Ansvar Australia’s underwriting profit more than doubled last year as property gross written premium (GWP) increased and a more benign natural catastrophe environment cut costs.

The heritage and church insurer’s earnings grew to $2.5 million from $1.2 million in 2017, while the combined operating ratio improved to 93.7% from 96.9%.

“The liability account performed well and includes the benefit of favourable development of prior-year claims reserves,” parent company Ecclesiastical said.

“The property account incurred losses but improved over the prior year.”

GWP grew 5% to $101.6 million, driven by a 9% increase in property as good renewal rates more than offset the run-off of part of the book at the end of 2017.

Ecclesiastical’s group profit before tax fell to £15.4 million ($28.1 million) from £82.2 million ($150 million) in 2017 after investment returns slumped to £4 million ($7.3 million) from £72.3 million ($132 million) amid a downturn in equity markets.

“We continue to take a long-term view of the market and have benefitted from strong investment returns in recent years, and have seen a more positive start to [this year] in investment markets,” Group CEO Mark Hews said.

Underwriting profit increased to £29.2 million ($53.3 million) last year from £27.1 million ($49.5 million), with the combined operating ratio improving to 86.4% from 86.9%.

GWP gained 4% to £357 million ($651.5 million).

“We saw GWP growth across all our territories thanks to a number of new business wins and high retention rates across our businesses, [with] high levels of customer satisfaction,” Mr Hews said.