2025 INTERIM RESULTS
Ecclesiastical Insurance Office public limited company 23 September 2025
Ecclesiastical Insurance Office public limited company (“Ecclesiastical” or “Ecclesiastical Insurance Office plc”), the specialist insurance group1, today announces its 2025 interim results. A copy of the results will be available on the Company’s website at www.ecclesiastical.com
Financial highlights
· Gross Written Premiums (GWP)2 rose 1.5% to £305.5m (H1 2024: £301.1m), primarily driven by new business wins and strong retention in the UK. This growth was partially offset by declines in Canada and Australia, influenced in part by currency exchange movements, with both regions experiencing strengthening relative to pound sterling.
· For general insurance, Ecclesiastical reported a strong underwriting profit2 of £20.2m (H1 2024: £20.4m) despite experiencing several weather-related events.
· Overall profit before tax of £54.5m (H1 2024: £41.4m), achieved through an insurance service result of £37.9m (H1 2024: £36.8m) and boosted by an investment result of £60.4m (H1 2024: £34.6m), which was driven by fair value movements in our equities portfolio.
· The capital position remains robust, underpinned by Stable ratings from both Moody’s and AM Best. This continued endorsement reinforces Ecclesiastical’s ability to support customers, clients and partners, while safeguarding financial strength.
· An additional charitable grant of £8m in respect of H1 2025, taking our total donations since 2014 to over £260m – helping transform lives and communities in the UK and abroad.
Key achievements
Ecclesiastical’s commitment to excellence continues to earn widespread acclaim, with its award-winning service recognised through a series of honours including:
Sector leading achievements:
· Ecclesiastical UK home insurance once again secured the top spot in Fairer Finance’s Spring ratings – marking its 21st consecutive number one ranking, earning first place for customer trust, customer happiness, and handling of complaints.
· Ecclesiastical UK’s claims service has once again been awarded the Gracechurch Service Quality Marque, a testament to its exceptional claims handling and commitment to customer service excellence.
· Ecclesiastical UK proudly holds a 5-star rating on Trustpilot – a reflection of its continued commitment to outstanding customer service and satisfaction.
· Ecclesiastical’s Enterprise Risk Management team joined the National Emergencies Trust as an Appeal Partner and launched a new Business Continuity Testing Product.
Giving:
· As part of its commitment to making a meaningful contribution to society, Ecclesiastical has announced a grant of £8m to its charitable owner, Benefact Trust, in respect of its half-year performance. This takes our total giving since 2014 to over £260m and reflects Ecclesiastical’s enduring mission to create positive change through purpose-led business and philanthropic impact.
Regional recognition and diversity achievements:
· Ecclesiastical Canada has once again been named one of Greater Toronto’s Top Employers for 2025 – marking an impressive seventh consecutive year of recognition.
· Ecclesiastical Ireland was proudly awarded the Investors in Diversity Silver Accreditation this year, reflecting its continued dedication to fostering an inclusive and respectful workplace culture.
· In recognition of Ecclesiastical’s commitment to championing gender diversity and excellence, six women from across the business were nominated in the Women in Insurance Awards 2025.
· Ecclesiastical UK marked a significant milestone in its diversity journey, achieving a 50:50 gender balance within its leadership team, reflecting the organisation’s ongoing commitment to inclusive leadership and creating opportunities that empower talent at every level.
Mark Hews, Group Chief Executive Officer of Ecclesiastical, said:
“Ecclesiastical has achieved an improved result in the first half of 2025, delivering sustainable, profitable growth despite the challenging economic environment. Premiums2 grew by 1.5% compared to the same period in 2024, driven by new business wins and strong retention in the UK. This resulted in a solid underwriting performance and together with a good net investment result, we delivered an overall profit before tax of £54.5m, an improvement on last year’s interim results (£41.4m).
“For general insurance, we reported a strong underwriting profit2 of £20.2m compared to £20.4m in 2024, despite some weather-related pressures.
“As a trusted specialist insurer, we continue to protect some of the nation’s most cherished buildings, a responsibility we take with utmost seriousness. Through our tailored risk management expertise, we support our customers in protecting what matters most, and when the unexpected happens, our award-winning claims team are ready to provide a swift, compassionate service. Our dedication to customer excellence remains unwavering, and in the first half of the year we were once again honoured with industry recognition, including our claims team retaining Gracechurch’s Service Quality Marque for a fourth consecutive year, and Fairer Finance’s Home Insurance Gold Ribbon for the 21st time in a row.
“I’m delighted that we’ve agreed to donate £8m to charity in recognition of our half year performance, which will fund vital grants for those experiencing the most acute challenges across society. Driven by our commitment to the greater good, we were proud to surpass our giving ambition of £250m to good causes since 2014 ahead of schedule – an ambition set by our immediate parent company, Benefact Group¹, recognised as the UK’s third largest corporate donor over the past decade3.
“We remain deeply grateful to all our supporters for their continued belief in our mission. I would like to express my heartfelt thanks to our colleagues, brokers, customers and partners. Your support not only fuels our business, but also empowers us to make a lasting, meaningful difference in people’s lives both in the UK and internationally.”
1 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.
2 The Group uses Alternative Performance Measures (APMs) to help explain performance. More information on APMs is included in note 17.
3 Directory of Social Change’s The Guide to UK Company Giving 2017-26.
Financial Highlights
| H1 2025 | H1 2024 | |
| Insurance revenue | £320.2m | £311.7m |
| Insurance service result | £37.9m | £36.8m |
| Net investment result | £60.4m | £34.6m |
| Profit before tax | £54.5m | £41.4m |
| Group combined operating ratio4 | 89.1% | 88.6% |
| 30 June 2025 | 31 December 2024 | |
| Net asset value | £643.9m | £627.0m |
| Solvency UK capital cover (Ecclesiastical solo) | 268% | 251% |
Ecclesiastical has made a great start to 2025 with a strong trading performance, maintained focus on delivering excellent customer service, and demonstrated resilience amid market uncertainty. Gross Written Premium (GWP)4 grew 1.5% to over £305m and a Combined Operating Ratio (COR)4 of 89.1% (H1 2024: 88.6%). A solid underwriting performance, together with a net investment result of £60.4m (H1 2024: £34.6m), and a net insurance financial loss of £10.8m, has resulted in a profit before tax of £54.5m (H1 2024: £41.4m).
General Insurance – UK and Ireland
UK and Ireland reported GWP4 growth of 6.9% to £227.2m in the six months to 30 June 2025 (H1 2024: £212.5m), primarily driven by strong retention and some large new business wins. The business reported an underwriting profit4 of £16.6m and a COR4 of 86.9% (H1 2024: £18.0m, COR4 84.2%).
The underwriting profit4 remained strong, although down 7.7% due to the impact of Storm Darragh and Storm Eowyn, in comparison to H1 2024 which benefited from unusually benign weather claims and large losses.
General Insurance – Canada
The Canadian business reported a reduction of 3.5% in local currency GWP4 to £34.0m in the six months to 30 June 2025 (H1 2024: £37.7m). This was primarily as a result of the non-renewal of certain accounts.
The business reported an underwriting profit4 of £3.1m and a COR4 of 90.9% (H1 2024: £6.3m, COR4 83.2%), with the reduction in the current year driven by the decrease in premiums, along with an increase in operating expenses.
General Insurance – Australia
The Australian business reported an 8.6% decrease in local currency GWP4 to £40.8m (H1 2024: £47.9m), primarily due to shifting market conditions impacting rate and indexation with increased competition on price affecting retention levels compared to H1 2024. Additionally, new business was lower as a result of a reduced volume of policies written in various portfolios.
The business reported an underwriting loss4 of £1.1m (H1 2024: £1.1m loss) and a COR4 of 116.1% (H1 2024: 104.9%), with the increase in COR4 largely driven by an increase in internal reinsurance premiums, including a new agreement in the period.
Investment Returns
The net investment result in the first half of 2025 surpassed an already exceptional result seen in H1 2024 with a profit of £60.4m (H1 2024: £34.6m). Fair value gains of £37.3m in the first half of the year (H1 2024: £10.1m) were primarily due to gains on listed equities and a strategic unlisted equity investment. Investment income decreased slightly to £22.9m (H1 2024: £24.7m).
The Group continues to navigate the uncertain global environment, shaped in the first half of the year by changing trade policies, financial market volatility, and persistent geopolitical uncertainty. While macroeconomic conditions remain uncertain, the Group remains committed to its long-term investment philosophy, with a well-diversified and appropriately matched portfolio.
Life Business
The life business provides products which give guarantees for pre-paid funeral planning products sold by the Funeral Planning business in Benefact Group (Ecclesiastical Planning Services Limited). A legacy book remains closed to new business. The life business reported a loss before tax of £0.2m at the half year (H1 2024: £0.3m profit).
Balance Sheet and Capital Position
In the first half of the year, total shareholders’ equity increased by £16.9m to £643.9m. Underwriting profits and investment returns were partly offset by a £20.0m dividend paid to the parent company, Benefact Group plc, along with a dividend on preference shares. Our capital position remains very strong with Solvency UK capital ratio cover for Ecclesiastical solo increasing to 268% from 251%.
4 The Group uses Alternative Performance Measures (APMs) to help explain performance. More information on APMs is included in note 17.
Strategic Highlights
Ecclesiastical (“Group”) is part of the Benefact Group, a diverse family of specialist financial services businesses. The Benefact Group is proud to be owned by a charity, the Benefact Trust, and inspired by the Trust’s charitable purpose. The businesses within Benefact Group are specialists within their own field united by a unique purpose to give all available profits to charity – they are driven by a collective ambition to be trusted by customers, clients and business partners to do the right thing. These principles set the Benefact Group apart from others in the financial services sector, as its portfolio of businesses seek to contribute to the greater good.
Established in 1887 as a specialist insurer, the Group continues to strengthen its positioning as a trusted specialist in its markets, creating growth through developing its propositions, supporting its customers, and by improving efficiency in its operations. Stretching targets are set for all specialist insurance teams across all geographies to achieve profitable gross written premium growth. This planned growth enables the insurance businesses that comprise the Group to contribute to the Benefact Group’s ambition to ‘Grow to Give’.
As part of the Benefact Group, the Group is aligned with its overarching strategy and strategic focus. The Benefact Group has achieved its ambition to give £250m to charity which was embedded in its current strategy. The Benefact Group is now developing its next strategic chapter for the next three to five years, and the Group is shaping its ambitions and strategy to support these overarching ambitions.
The Group’s strong performance is underpinned by strategic investment in its capabilities, operations, and people to drive business benefit and in turn enable charitable giving to its communities. This investment is made possible by the Group’s resilience and financial strength.
Principal Risks and Uncertainties
The principal risks and uncertainties faced by the Group and our approach to managing them are outlined in our latest annual report which is available on www.ecclesiastical.com and in note 4 to these condensed financial statements. There has been no significant change to the principal risks and uncertainties since the year end.
Board Changes
Mark Bennett was appointed to the Board on 1 January 2025 as Group CFO. Angus Winther resigned from the Board on 26 June 2025. The Board extends its sincere thanks to him for his valuable contributions during his tenure.
Confident Outlook
As we look ahead to the remainder of 2025, we remain optimistic about the prospects for our businesses as we continue to navigate increasingly challenging market conditions while maintaining our focus on growth. We are committed to delivering improved customer value, without compromising the strength of our underwriting disciplines.
To support our ambitions to grow, we continue to invest in our systems and strengthening our teams. This includes upgrading core platforms to improve operational efficiency and enable future innovation through technology and data. At the same time, we remain committed to attracting and developing talent, fostering an inclusive and innovative culture, and positioning the Group for long-term success. As we grow the business, we remain focused on embedding sustainability through responsible investment, climate resilience, and inclusive practices. Our progress in this area supports long-term value creation and aligns with evolving regulations and stakeholder expectations.
Everything we do as a Group is driven by a commitment to creating positive, lasting impact for the greater good. We are always exploring meaningful ways to support good causes and embracing new and innovative approaches to giving.
By order of the Board
Mark Hews
Group Chief Executive
23 September 2025