Gloucester-based Ecclesiastical Insurance says it is confident and optimistic about the future after announcing healthy financial results for 2016.

The charity-owned specialist financial services group, originally founded in 1887 to provide insurance for Anglican churches, reported profit before tax of £62.5million, up 17 per cent (2015: £53.6million).

Underwriting profit was £20.1million (2015: £13.5million) and gross written premium increased to £310.1m (2015: £308.2m), supported by currency gains and down slightly on an underlying basis.

Ecclesiastical's group chief executive officer Mark Hews said: "2016 saw us win and retain a range of significant real estate, education, heritage and charity accounts across our territories, from historic palaces to cutting edge property developers.

"With the introduction of a new art and private client product, we strengthened our offering to the high net worth market and also added refreshed education, property owner and cyber security products. We enhanced our senior team, recruiting a new managing director for the UK general insurance business and a new art and private client director."

Mr Hews said that he was pleased that the transformation of the business had resulted in strong results in 2016, reflecting consistent financial performance achieved over the last three years.

"We have delivered this through applying strong underwriting disciplines and managing our exposure to risk tightly," he said.

"Our enhanced management team has focused on taking the right decisions that yield long-term, ethical and sustainable growth, resulting in a third year of improved profitability. Our strong underwriting results were supported by healthy investment returns, helped by equity gains and supported by currency gains.

As we move into 2017, we do so amidst global political uncertainty. However given our financial strength, ethical approach and specialisms, we look forward with confidence and optimism, energised to work together for our customers and for the good of society as a whole."

Mr Hews added: "As a brand whose purpose is to do good, our focus remains on helping change people's lives for the better. In 2016, we gave over £24million to charity, helping us achieve our three-year target of giving £50million to charity in March 2016 and contribute £17million to our new target of giving a further £100million by 2020."

Owned by a registered charity, Allchurches Trust, Ecclesiastical is a specialist insurer of the faith, heritage, fine art, charities, education and private client sectors.

Punchline says it is a good to see a major Gloucester based company, which employs more than 500 people in the city, in such an upbeat mood.

In 2013 Ecclesiastical scrapped plans to relocate its head office to Gloucester Docks, blaming the then challenging economic environment and an unsuccessful bid to secure funding for the construction of the new building.

We believe these latest results will do much to sweep away any uncertainty and reinforce confidence in an important and much valued county employer.