Church and heritage insurer Ecclesiastical has set an ambitious goal apart from its growth targets: donate £100 million to charity by the end of this decade.
Reporting its financial results for the first half of 2016, the specialist insurer said it has achieved its goal of giving £50 million to charity in just less than three years.
Now, the insurance firm is aiming to give an additional £100 million to good causes by the end of 2016.
“In order to achieve this, we will need to continue to deliver stable financial results which meet or exceed our expectations,” said Ecclesiastical Group CEO Mark Hews.
The company reported huge decline in profits during the first six months of the year, but Hews said the financial performance was still “strong” and “in line” with targets and expectations.
Following the release of its financial results, Ecclesiastical will already make a charitable donation next month.
“Our half year results mean we are able to pay a further grant to our charitable owner, Allchurches Trust, and the Board has approved a charitable grant of £5m which will be paid in September,” Hews said.
Ecclesiastical revealed on Tuesday that its group profit before tax plunged by 57%, from £35.3 million during the first half of 2015 to £15.2 million in the same period this year.
Underwriting profit also fell from £14.3 million to £5.1 million, reflecting the impact of the flash floods in the UK, wildfires in Canada and post-Brexit reductions in discount rates on long-tail claims reserves.
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