The British owner of Australia’s Ansvar Insurance turned loss into profit in the first half of this year.

While the local operation declined to discuss its own results with insuranceNEWS.com.au, publicly listed Ecclesiastical Insurance reported a net profit of £18.7 million ($36.4 million) for the six months to June 30, compared with a £10.7 million ($20.9 million) loss in the corresponding period last year.

Ecclesiastical achieved a £15.1 million ($29.4 million) underwriting profit for the half, a strong turnaround from last year’s £5.4 million ($10.5 million) loss while the net investment return was a £24.9 million ($48.5 million) profit against a £35.3 million ($68.8 million) loss.

The combined ratio improved to 88% from 105%.

Diabolical equity market conditions weighed heavily on Ecclesiastical’s 2008 full year, with the group booking a £22.5 million ($43.9 million) loss affected by a negative £52.5 million ($102.3 million) investment result and claims costs driven up by its exposure to metals thefts from church buildings in the UK.

According to its 2008 annual report, Ansvar booked a net profit of $8.7 million last year, up 32% from 2007 on direct premium revenue of $136.5 million.