AUD $184.7m (2023: AUD $192.2m) primarily driven by robust portfolio management, with lapses to exit poor-performing accounts, lower retention in
SME and mid-market portfolios and $2.7m of debt write-off. New business wins have been encouraging and aligned to core growth areas, with a positive
outlook supported by significant investment in people during the course of 2024.
1
The underwriting loss
for the year has been impacted by several factors, including an adverse development in prior year liability claims and higher than
expected historical physical and sexual abuse (PSA) claims. Current year performance has been encouraging, supported by favourable catastrophe
experience and underwriting action over recent years. This has been partly offset by increased expenses, and a higher level of large losses in 2024.
Canada
1
Canada reported an underwriting profit
of CAD$23.9m (2023: CAD$25.0m). This slight reduction in profit was due to the impact of several significant
events, such as the Jasper Wildfire in July and the 'Western Deep Freeze' weather event in January. Additionally, historic PSA reserves have been
strengthened due to higher-than-expected development in prior-year claims. However, the strength of the result compared to the industry highlighted
the resilience of the portfolio and quality of underwriting action taken in recent years, despite these large losses.
1
The size of our Canadian business has remained relatively consistent with the prior year, reporting gross written premium
of CAD$177.6m (2023:
CAD$179.4m). This performance was driven by an enhanced distribution strategy, a strong focus on strategic accounts, and effective broker engagement.
This was accomplished despite increased competition, softening market conditions, and active non-renewal of certain accounts.
18
Ecclesiastical Insurance Office public limited company
Strategic Report
Investments
The Group’s net investment result for the year was £71.9m (2023: £57.5m), as markets were generally more positive compared to 2023. The Group remains
committed to its long-term investment philosophy, with a well-diversified and appropriately matched portfolio.
Investment income of £50.1m (2023: £42.9m) remained strong while fair value gains on financial instruments of £21.4m (2023: £19.6m) benefited from
gains on an unlisted equity instrument and fair value gains on listed equities, partly offset by fair value losses on government bonds as interest rates
increased.
The Group’s investment approach is a key part of our climate strategy, and you can find out more in our Responsible Business report.
Long-term business
Our life business, Ecclesiastical Life Limited, provides a product backing policies sold by the wider Group’s pre-paid funeral plan business as well as a
legacy book of life insurance business, which remains closed to new business. Profit before tax was £1.4m for the year (2023: £1.2m), driven by lower
claims and higher long term yields. Assets and liabilities in relation to the life insurance business remain well matched.
Outlook
Given ongoing geopolitical tensions and global uncertainty, market volatility is expected to continue. However, moderate growth and reducing inflation
seem likely to improve market conditions over time, with a steady decline in interest rates also expected. In this context, the Group is committed to
sustainable growth, supported by the inherent resilience of our businesses and well-established strategies in place. Our commitment to a resilient and
long-term strategy underscores our dedication to delivering consistent value to our customers, even amidst market uncertainties.
Balance sheet and capital position
1
In the year, total shareholders’ equity decreased by £1.9m to £627.0m. Underwriting profits
and investment returns were offset in part by £33.0m of
charitable donations paid to the Company’s ultimate shareholder, Benefact Trust Limited, of which £8.0m was in relation to 2023 performance. The
Benefact Group has now achieved its ambition of giving £250m, which is a remarkable milestone in the Group’s charitable objectives.
Our capital position remains robust with Solvency II capital ratio cover for Ecclesiastical solo decreasing slightly to 252% from 254%.
Mark Bennett
Group Chief Financial Officer
1
The Group uses Alternative Performance Measures (APMs) to help explain performance. More information on APMs is included in note 37.
Key performance indicators
The Group considers its key performance indicators to be profit or loss before tax, regulatory capital, gross written premiums, and combined operating
ratio. In addition to information included within this Strategic Report, details about the Group’s regulatory capital, gross written premiums, and combined
operating ratio can be found in notes 4 and 37 to the financial statements. The Group no longer considers net earned premiums to be a key performance
indicator.
Strategic Report
Approved and authorised for issue by the Board of Directors and signed on its behalf by
Mark Hews
Group Chief Executive
20 March 2025
19
Ecclesiastical Insurance Office public limited company
Governance
Board of Directors
The directors of the company who were in office during the year and up to the date of signing the financial statements were:
David Henderson
Chair
David Henderson was appointed to the Board in April 2016. David began his career specialising in personal tax and UK trusts. He spent ten years as a
banker with Morgan Grenfell and, following that, 11 years in financial services executive recruitment with Russell Reynolds Associates. He joined the Board
of Kleinwort Benson Group plc as Personnel Director in 1995. He was appointed Chief Executive of Kleinwort Benson Private Bank Ltd (now Kleinwort
Benson) in June 1997. He was Chairman of Kleinwort Benson from 2004 to 2008 and a Senior Adviser to the Bank until 2019. He holds several external
Non-Executive Directorships.
Mark Hews
Group Chief Executive
Mark Hews was appointed Group Chief Executive in May 2013 and was previously Group Chief Financial Officer. He was appointed to the Board in June
2009 and appointed to the Board of MAPFRE RE in December 2013. He also became a Trustee of The Windsor Leadership Trust in November 2017. He
was formerly a Director of HSBC Life and Chief Executive of M&S Life. Prior to this he was Finance Director at Norwich Union Healthcare. He started his
financial career at Deloitte (formerly Bacon and Woodrow) as a consultant and actuary.
Mark Bennett
Group Chief Financial Officer
Mark Bennett was appointed Group Chief Financial Officer in January 2025, having progressed his career within the organisation since 2007. He is a
member of the Group Management Board, reporting directly to the Group CEO, and is a member of the Ansvar Australia Board. After working at an actuarial
consultancy firm in London, Mark began his career at Benefact Group and qualified as an Actuary in 2009. Mark was appointed Group Chief Actuary in
2018 and became Acting CFO in July 2024, before taking on the role permanently in January 2025.
S. Jacinta Whyte
Deputy Group Chief Executive
Jacinta Whyte was appointed Deputy Group Chief Executive and joined the Board in July 2013 with responsibility for the Group’s General Insurance
business globally. She was also appointed to the Ansvar Australia Board during 2013. Jacinta joined Ecclesiastical in 2003 as the General Manager and
Chief Agent of the Group’s Canadian business, a role that she continues to hold. Having commenced her career as an underwriter for RSA in Dublin in 1974,
she moved with them to Canada in 1988, holding a number of senior executive positions in both Ireland and Canada.
Francois- Xavier Boisseau
Senior Independent Non-Executive Director
Francois-Xavier Boisseau was appointed to the Board in March 2019. In addition Francois-Xavier is a Non-Executive Director of the Company’s ultimate
parent Benefact Trust Limited. He is the Chair of IQUW Syndicate Managing Agency Ltd.
Francois-Xavier has more than 30 years’ experience working in the insurance industry, 25 years in the UK. He was CEO of Insurance Ageas (UK) until
December 2018. Prior to that Francois-Xavier was CEO of Groupama and CEO of GUK Broking Services as well as being Non-Executive Chairman of Lark,
Bollington and Carole Nash.
James Coyle
Independent Non-Executive Director
James was appointed to the Board in May 2024. He is also a Non- Executive Director and Chair of the Risk Committee at HSBC Bank (Singapore) Limited
and Chair of HSBC Global Services Limited. He is also Senior Independent Director and Chair of the Audit and Risk Committee at Pollen Street Capital and
Deputy Chair of the Oversight Board and member of the Audit Governance Board of Deloitte LLP.
He was previously Chair of the Audit Committee, member of the Risk Committee and member of the Chair’s Nomination and Remuneration Committee at
HSBC UK Bank plc, Chair of HSBC Trust Company (UK) Ltd, Chair of Marks & Spencer Unit Trust Management Limited. Also Chair of the Board of Worldfirst
UK Limited, Chair of the Audit and Risk Committee of Scottish Water and member of Committees of the Financial Reporting Council.
After 25 years in Financial Services, James retired as Deputy Group Finance Director at Lloyds Banking Group in May 2015 and, prior to that, he was Group
Chief Accountant at the Bank of Scotland. Before joining Lloyds, James held senior Finance positions at BP for 10 years.
20
Ecclesiastical Insurance Office public limited company
G
overnance
Sir Stephen Lamport
Independent Non-Executive Director
Sir Stephen was appointed to the Board in March 2020. He is A Deputy Lieutenant of Surrey and a Senior Adviser at Sanctuary Counsel. He was a Director
of Benefact Trust Limited until 5 March 2024 and is Vice-President of the Community Foundation for Surrey; Painshill Park Trust Chair; and is the Deputy
High Bailiff of Westminster Abbey. He co-authored with Douglas Hurd a political novel, ‘The Palace of Enchantments’.
He has now retired as a Court member of the St Katharine’s Foundation. Sir Stephen was the Receiver General of Westminster Abbey from 2008 to 2018,
and previously a Group Director of the Royal Bank of Scotland for five years. He was Deputy Private Secretary to The Prince of Wales from 1993, and
Private Secretary and Treasurer from 1996 to 2002. From 1994 to 2002 he was a member of HM Diplomatic Service, with overseas postings in New York,
Tehran and Rome.
He was appointed KCVO in 2002, and GCVO in 2018.
The Venerable Karen Best
Independent Non-Executive Director
The Venerable Karen Best was appointed to the Board in August 2024, having been a member of the Benefact Trust Limited Board prior to this. Karen is
Archdeacon of Manchester. Having bee
n ordained in 1994, Karen carried out her curacy in the Diocese of London where she served as a Prison Chaplain
before becoming an Associate Vicar in 2000. She then went on to serve in Rochester, Chelmsford, and Bolton, before taking on the role of Archdeacon of
Manchester in 2017.
Maria Darby-Walker
Independent Non-Executive Director
Maria Darby-Walker was appointed to the Board in July 2024 and is passionate about working for organisations with a focus on corporate purpose, good
culture, and sustainability. An expert in stakeholder engagement - whether with investors, employ
ees, customers, media, or regulators - her executive
career was in marketing, corporate reputation and investor relations covering financial services, banking, and other sectors.
Maria is currently Senior NED and Chair of the Remuneration Committee of Personal Group Holdings plc, an insurance and technology enabled employee
benefits provider in the UK. She is also Senior Independent Director and Chair of the Remuneration Committee at SME Challenger Bank Redwood Bank
Ltd.
Angus Winther
Independent Non-Executive Director
Angus Winther was appointed to the Board in March 2019. Angus co-founded Lexicon Partners, a London-based investment banking advisory firm, where
he specialised in advising clients in the insurance and financial services sectors. He was closely involved in Lexicon Partners’ leadership until it was
acquired by Evercore in 2011 and served as a Senior Adviser at Evercore until October 2016. He is currently Chair of Apollo Syndicate Management Limited,
a Lloyd’s managing agent and was previously a Non-Executive Director
of Hiscox Syndicates Limited and Trinity Exploration & Production plc. Angus is
also Churchwarden of Holy Trinity Brompton, Vice Chair of the Church Revitalisation Trust and a trustee of St Mellitus College Trust, St Paul’s Theological
Centre, and the Church Renewal Trust.
Denise Cockrem retired from the Board on 30 June 2024. Additionally, Rita Bajaj and Chris Moulder retired from the Board on 24 September 2024. Neil
Maidment stepped down from the Board on 31 December 2024.
DavidHendersonMarkHewsMarkBennettS.JacintaWhyteFrancois-XavierBoisseau
JamesCoyleSirStephenLamportTheVenerableKarenBestMariaDarby-WalkerAngusWinther
21
Ecclesiastical Insurance Office public limited company
Governance
Directors’ Report
The directors present their report and the audited consolidated financial statements for the year ending 31 December 2024.
Information incorporated by reference
The Directors’ Report required under Companies Act 2006 comprises this report and other disclosures contained in the Strategic Report, Governance
section and Notes to the consolidated financial statements is incorporated by reference and includes the following information:
Information Reported in Page(s)
Business model Strategic Report Page 7
Corporate Governance Statement Corporate Governance Report Page 26
Financial instruments Note 4
Page 72
Financial instruments accounting policy
Page 62
Important events since 31 December 2024 Strategic Report Page 24
Future developments Strategic Report Page 3
Research and development Strategic Report Page 3
Employee engagement and involvement Strategic Report Page 15
Stakeholder engagement Strategic Report Page 15
Greenhouse gas emissions and energy consumption Strategic Report Page 8
Going Concern and Viability Statement Directors’ Report Page 23
Diversity and inclusion Strategic Report Page 9
The Section 172 Statement Strategic Report Page 14
Principal risks and uncertainties Strategic Report
Page 4
Note 3
Page 69
Company status and branches
Ecclesiastical Insurance Office plc is incorporated and domiciled in England and Wales (registration number 00024869). The registered office of the
Company is Benefact House, 2000 Pioneer Avenue, Gloucester Business Park, Brockworth, Gloucester, GL3 4AW, United Kingdom. The Company has
branches in Canada and Ireland.
Ownership and share capital
At the date of this report, the entire issued Ordinary share capital of the Company was owned by Benefact Group plc. In addition, 4.35% of the issued
8.625% non-cumulative irredeemable preference shares of £1 each (‘Preference shares’) are owned by Benefact Group plc. In turn, the entire issued
ordinary share capital of Benefact Group plc was owned by Benefact Trust Limited, the ultimate parent of the Group.
Directors and their interests
The directors of the Company who served during the year and up to the date of this report were David Henderson, Mark Hews, Mark Bennett (appointed
1 January 2025), Jacinta Whyte, Francois Xavier-Boisseau, James Coyle (appointed 21 May 2024), Sir Stephen Lamport, Karen Best (appointed 19 August
2024), Maria Darby-Walker (appointed 31 July 2024) and Angus Winther. Denise Cockrem, Rita Bajaj, Chris Moulder, and Neil Maidment stepped down
from the Board during the year. Biographies of those directors who are currently serving on the Board are set out on page 20.
As set out in the Notice of Meeting, all current directors who have served since the last AGM will be proposed for re-election. Mark Bennett, James Coyle,
Karen Best and Maria Darby-Walker will also be proposed for election, following the recommendation of the Nominations Committee. All directors seeking
re-election were subject to a formal and rigorous performance evaluation, further details of which can be found in the Group Nominations Committee
Report. Details of directors’ service contracts are set out in the Directors’ Remuneration Report of Benefact Group plc.
Neither the directors nor their connected persons held any beneficial interest in any ordinary shares of the Company during the year ended 31 December
2024 and to the date of this report.
22
Ecclesiastical Insurance Office public limited company
Governance
The interests of the directors and their connected persons in the preference shares in the capital of the Company as at 31 December 2024 and to the date
of this report are shown below:
Director Nature of interest Number of Non-Cumulative Irredeemable
Preference Shares held
Mark Hews Connected person 75,342
The Board has a documented process in place in respect of conflicts.
No contract of significance existed during or at the end of the financial year in which a director was or is materially interested.
Indemnities and insurance
In accordance with the Company’s Articles and qualifying third party indemnity provisions (as defined by Section 234 of the Companies Act 2006) the
Company indemnifies each of its directors and directors of any associated company against certain liabilities that may be incurred because of their positions
were in force during the course of the financial year ended 31 December 2024 for the benefit of the directors of the Company and that of any associated
company. In addition, the Company maintains directors’ and officers’ liability insurance. Neither our indemnity nor the insurance provides cover in the
event that a director is proven to have acted dishonestly or fraudulently.
Employees
The Group is dedicated to nurturing a culture and work environment where all colleagues can reach their potential. Our Diversity, Equity and Inclusion
Standard and Guidance sets our commitment to creating and sustaining an open and inclusive workplace where we all belong, and we place the care and
wellbeing of all our colleagues at the heart of our employment policies. Throughout the colleague lifecycle, from recruitment onwards, we consider
adjustments to our processes and practices to remove barriers for colleagues with disabilities.
We engage with third-party and occupational health specialists to provide expert advice and ensure we offer the best support possible. Our adjusted work
approach creates an environment where colleagues with additional needs can fully participate in all opportunities provided by the Group, including
continued employment, training, job moves, and promotions. We offer various support options to help colleagues maintain a healthy work-life balance,
including flexible working practices, a virtual GP service, an employee assistance program, flu vaccinations, eye tests, and a wide range of flexible benefits
such as dental care and critical illness insurance and inclusive colleague networks.
Information on employee engagement and well-being is provided in the responsible business section.
Dividends
Dividends paid on the preference shares were £9,181,000 (2023: £9,181,000). The Directors do not recommend a final dividend on the Ordinary shares
(2023: £nil).
An interim dividend of £30m on the Ordinary Shares of 4p each was paid to Benefact Group plc. In 2023, the Company approved a dividend in specie
of £5.2m, as detailed in note 15 to the financial statements.
23
Ecclesiastical Insurance Office public limited company
Governance
Longer-term viability statement
The directors have assessed the prospects of the Group in accordance with Provision 31 of the 2018 UK Corporate Governance Code. Although the
prospects and business plans of the Group are considered over a longer period, the assessment by the directors covers three years. In making its
assessment the directors considered:
The Group’s current position and prospects, risk appetite, and the potential impact of the principal risks and how these are managed;
The Group’s long-term business plans and strategy, and the costs associated with its delivery;
The Group’s current and projected capital, liquidity and solvency positions;
The political, economic and regulatory environment, including uncertainties on the geopolitical outlook.
While the directors have no reason to believe the Group will not be viable over a longer period, a three-year outlook period has been selected. In
determining this assessment period, consideration has been given to the nature of the Group and its businesses, its stage of development, strategy and
business model. Given the rate of change in the markets in which the Group operates, three years provides an appropriate balance between the period of
outlook and degree of clarity over specific, foreseeable risk events that could impact on the viability of the Group. The directors will continue to monitor
and consider the suitability of this period.
The Group uses various stress scenarios with reference to the principal risks, which are documented on pages 4 to 7. Scenarios are designed to be severe,
but plausible, and assess the impact of certain events on the Group’s profitability and capital strength. Reverse stress testing is also used to assess what
could make the Group’s business model unviable. The outcome of testing was discussed by the Board during the year and consideration was given to the
current environment on the Group’s viability.
Among the considerations and scenarios were further investment market volatility, claims experience and business deterioration.
The solvency position of the Group has been projected as part of the Own Risk and Solvency Assessment (ORSA), which is a private, internal, forward-
looking assessment of own risk, required as part of the Solvency II regime. The forward looking emphasis of the ORSA ensures that business strategy and
plans are formulated with full recognition of the risk profile and future capital needs.
Analysis confirms that the Group has sufficient capital resources to cover its capital requirements and is operationally resilient.
The directors have also considered the Group’s ability to service its preference shares, subordinated liabilities and the expectations of its ultimate charitable
owner, Benefact Trust Limited. The Group has fixed annual dividend payments in respect of its non-cumulative irredeemable preference shares and
payments in respect of its subordinated liabilities. The Group makes regular grants to its ultimate charitable owner, Benefact Trust Limited. There is a
regular cycle of discussion with Benefact Trust Limited to determine the appropriate level of grants, in which the Group’s capital position and future
business needs are taken into account.
Confirmation of viability
Based on the Group’s strong capital position, the strong risk management framework in place and the Group’s resilience to the variety of adverse
circumstances as demonstrated in the results of the stress testing and potential mitigating actions, the directors confirm that they have a reasonable
expectation that the Group will continue in operation and be able to meet its liabilities over the three year period of the viability assessment.
Political donations
No political donations were made in the year (2023: £nil). The Group policy is that no political donations may be made or expenditure incurred.
Important events since 31 December 2024
There have been no significant events or transactions since 31 December 2024.
External auditor
During the year, prior to its disbandment, the Group Audit Committee reviewed the effectiveness of the External Auditor.
In accordance with Section 489 of the Companies Act 2006, a resolution proposing that PricewaterhouseCoopers LLP be re-appointed as External
Auditor will be presented to the forthcoming AGM for consideration.
Disclosure of information to the auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information that the auditor is unaware,
that could be needed by the auditor in order to prepare their report.
Having made enquiries of fellow directors and the Group’s auditor, each director has taken all the steps that they ought to have taken as a director, in
order to make themselves aware of any relevant audit information, and to establish that the auditor is aware of that information.
24
Ecclesiastical Insurance Office public limited company
Governance
This confirmation is given and should be interpreted in accordance with the provisions of Section 418 of the Companies Act 2006.
Annual General Meeting
A copy of the Notice for the 2025 AGM is available on Ecclesiastical’s website.
Directors' responsibilities statement
The directors are responsible for preparing the 2024 Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial
statements in accordance with UK-Adopted International Accounting Standards (UKIAS). Under company law, directors must not approve the financial
statements unless they are satisfied that they give a true and fair view of the state of the affairs of the Company and of the profit or loss of the Company
for that period. In preparing the financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
state whether applicable UKIAS have been followed, subject to any material departures disclosed and explained in the financial statements;
make judgements and accounting estimates that are reasonable and prudent; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of
fraud and other irregularities.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose
with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the
Companies Act 2006.
Directors’ confirmations
The directors consider that the 2024 Annual Report and Accounts, taken as a whole, is fai