Ecclesiastical reports full-year financials

Insurer "energised" for 2023

Ecclesiastical reports full-year financials

Non-Profits & Charities

By Terry Gangcuangco

Specialist financial services group Ecclesiastical Insurance Office Plc has revealed how it fared in the year ended December 31, 2022.

Here are the key metrics, as reported by Ecclesiastical:

  • Loss before tax – £4.8 million, down from a profit of £79.2 million in 2021
  • Gross written premium – £559 million, up 15%
  • Underwriting profit – £27.4 million, up from £8.8 million

Commenting on the numbers, Ecclesiastical group chief executive Mark Hews said: “Our strong operating performance was offset by fair value losses on our investment portfolio, caused by volatility on the stock markets.

“In addition to these fair value losses, the results include a credit from a fair value gain on an equity investment and a credit arising from a change to our discounting accounting policy. This led to an overall group loss before tax of £4.8 million.”

Despite the losses, Ecclesiastical managed to pour £22.7 million into charitable causes in 2022.

“Inspired by the impact of our giving on so many, we are extremely ambitious for the future,” Hews went on to say. “This year will see continued investment in new systems, helping to deliver even better service and value for our customers and brokers.

“We will pursue growth opportunities, both in our existing sectors and in new niches where we can leverage our specialist expertise. We will make significant investment in digital propositions, helping to build our distribution capability and reach, as we seek to find ways to meet our customers’ changing needs.”

Hews added that Ecclesiastical will also continue to prioritise risk management innovation to further protect customers from losses.

“Last year was a transformational year for our Ecclesiastical Group family,” he said. “We launched a new brand, prepared for a new group structure, new strategy, new governance framework, new systems, and strengthened our leadership…

“With a new brand, a clear strategy for growth, and a renewed sense of confidence, we go into 2023 energised and inspired to work together for our customers and society.”

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