Momentum Broker Solutions hits key financial milestones in 2023

Company's success has been attributed to its partnership model

Momentum Broker Solutions hits key financial milestones in 2023

Insurance News

By Jonalyn Cueto

Momentum Broker Solutions has revealed in a statement that it exceeded expectations with its 2023 financial performance, marking another year of significant achievements, despite a challenging market environment. The company reported a 31% increase in premium growth, reaching a notable £81 million. This achievement has been attributed to the firm’s partnerships, its onboarding of new partners and the expansion of its existing partnerships.

The company also saw a surge in revenue, with gross revenue climbing to £15 million and net revenue exceeding £6 million, marking a 35% increase. The firm also experienced a 60% growth in profits. According to the company statement, this profit growth highlights Momentum’s solid financial planning and its ability to capitalise on market opportunities.

“This year’s achievements underscore our commitment to excellence, innovation, and

responsible growth,” said Howard Pepper (pictured), managing director at Momentum. “We are incredibly optimistic about the future as we continue to lead and innovate in the market.”

Company’s success propelled by partners and new hires

A key factor in Momentum’s success has been its focus on nurturing and expanding its network of Appointed Representative (AR) partners, according to the statement. In 2023, the company welcomed 20 new ARs, while also seeing significant growth from existing partners. Momentum has also invested in its team, welcoming 25 new colleagues throughout the year.

Pepper also highlighted the success of its second annual conference held in Nottingham.

Established in 2010, Momentum Broker Solutions offers a full range of financial services to partners under the AR model. It has partnered with almost 100 independent brokers throughout the UK.

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