MMA Holdings UK made a £9.5m profit in 2010, up 14.6% on the £8.3m it made in 2009.
This was despite a 19% drop in total income at the insurance group to £12.4m from £15.5m.
The higher profit comes amid improved performance at its operating units, including insurance broker Swinton and insurer MMA Insurance.
Swinton’s profit after tax increased 14.7% to £28.2m in 2010 from £24.5m in 2009. Meanwhile, MMA Insurance returned to profitability, posting a 2010 profit of £1.1m compared with a 2009 loss of £9.6m.
Gateway, MMA Holdings UK’s Gibraltar-based motor insurer, made a loss of £1.6m for the year, but this was an improvement over the £2.6m loss it made in 2009.
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