Ecclesiastical Insurance Office plc, which has businesses in Canada, Australia and the UK and Ireland has reported a profit before tax for the period of £10.2m, (H12022: loss of £25.7m), which it said was largely due to a £80.3m increase in the net investment result to £14.7m.

Its UK and Ireland operation reported an underwriting loss of £6.5m and a net combined ratio of 106.6% (H1 2022 restated: £4.8m profit, COR 94.5%). It said this was driven by the significant loss relating to the St Mark’s Church fire and a deterioration in prior year liability claims of £4.2m. The UK and Ireland business reported a 15.3% increase in gross written premiums to £190.9m.

Mark Hews, Group Chief Executive Officer of Ecclesiastical, said: “Ecclesiastical achieved an improved result in the first half of 2023, delivering sustainable, profitable growth despite the challenging economic environment.”

He added: “Ecclesiastical UK is pushing hard for sustainable profitable growth and reported excellent GWP growth of 16% thanks to a number of new business wins. The UK business is investing significantly in its high net worth and schemes capabilities and expanding into new sectors as it pursues its strategy to ‘grow to give’. In particular, Ecclesiastical UK has successfully launched into the Leisure market, including fine dining, gastropubs, high-quality hotels, arts and visitor attractions and exhibition centres.”

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