Somerset Bridge Group turnover flat but losses narrow in 2022
Operating profit from Somerset Bridge Group’s broking arm, which includes GoSkippy and Vavista, fell in 2022 by 18% to £2.7m.
Turnover was also down at the motor specialist from £50m in 2021 to £38.5m. According to the group, this was driven by a fall in policy volumes due to market conditions post Covid-19 pandemic, and competitor behaviour around the Financial Conduct Authority’s ban on dual pricing, which came into force on 1 January 2022.
Somerset Bridge argued that the fall at the personal lines broker was an “expected outcome”, given its strategy of focusing on profitable underwriting rather than volume.
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