London-based insurance broker Benfield reported net income dropped 4 percent in 2007 due to the weak U.S. dollar and declining insurance prices.

The firm reported net income dropped ?1.6 million ($3.2 million U.S. at the current exchange rate) to ?37 million ($75 million) for the year. Earnings per share remained relatively unchanged at 16 pence a share (33 cents). Revenues also dipped 4.5 percent, or ?16 million ($33 million), to ?339 million ($691 million).

Benfield said that revenues if compared on a 2006 currency basis would have increased less than 1 percent.

Recommended For You

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.