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Ecclesiastical Insurance Office plc (LSE:ELLA), a specialist in insurance services, has released its interim results for 2024, demonstrating a solid financial performance across key metrics. The results, reflect sustained growth in gross written premiums (GWP), robust underwriting profits, and a strong capital position. These outcomes, supported by customer loyalty and favorable market conditions, signal Ecclesiastical's resilience in an ever-evolving economic environment.
For the first half of 2024, Ecclesiastical reported an increase in gross written premiums, reaching £301.1 million, compared to £288.2 million in the same period in 2023. This growth was largely driven by new business acquisitions, bolstered by a strong retention rate and unwavering customer loyalty. The UK and Ireland markets saw particularly notable expansion, with GWP increasing by 11.3%, rising from £190.9 million to £212.5 million.
In the general insurance sector, Ecclesiastical achieved an impressive underwriting profit of £20.4 million, a marked improvement from the modest £0.3 million recorded in the first half of 2023. This result was supported by a more stable claims environment, with fewer major events occurring compared to the previous year, thus reducing financial strain on the business.
Profit before tax for the first half of 2024 surged to £41.4 million, a significant increase from the £10.2 million reported in H1 2023. This substantial growth was fueled by a strong insurance service result, which rose to £36.8 million from £23.0 million in 2023. Ecclesiastical's investment portfolio also contributed to its overall performance, with fair value movements in equities driving an investment result of £34.6 million, compared to £14.7 million in the previous year.
The company's capital position remains robust, with Moody's and AM Best maintaining stable ratings for Ecclesiastical. This financial strength provides confidence that Ecclesiastical can continue to meet the needs of its customers, clients, and partners while upholding its capital integrity.
Looking ahead, Ecclesiastical remains cautiously optimistic about the remainder of 2024, acknowledging the complexities of the current economic landscape. The company remains committed to delivering profitable growth while continuing to enhance customer value. A key focus is expanding its customer base while maintaining strong underwriting and risk management practices.
Sustainability and corporate responsibility are central to Ecclesiastical's strategy. The company has made significant progress in its sustainability initiatives, which are expected to drive long-term value creation. These efforts align with evolving regulatory frameworks and the expectations of various stakeholders. Ecclesiastical continues to invest in its systems, particularly those that support underwriting processes, with the aim of further enhancing organizational resilience. The company is also making strategic investments in data analytics to better leverage data as a business asset.
In addition, Ecclesiastical has placed considerable emphasis on cultivating a world-class team. The group is dedicated to fostering an inclusive corporate culture, ensuring that every employee feels valued, respected, and treated fairly. This focus on employee well-being and diversity is expected to strengthen the company’s overall performance and reinforce its market position.
