Ecclesiastical COR deteriorates as profits fall
Underwriting profits also down but GWP grows for first half of 2018 following “exceptional” 2017 performance.
Specialist insurer Ecclesiastical has reported a fall in profit and a less favourable combined operating ratio (COR) for the first six months of this year compared to the same period in 2017.
The provider’s profit before tax fell from £42.2m to £19.4m for the first six months of 2018. Last year’s results were boosted by a surge in investment returns.
Underwriting profit for the start of 2018 dropped to £8.0m and the COR deteriorated to 92.3% (H1 2017: profit of £9.6m and COR 90.5%).
The
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