Ecclesiastical posts improved COR of 88.8% for H1 2022

Specialist insurer Ecclesiastical has posted a combined operating ratio (COR) of 88.8% for H1 2022 – an improvement from H1 2021’s figure of 98.1%.

The firm also reported earning £261.9m gross written premium (GWP) in H1 2022 – an increase of £35.4m from the equivalent period last year, when it earnt £226.5m.

In its half year financial results posted this week (27 September 2022), the insurer explained that its GWP growth had been driven by new business and was supported by “strong retention and rate strengthening”.

Specifically in the UK general insurance market, Ecclesiastical reported GWP growth of 16% to £166m and achieved a COR of 89.6% – COR for H1 2021 in the UK market was 81.5%, however, representing a slight deterioration for the insurer’s most recent result in the UK.

This growth in GWP was driven by new business, particularly in the real estate sector.

The charitably-owned insurer added that it remained focused on its charitable ambition to “grow to give” and has now reached a cumulative figure of £182m donated to charity since 2014 against a target of donating £250m by 2025.

Charitable purpose

Mark Hews, group chief executive officer at Ecclesiastical, praised the charitable performance of the insurer and said he was happy with its financial results.

He explained: “Our business model is focused on delivering long term sustainable profits – which allows us to withstand short term economic pressures – and we have continued to grow the business despite the challenging environment.

“Our charitable purpose feels even more relevant in these difficult times. It spurs us on to grow the business, so that we may give even more to good causes and help those in society who need it most.

“We are actively seeking new opportunities and paths to growth in all our markets and we have the appetite and capacity to achieve this goal.”