Ecclesiastical Insurance, the Gloucester-headquartered specialist financial services group, has revealed its full year 2018 results.
The company reports strong underwriting profit of £29.2m (2017: £27.1m). This is the fifth consecutive year of growth in underwriting profit, which has benefited from favourable development of prior year claims on the Group’s liability business and improvements in current year performance.
However, it has reported reduced investment returns of £4.0m (2017: £72.3m), reflecting the downturn in equity markets in 2018 and reduced profit before tax of £15.4m (2017: £82.2m)
£18.8m was donated to good causes during 2018. the Group has now reached £64m towards its target of £100m in charitable donations by the end of 2020.
Mark Hews, Group Chief Executive Officer of Ecclesiastical, said: “In 2018 we delivered a fifth year of sound underlying financial performance, underpinned by our focus on delivering sustainable, profitable long-term growth through our disciplined underwriting approach. We saw gross written premium (GWP) growth across all our territories, thanks to a number of new business wins and high retention rates across our businesses.”