Broker trade body’s operating costs increased 20% last year

Eric Galbraith

The British Insurance Brokers’ Association’s (Biba) operating surplus dropped almost £100,000 during 2011, according to a Companies House filing.

The trade body, which merged with the Institute of Insurance Brokers (IIB) in November 2011, posted a surplus of £204,523 last year compared to £298,310 in 2010.

Biba also boosted its turnover by 14% to £3.2m in 2011 from £2.8m the previous year.

However operating costs went up almost 20% to £3m last year from £2.5m a year earlier.

Wages and salaries rose to £1.5m from £1.3m between 2010 and 2011 and pension costs, excluding social security, dropped by more than half to £250,925 from £667,279 over the same period.

Subscriptions amounted to £1.6m in 2011, up from £1.5m a year earlier.

But schemes income was down 5% at £428,557 last year from £452,288 in 2010.

Topics