Howden Insurance Brokers' pre-tax profit dropped
32% to £929,950 for the year ended 30 September 2003.
The broker's 2002 pre-tax profit stood at £1.4m.
Turnover increased to £8.4m, against £6.3m in 2002.
Earlier this year, the Lloyd's broker launched a directors' and officers' and professional indemnity division for UK brokers.
The division, called Howden UK, has a target of £75m in premium by 2007.
According to Howden, profits dropped because the broker closed its Danish and Argentinian operations.