Towergate broker division reports 18% fall in operating earnings
Broker Network’s earnings also dropped, by 4% according to Q3 results.
Towergate reported an 18% drop in operating earnings for its insurance broker division in the first nine months of the year.
The Q3 interim statement showed the division earned £31.8m compared to £38.7m for the same time period last year.
The division's income was down 2% to £148.7m (9M 2013: £151.8m).
Towergate said the earnings were impacted by a significant restructuring programme and that the division's retention rates remained strong at 83%.
Network
Broker Network's income was the same as
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