The British Insurance Brokers’ Association (BIBA) saw its operating surplus drop by nearly £100,000 ($148,000) last year.

Turnover rose by 14% to £3.2 million ($4.8 million) but costs rose £478,000 ($711,500) to £2.98 million ($4.4 million).

The operating surplus fell 31% to £204,523 ($304,000) but the retained surplus after tax increased by 4% to £174,144 ($259,000).

Subscriptions to the association increased by 3.5% over the year to £1.6 million ($2.38 million).