Niche insurer Ecclesiastical has reported a pre-tax profit of £77.1m - its second highest ever.
The company, which specialises in the charity, care, education, church and heritage sectors, produced an underwriting profit of £27m and a combined ratio of 88.5%.
Group chief executive Michael Tripp said: “Ecclesiastical has continued to turn in consistent performances and steady growth year-on-year. 2006 was no exception.
“Despite a very competitive insurance market and softening rates throughout the year, we still succeeded in achieving an excellent underwriting result.
Tripp said the company's heritage commercial policy launch and rebranding helped contributed to its performance.
“Ecclesiastical has succeeded in carving out a unique place for itself in the insurance world. Not only is our experience and expertise very specialised, but the values which have made us what we are today really do stand out. Our challenge now is to build and strengthen this position.”
