Insurance broking sees rise in profitability, survey says
Activity in the UK financial services sector grew in the last three months at the fastest rate since June 2007, although this growth was much slower than was expected, according to the latest CBI/PwC Financial Services Survey.
The report stated that profitability rose modestly in general insurance, driven by a widening of spreads. It added that a faster rise is expected over the next three months. Business volumes fell unexpectedly, but a rise is anticipated over the coming quarter.
For insurance broking the survey found that both business volumes and income from fees, commissions and premiums rose at the fastest pace since March 2009. As a result, profitability rose unexpectedly, after a small decline in the previous
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