2007 results announcement
Michael Tripp talks about the trends behind Ecclesiastical's results
Michael explains: “There’s no doubt 2007 was a difficult year for the entire industry. But I’m delighted that we weathered the storm. We produced another strong profit, further bolstering our shareholders’ funds and strengthening our financial position for the future.
“The summer floods and the theft of metal from churches prompted the biggest claims costs we have seen for several years, 25% higher than 2006. Competition in the market also continued unabated, putting extreme pressure on premiums.
“Not only did we succeed in helping thousands of customers through difficult times, but we’re also proud that we’ve retained nearly 90% of our customers. So we’re sticking by them, and they’re sticking by us too.
“All-in-all, in the context of difficult market conditions, I’m very pleased with these results, and we continue to look forward to a positive future.”
2007 results annoucement
View Michael Tripp, Ecclesiastical's Group Chief Executive, explaining the background to 2007's annual results.
