Ecclesiastical back in the black
Ecclesiastical has announced a return to profit in 2009 with pre-tax results of £79m, the second highest in its history. The profit is in marked contrast to last year’s loss of £22.5m.
The specialist insurer has also announced a return to profit in underwriting of £27m compared to a loss of £1.9m in 2008. The results were achieved with an 11% increase in GWP to £427.7m.
The group stated that a rise in the value of UK equities had resulted in increased investment returns with a gain of £122m reversing a loss of £52.6m in 2008. Ecclesiastical's overall combined ratio also improved to 89.6% from 100.8% the previous year.
Commenting on the results, group chief executive, Michael
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