Ansvar Insurance parent books heavy loss
Ecclesiastical, the UK-based owner of Australian insurer Ansvar Insurance, has reported a £22.5 million ($46.4 million) loss as a result of poorly performing investments.
Ecclesiastical investments lost £52.5 million ($108.2 million) last year against a profit of £69.4 million ($143.1 million) in 2007, due largely to a heavy exposure to equities.
Underwriting results, by contrast, were sound, with the insurer making a profit of £9.1 million ($18.8 million) against a loss of £11.8 million ($24.3 million) the previous year.
Gross written premium climbed 5% while the combined ratio improved from 102.9% to 100.8%.
CEO Michael Tripp says while the core business performed well, “it is particularly frustrating that economic conditions and poor stock market returns overshadow it”.
Ansvar Insurance CEO John Peberdy declined to comment on the parent company’s results when approached by insuranceNEWS.com.au, but said that as a company regulated by the Australian Prudential Regulation Authority (APRA), “the UK result has no bearing on our own capital position”.
Ecclesiastical investments lost £52.5 million ($108.2 million) last year against a profit of £69.4 million ($143.1 million) in 2007, due largely to a heavy exposure to equities.
Underwriting results, by contrast, were sound, with the insurer making a profit of £9.1 million ($18.8 million) against a loss of £11.8 million ($24.3 million) the previous year.
Gross written premium climbed 5% while the combined ratio improved from 102.9% to 100.8%.
CEO Michael Tripp says while the core business performed well, “it is particularly frustrating that economic conditions and poor stock market returns overshadow it”.
Ansvar Insurance CEO John Peberdy declined to comment on the parent company’s results when approached by insuranceNEWS.com.au, but said that as a company regulated by the Australian Prudential Regulation Authority (APRA), “the UK result has no bearing on our own capital position”.