UK profit for Ecclesiastical slips to £20.4m

The results for 2019 showed a decrease in profits but GWP grew by 3.6% to £257m as broking division makes a loss.

Insurer Ecclesiastical has commented on a “favourable” result for the full year 2019 in its results posted on Companies House.

The figures show that its UK & Ireland general insurance underwriting profit was £20.4m, down from £29.4m the previous year.

The insurer pointed to a favourable performance for its liability book and a solid outturn on its property book and said the reduction was due to significantly lower prior year releases.

The business also filed a 6.2% increase in GWP from £242m to £257m.

Across the company profit shot up to £58m from £15.2 the previous year.

The provider also noted figures from its broking businesses.

Brokers
Profit before tax for SEIB increased to £2.6m from £2.4m. Lycett’s achieved a breakeven result of £1.1m. The financial advisory business EFAS recorded a £0.4m loss and Ansvar a £0.1m loss. The biggest loser was its funeral plan business which reported a £1.7m loss taking its broking division to a tax loss of £2.2m (2018: profits £2.5m).

Directors reported that going forward they expected a hardening market.

They also noted that well-established business continuity plans had enabled staff to work though the Covid-19 pandemic and adapt to necessary changes and suggested the resilience the business had displayed was reassuring.

The insurer also donated £32m to charity during the period in line with its ethical aims and charity ownership.

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