Swinton appoints new CEO as profits increase
Swinton has reported a 4% rise in profit during 2008, to £50.1 million.
The result compares with profit of £48.3 million in 2007 and marks the broker’s eighth consecutive year of growth.
Premium income rose 15% to £763.9 million, while earnings before interest, tax, depreciation and amortisation increased by 5%, to £75.5 million.
The company says it now has 3.25 million policies in place, a 25% increase on 2007.
The results have been accompanied by the news that Swinton’s chief executive, Patrick Smith, is stepping down and will be replaced by the company’s current deputy chief executive, Peter Halpin. However Mr Smith will remain as company chairman.
Responding to his appointment, Mr Halpin says he believes Swinton has been successful because it has gone “against the received wisdom that the majority of modern consumers are totally price-driven and promiscuous when it comes to their insurance renewal”.
With this in mind, he expects growth to continue over the next five to ten years “through a combination of organic growth, both on and offline, and more acquisitions”.
Category: Employment News, Financials, Swinton Insurance News
Visited 3564 times, 1 so far today
Comments (0)
Trackback URL | Comments RSS Feed
There are no comments yet. Why not be the first to speak your mind.