HSBC Insurance Brokers said its results for the year ended 31 December 2003 had been hit by the weak US dollar.

The company reported turnover of £123.3m, up slightly on the £122.1m reported for the previous year.

It said the majority of its turnover; £72.6m, came from business conducted within the UK.

A company spokeswoman said the results had also been affected by the sale of HSBC Insurance Brokers subsidiary HSBC Select UK to HSBC Bank during 2002, which impacted the year-on-year comparisons for the broker's results.

Operating profit remained similarly steady, with £26.2m reported for 2003, up from the £25.1m in 2002.