Investment returns save Ecclesiastical as COR worsens
Ecclesiastical has reported a UK underwriting loss of £12.3m for 2012, mainly due to liability business, along with a group underwriting loss of £24.6m down further on the £18.7m loss reported in 2011.
The provider's combined operating ratio (COR) deteriorated to 108.5% from 105.5% the year before.
However the insurer managed to post a pre-tax profit of £37.8m for the year turning around the loss of £10.5m in 2011.
Exceeding expectations
This was mainly driven by group investments exceeding expectations and coming in at £56.6m far above the £8.2m achieved in the previous 12 months.
Turnover was broadly flat at £497.7m (2011: £490.9m) as general insurance gross written premiums stayed stable at
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