Specialist insurer Ecclesiastical has reported its interim financial results for the first six months of 2012, including a rise in gross written premiums from £235.2m to £240.7m.
However, biannual pre-tax profits were more than halved from £16.8m to just £8m in the first half of 2012.
The firm’s underwriting loss more than doubled from £6m in H1 2011 to £14.4m, and investment returns fell from £24.3m to £22.3m.
Group Chief Executive Michael Tripp described the results as steady, given the difficult times in which they were achieved.
Tripp went on to say that an £8m pre-tax profit, in such volatile times, put the firm in a strong position for the rest of the year.
Although profits declined year-on-year, they follow an annual pre-tax loss in 2011 of £7.7m, and so mark an improvement compared to both the latter half of 2011 and the previous year as a whole.