Ecclesiastical chief hails "positive" results despite profit plunge

Ecclesiastical has maintained its traditional yo-yo financial results pattern as it reports a near £30m drop in profits on last year to £50.4m and an underwriting loss of £5.9m for 2010.

In 2009 the insurer posted profits of £79m, a huge swing from 2008 when it reported a loss of £22.5m. Likewise, in 2007, Ecclesiastical posted profits of just over £35m, a sharp decrease on 2006 when it delivered profits of over £77m.

However, Michael Tripp, group chief executive of Ecclesiastical described the results as a “very positive outcome” despite delivering a combined operating ratio of 102% and dramatic slump in underwriting profit of nearly £33m.

“Considering the difficult claims year