Ecclesiastical Insurance Office announces strong results for the year ended 31 December 2024

• We reported an outstanding set of results in 2024, with an overall profit before tax of £82.5m (2023: £44.8m). This included an investment result of £71.9m (2023: £57.5m) as markets were generally more positive compared to 2023.
• Gross written premiums (GWP)2 rose 4.1% to £640.3m from £615.0m in 2023, driven by new business wins and supported by strong retention and rate strengthening.
• Underwriting profit** rose to £47.6m from £24.5m. 2024 was an exceptionally low year for claims, with no major losses and more benign weather experience in the UK compared to other territories. This is in stark contrast to 2023 when we suffered our largest ever UK loss with the devastating fire at St Mark’s Church in London. As the insurer of many iconic and irreplaceable buildings, a major loss or weather event can be a significant driver of our underwriting result. Australia reported a small underwriting loss** impacted by several factors, including an adverse development in prior year liability claims. Canada’s strong underwriting result highlighted the resilience of the portfolio and quality of underwriting action taken in recent years.
• The Group’s strong credit ratings with both Moody’s (A2 with stable outlook) and AM Best (A with stable outlook) were reaffirmed during the year. Our Solvency II regulatory capital position remains well above both regulatory requirements and our internal risk appetite.

• Ecclesiastical donated £36.5m to charity and good causes, including £8.0m in respect of 2023 performance, as part of its continued mission to contribute to the greater good of society. This means we have achieved the ambition set by our immediate parent company, Benefact Group*, the third largest UK corporate donor over a decade***, to give £250 million to good causes since 2014.
• Ecclesiastical continued its growth into new sectors with the launch of its Office Professions product, for office-based businesses providing professional services. It also widened its leisure appetite, following a successful launch in 2023, with leisure business accounting for 20% of open market new business last year.
• Ecclesiastical UK continues to lead the industry in service with 97% of customers satisfied with the service they receive from Ecclesiastical. For a fourth year running, independent research consultancy Gracechurch awarded Ecclesiastical its Outstanding Service Quality Marque for claims service.
• Ecclesiastical UK was again recognised as a world-class employer by Best Companies and Benefact Group was named among the top 50 large companies in the UK, supporting our ambition to be a destination employer. Our Canadian business was also named a Greater Toronto Top Employer for the seventh consecutive year.
• Our businesses continue to be recognised with prestigious awards including: First Place Gold Ribbon for the 20th consecutive time (Fairer Finance); Which? Best Buy for buildings and contents insurance; Risk Management Team of the Year (CIR Risk Management Awards).

“I’m delighted to report excellent financial results for Ecclesiastical Insurance Office plc as we continued to deliver on our growth strategy. Our mission is to grow our business so that we can give more to good causes, and last year saw Ecclesiastical’s owner Benefact Group give to more charities than ever before, helping to change countless lives for the better. Our financial performance means we’ve been able to achieve our ambitious giving target of £250m, through our own giving and donations to our ultimate charitable parent company, Benefact Trust. I want to say a heartfelt ‘thank you’ to everyone - colleagues, brokers, customers and partners - who has helped us reach this incredible milestone.

“Profits before tax rose to £82.5m, up from £44.8m in 2023. This included an insurance result of £83.5m (2023: £70.7m) and an investment result of £71.9m (2023: £57.5m). Underwriting profits2 increased to £47.6m from £24.5m due to continued growth and a more stable claims environment due to lower-than-anticipated large losses and more benign weather conditions. This contrasts with 2023 when we had our single biggest loss in the UK with the devastating fire at St Mark’s Church in London. Gross written premiums2 (GWP) rose 4.1% to £640.6m from £615.0m in 2023, driven by new business wins and supported by strong retention and rate strengthening.

“In the UK, we continued to execute our growth strategy, by expanding into new sectors and growing in our specialist niches. We launched our new Office Professions product, for office-based businesses providing professional services, and widened our leisure appetite, following a successful launch in 2023. We continued to build our Schemes capability, onboarding several new schemes, and grew our Art & Private Client business.

“We’re renowned as trusted specialists in our sectors, which is why brokers want to do business with us, and this was reflected in multiple award wins in 2024. To support our growth drive and maintain our edge as the leading insurer in our sectors, we successfully brought in new talent to the team, including high-profile external hires and internal promotions. Ecclesiastical UK was again recognised as a world-class employer by Best Companies, while Benefact Group was named among the top 50 best large companies to work for in the UK, supporting our ambition to be a destination employer in the insurance sector.

“I would like to thank all our teams for their hard work in 2024. We intend to keep up the momentum in 2025, delivering brilliant service, driving sales growth, and continuing to invest in our capabilities. By doing business with Ecclesiastical, you’re helping to change lives, and build an incredible legacy for generations to come.” The specialist insurer saw a 37% increase in the value of fraudulent property claims and a 17% increase in fraudulent casualty claims in the last year.”

* The ‘Group’ refers to Ecclesiastical Insurance Office plc together with its subsidiaries. The ‘Benefact Group’ and ‘wider group’ refers to Benefact Group plc, the immediate parent company of Ecclesiastical Insurance Office plc, together with its subsidiaries. The ‘Benefact Trust’ and ‘the Trust’ refers to Benefact Trust Limited, the ultimate parent undertaking of Ecclesiastical Insurance Office plc.

** The Group uses Alternative Performance Measures (APMs) to help explain performance. More information on APMs is included in note 10 to this announcement.

*** DSC UK Guide to Company Giving 2017-26