Towergate sees first quarter profits fall
Towergate has reported a 2% drop in operating earnings to £33.8m for the first quarter of 2013, from £34.6m in the first three months of 2012.
The consolidator did however report an increase in gross written premium to £757m for the period (Q1 2012: £743m) as group income rose 3% to £107.8m.
By division, the broking giant revealed a 6% rise in operating earnings in retail to £15.2m as underwriting also rose by 4% to £9m.
However, the woes of the network division continued with a massive 50% fall in operating earnings to £1.3m and a near one-third decrease in income to £3m (Q1 2012: £4.5m).
Paymentshield also saw income drop, in this
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