Primary Group has reported record results for 2003 with turnover up 86% and profit after tax up 66%.
The Bermuda-based insurance distributor put the results down to encouraging an entrepreneurial approach while focusing on customer needs.
Primary Group chief executive Mike King said: "Against a backdrop of uncertain markets for distribution businesses we have made significant advances through organic growth and strategic acquisitions within our advisory and broking, and our distribution and risk management business streams."
The company reported turnover up from $96.3m in 2002 to $179.4m in 2003; similarly profit after tax was up from $12.3m to $20.5m; net assets were up from $40.3m to $63.5m; and trading profit increased from $27m to $35m.
King said: "2003 is the seventh consecutive year that we have achieved growth in our profit and turnover. 2004 has already proved both exciting and successful and I look forward to reporting continued growth in all areas of our business in due course."
