Towergate posts 5% rise in operating earnings on H1 loss of £25m, as Network division suffers
Towergate Insurance has reported operating earnings of £80.6m (HI 2011: £76.7m) for the first half of the year to 30 June 2012, with a loss before tax narrowing slightly on the same period last year to £25.5m (£25.1m), as its four divisions revealed mixed fortunes.
Gross written premium for the group was up 8% to £1.59bn (H1 2011: £1.47bn). A 3% reduction in expense spend was credited with driving a 5% boost in operating profit, or EBITDA, which Towergate uses
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