Towergate Insurance Q1 2012 interim management statement
22nd May 2012
Towergate Insurance today releases its Interim Management
Statement covering the period 01 January 2012 to 31 March 2012.
Q1 Financial Highlights
- Group income £105.5m (2% increase on 2011; £103.3m)
- Group operating earnings £34.3m (9% increase on 2011;
- Operating earnings margin 32.5% (2% increase on 2011;
Q1 Divisional Performance
- In the Underwriting Division, income was up
12% to £19.6m (£17.5m 2011) with operating earnings up 31% to £8.0m
- In the Retail Division, income was down 4% to
£60.5m (£62.8m 2011) with operating earnings down by 8% to £15.6m
- In Paymentshield, income was up 11% to £16.6m
(£15.0m 2011) with operating earnings up 17% to £12.2m (£10.4m
- In the Network Division, income was down 10%
to £4.5m (£5.0m 2011) with operating earnings down 16% to £2.6m
Commenting on Q1, Mark Hodges Group CEO said today:
“It is pleasing to see that the momentum in our Operating
Earnings we referred to in our full year results statement has
continued in the first quarter of 2012. Towergate as a whole
continues to grow despite the challenging economic conditions
impacting many of our customers and we remain confident about the
rest of the year.
Our Paymentshield and Underwriting divisions have continued to
deliver strong year on year growth in both top and bottom line.
They are well positioned to maintain growth throughout the
remainder of the year.
The results in our Retail and Network Divisions are particularly
impacted by the difficult trading faced by many SME businesses.
Within Retail we have seen growth in our specialist lines and
volume service businesses leaving income down just 4% year on
As stated in our year end results, the group completed 9
acquisitions to the end of April with 6 of these acquisitions
strengthening our regional broking presence in our Retail Division.
Our pipeline of potential acquisitions is healthy and we are
confident in our ability to continue to grow Towergate through
quality, relationship based acquisitions.
We remain optimistic for the remainder of the year and believe
the group will continue to grow profitably.”
Group Head of External
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Group Communications Manager
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