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Daily Insurance Industry News
Thursday 24th of May 2018
January 28, 2010

THB see broking profit surge by 43%

by Richard Kilner

Story link: THB see broking profit surge by 43%

THB Group, the specialist broker, has announced it enjoyed a good trading period to the end of 31 October 2009, recording improved turnover and margins.

Fee and commission income rose by more than a sixth (18%), and broking profit soared by 43% (on a year-on-year comparison).

At the end of the six months to April 2009, the firm had achieved a rise in turnover but saw underlying net profits decline, indicating that the latter half of the 12 month period were particularly strong for THB.

Group Chief Executive Frank Murphy has reacted to the results with delight, citing the fact that the profit surge was achieved despite very low interest rates and the market not improving as much as many had predicted.

Moving into 2010, Murphy said that the firm could expect to benefit from a stronger US dollar, an improved operating environment and better interest rates.

 

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