Insurance Age

Swinton endures 48% profit slump as it confirms job losses

Christophe Bardet
    • Andrew Pearce

    • Indicative reading time: 1 minute

  • LinkedIn  
  • Save this article
  • Print this page  

Swinton suffered a post-tax profit slump of almost 50% during 2012 as the high street broker reined in the sale of monthly add-on products.

Profits for the full year plummeted to £18.9m from the £36.1m posted for 2011 while turnover also dropped 8% to £301.4m [FY 2011: £329.1m]. 

It came as the broker unveiled a redundancy programme to cull 120 jobs, admitting that a formal consultation is now underway.

The estimated job losses are expected to take place in Halifax (60 staff), Manchester (10 staff) and national sales management (50 staff).

The broker added that the £7.4m fine it was slapped with by the Financial Conduct Authority in

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.

You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.

Copyright Infopro Digital Limited. All rights reserved.

You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/

If you would like to purchase additional rights please email info@insuranceage.co.uk

Copyright Infopro Digital Limited. All rights reserved.

You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/

If you would like to purchase additional rights please email info@insuranceage.co.uk

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Insurance Age? View our subscription options

Register

Sign up and gain access to five complimentary news articles every month.

Already have an account? Sign in here

This address will be used to create your account

More on Broker

Arch goes live on Applied

Applied has confirmed that Arch Insurance has launched a specialist property owners insurance product on its commercial e-trading panel.

Biba 2024: FCA to take its time on transparency proposals

Emily Shepperd, chief operating officer of the Financial Conduct Authority, has said the regulator was “overwhelmed” at the response and amount of feedback to its transparency proposals, and that it is going to “really take our time” when considering any possible next steps.