Broker rises from £2.9m loss in 2007
HSBC Insurance Brokers has undergone a financial turnaround, after moving from a £2.9m loss in 2007 to a £12m pre-tax profit for last year.
The broker’s coffers were boosted by its £6.7m sale of HSBC Insurance Solutions in June last year.
HSBC also saw its revenue rise 10.6% to £104.5m, thanks to sterling’s decline against the dollar and euro, and extra income from its acquisitions. An HSBC spokesman refused to comment.
In its 2008 accounts, HSBC said: “The directors believe that the company is well placed to manage its business risks successfully, despite the current economic outlook.”
The results come in a year when HSBC has tried to target small brokers with the launch in January of its new network Labyrinth. HSBC also offers Labyrinth brokers help with lead generation and specialist products.