CII posts £4.4m loss for 2021
The Chartered Insurance Institute has revealed a return to operating surplus but a £4.4m group loss for 2021 as it was hit by pension costs of £6.64m and a tax charge of £1.98m.
The figure was still an improvement on the £4.9m deficit in 2020 when revenue dropped during the pandemic.
The CII had previously announced its intention go through with a defined benefit pension buy-out with an insurance company. The group explained that the first stage occurred in 2021 and it is hopeful of concluding the process before mid-2023.
On the tax issue – the net corporation tax charge for the year of £1.98m was compared to £0.05m in 2020 – it detailed that the increase reflected a
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