Close Brothers reports premium finance drop
Close Brothers has posted a 4% fall in its premium finance book to £1bn in the year to 31 July 2022.
According to the company, which works with around 1,600 brokers in the UK and Ireland, the reduction was driven by “lower demand for the funding of insurance policies from consumers”.
Adding: “This was partially offset by strong new business volumes as customers look to ease cash flow pressures in the commercial market.”.
Premium finance, mainly for individuals and small businesses, sits within the banking group’s retail offering which also includes intermediated finance through motor dealers
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