Centrepoint Alliance’s insurance premium funding division has reported a 32% rise in pre-tax profit to $2.5 million for the six months to December 31.

Interest income for the half-year was $8 million, up from $7.2 million in the previous corresponding period.

Net revenue was $8.7 million, up 12% from $7.8 million, and operating expenses totalled $3.2 million, rising from $3 million.

Centrepoint Alliance Premium Funding CEO Bob Dodd says the results reflect growing support and loyalty from brokers, plus recent industry consolidation.

“Combined, these factors provided us with the perfect opportunity to improve the number of active insurance brokers providing business,” he said. “These improved 24% on the previous period.”

Mr Dodd says the company has invested in IT systems and processes, launching BrokerPoint last year.

“This has resulted in positive changes in both cost-to-income ratios and customer satisfaction.

“These improvements are greatly benefitting productivity within our business and we now have the capacity to continue to grow beyond industry average, while ensuring an absolute focus on our intermediary customers.”

He says the business also improved its funding terms with bankers, to support its long-term growth strategy.

Centrepoint Alliance’s group pre-tax profit for the six months to December 31 was $2.2 million, compared with a $1.7 million loss in the corresponding period of 2012/13.

Group revenue grew 2% to $27.4 million.