-- safeguard the Group's ability to continue to meet
stakeholders' expectations, in accordance with its corporate
mission, vision and values.
The Group is subject to insurance solvency regulations in all
the territories in which it issues insurance and investment
contracts, and capital is managed and evaluated on the basis of
regulatory capital.
In the UK, the Group and its UK regulated entities are required
to comply with rules issued by the Financial Conduct Authority
(FCA) and the Prudential Regulation Authority (PRA), and submit PRA
returns detailing levels of regulatory capital held. Regulatory
capital should be in excess of the higher of two amounts. The first
is an amount which is calculated by applying fixed percentages to
premiums and claims (general insurance business) or by applying
fixed percentages to insurance liabilities and applying stress
testing (long-term business). The second is an economic capital
assessment by the regulated entity, which the PRA reviews and may
amend by issuing Individual Capital Guidance. The Group sets
internal capital standards above the PRA's minimum requirement. For
overseas business the relevant capital requirement is the minimum
requirement under the local regulatory regime. Both the Group and
the regulated entities within it have complied with all externally
imposed capital requirements throughout the current and prior
year.
Regulated subsidiaries are restricted in the amount of cash
dividends they transfer to the parent entity in order for them to
meet their individual minimum capital requirements. The Group's
total available capital resources are disclosed in note 27 (b) to
the full financial statements.
Segmental information
(a) Operating segments
The Group segments its business activities on the basis of differences in the products and
services offered and, for general insurance, the underwriting territory. This reflects the
management and internal Group reporting structure. Group activities that are not reportable
operating segments on the basis of size are included within an 'Other activities' category.
The activities of each operating segment are described below.
- General business
United Kingdom
The Group's principal general insurance business operation is in the UK, where it operates
under the Ecclesiastical and Ansvar brands.
Australia
The Group has a wholly-owned subsidiary in Australia underwriting general insurance business
under the Ansvar brand.
Canada
The Group operates a general insurance Ecclesiastical branch in Canada.
Ireland
The Group operates an Ecclesiastical branch in the Republic of Ireland underwriting general
business across the whole of Ireland.
Central operations
This includes the Group's internal reinsurance function, corporate underwriting costs, adverse
development cover sold to ACS (NZ) Limited and operations that are in run-off or not reportable
due to their immateriality.
- Investment management
The Group provides investment management services both internally and to third parties through
Ecclesiastical Investment Management Limited.
- Broking and Advisory
The Group provides insurance broking through South Essex Insurance Brokers Limited and financial
advisory services through Ecclesiastical Financial Advisory Services Limited.
- Life business
Ecclesiastical Life Limited provides long-term insurance policies to support funeral planning
products. It is closed to new business.
- Other activities
This includes corporate costs relating to acquisition and disposal of businesses.
Inter-segment and inter-territory transfers or transactions are entered into under normal
commercial terms and conditions that would also be available to unrelated third parties.
Segment revenue
The Group uses gross written premiums as the measure for
turnover of the general and life insurance business segments.
Turnover of the non-insurance segments comprises fees and
commissions earned in relation to services provided by the Group to
third parties. Segment revenues do not include net investment
return or general business fee and commission income, which are
reported within revenue in the consolidated statement of profit or
loss.
2014 2013
Gross Non- Gross Non-
written insurance written insurance
premiums services Total premiums services Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
General business
United Kingdom 234,000 - 234,000 291,338 - 291,338
Australia 40,083 - 40,083 45,669 - 45,669
Canada 39,365 - 39,365 41,172 - 41,172
Ireland 11,528 - 11,528 13,606 - 13,606
Central operations 3,654 - 3,654 807 - 807
---------- ---------- --------- --------- ---------- ---------
Total 328,630 - 328,630 392,592 - 392,592
Life business 167 - 167 6,753 - 6,753
Investment management - 12,045 12,045 - 10,535 10,535
Broking and Advisory - 9,865 9,865 - 8,031 8,031
---------- ---------- --------- --------- ---------- ---------
Group revenue 328,797 21,910 350,707 399,345 18,566 417,911
---------- ---------- --------- --------- ---------- ---------
Group revenues are not materially concentrated on any single external customer.
Segment result
General business segment results comprise the insurance
underwriting profit or loss, investment activities and other
expenses of each underwriting territory. The Group uses the
industry standard net combined operating ratio (COR) as a measure
of underwriting efficiency. The COR expresses the total of net
claims costs, commission and underwriting expenses as a percentage
of net earned premiums.
The life business segment result comprises the profit or loss on
insurance contracts (including return on assets backing liabilities
in the long-term fund), shareholder investment return and other
expenses.
All other segment results consist of the profit or loss before
tax measured in accordance with IFRS.
2014 Combined
operating Insurance Investments Other Total
ratio GBP000 GBP000 GBP000 GBP000
General business
United Kingdom 94.1% 9,765 23,360 70 33,195
Australia 106.2% (1,129) 7,619 (139) 6,351
Canada 94.2% 1,662 1,598 - 3,260
Ireland 93.2% 594 288 - 882
Central operations (1,693) - - (1,693)
---------- ------------ ------- --------
95.9% 9,199 32,865 (69) 41,995
Life business (178) 1,522 (4) 1,340
Investment management - 3,164 - 3,164
Broking and Advisory - - 2,071 2,071
Other activities - - (416) (416)
---------- ------------ ------- --------
Profit before tax 9,021 37,551 1,582 48,154
---------- ------------ ------- --------
2013 Combined
operating Insurance Investments Other Total
ratio GBP000 GBP000 GBP000 GBP000
General business
United Kingdom 95.3% 9,815 59,726 (114) 69,427
Australia 114.8% (4,182) 3,913 (2) (271)
Canada 104.0% (1,142) 1,459 - 317
Ireland 186.4% (9,068) 385 - (8,683)
Central operations (3,666) - - (3,666)
---------- ------------ ------- --------
102.9% (8,243) 65,483 (116) 57,124
Life business 367 6,627 (5) 6,989
Investment management - 1,728 - 1,728
Broking and Advisory - - 1,689 1,689
Other activities - - (593) (593)
---------- ------------ ------- --------
Profit before tax (7,876) 73,838 975 66,937
---------- ------------ ------- --------
(b) Geographical information
Grafico Azioni Ecclesiastl.8fe (LSE:ELLA)
Storico
Da Dic 2024 a Gen 2025
Grafico Azioni Ecclesiastl.8fe (LSE:ELLA)
Storico
Da Gen 2024 a Gen 2025
