Alexander Forbes' earnings per share sank by 17% as it was hit by the growing strength of the rand.
The South African broker reported revenues of R2.2bn (£191m) for the six months ended 30 September, down 10% on R2.4bn for the same period the year before.
Pre-tax profit was down 37% to R318m from R501m.
The UK risk services businesses produced a trading profit of £10.4m in the six months, up 5% from £9.9m.
