Ecclesiastical delivers first underwriting profit for five years
Insurer delivers improved COR but profit dips with lower investment returns.
Ecclesiastical has reported a combined operating ratio of 95% for UK business in the first half of 2014, a slight improvement on the 95.6% achieved in the first six months of 2013.
The UK gross written premium fell to £118.6m (H1 2013: £153.8m) as the group's GWP also fell to £164.4m (H1 2013: £205.7m).
The group's COR improved substantially to 97.5% from 106% in the comparable period of the previous year.
Profits
However, the pre-tax profit dropped to £18.4m (H1 2013: £24.4m) as investment
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