Swinton's profit falls 25% in 2009

High street broker Swinton has posted a drop in full-year profit to £21.8m for the year to 30 December 2009, compared with £28.9m in 2008, Insurance Times reveals this week.

Operating profit before share scheme and incentive charges dropped 31% to £36.4m from £53.2m.

Swinton's turnover increased 13% to £263.2m from £233.8m. The broker increased its number of branches to 603 in 2009 from 487 in 2008 and also recorded a 31% increase in the number of live policies to 3.8 million from 2.9 million.

Chief executive Peter Halpin told Insurance Times the broking group is on the lookout for more commercial lines acquisitions.

Click here to read the full story from this week's issue of Insurance Times.