Ecclesiastical donates £24 million to charity as profits surge

Specialist insurer Ecclesiastical has reported a pre-tax profit of £62.5 million for 2016, up by 17% from £53.6 million in the previous year.

 

Driven by strong results in the UK and Ireland, Ecclesiastical saw its underwriting profit climb from £13.5 million to £20.1 million, improving its combined ratio from 93.2% to 89.8%.

 

Gross written premium increased from £308.2 million to £310.1 million, with the overseas businesses delivering good GWP growth in local currency. Investment returns also rose from £47.5 million to £54.4 million.

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Ecclesiastical CEO Mark Hews said its 2016 results were “strong” and reflected “the consistent financial performance we have achieved over the last three years.”

 

“We have delivered this through applying strong underwriting disciplines and managing our exposure to risk tightly,” Hews said.

 

“Our strong underwriting results were supported by healthy investment returns, helped by equity gains and supported by currency gains,” he added.

 

In 2016, Ecclesiastical refreshed its education, property owners and cyber products. The insurer also launched its new art and private client product, which caters to the needs of the high net worth market.

 

“2016 saw us win and retain a range of significant real estate, education, heritage and charity accounts across our territories, from historic palaces to cutting edge property developers,” Hews said.

 

As it recorded a strong financial performance last year, Ecclesiastical also gave over £24 million to charity to meet its three-year target of £50 million. The insurer is aiming to donate a total of £100 million by the end of 2020.

 

“As a brand whose purpose is to do good, our focus remains on helping change people’s lives for the better,” Hews said.