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.
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