“Together, we’ve delivered another year of success”
Momentum Broker Solutions is pleased to share its financial performance for the year ended 31 December 2024, marking our 14th consecutive year of growth. Our joint success continues thanks to the strength of our collaborative relationships with both insurer and broker partners.
Combined dedication from our appointed representatives and the support of our insurer partners, have delivered encouraging results:
Premium Performance: Gross Written Premium reached over £97 million, a 21% increase.
Revenue: Total revenue rose to £18.43 million, with net revenue of £7.24 million.
Profit: Operating profit increased by 40%, with a one-off bonus payment of nearly £1 million recognising the valuable contributions of our team.
Team and Network Growth: We welcomed our 100th Appointed Representative, along with 14 new partners and 17 additional colleagues, further strengthening our network.
Howard Pepper, Managing Director, commented:
“Our 2024 results are a testament to the strong partnerships we have built with our insurer and broker partners, and our colleagues. We have achieved steady progress through a shared commitment to excellence and innovation, while also remaining mindful of the market’s challenges. Collaborative efforts have driven our success this year and we remain committed to supporting the independent broker model as we move forward together”.
2024 was a big year for Momentum as we welcomed 14 new Broker Partners – crossing the 100 threshold – and 17 additional colleagues, further strengthening our network. We also announced a 40% investment from AUB which, alongside access to impressive expertise and extensive resources, enables investment in our partners to further enhance growth and retention.
“The nature of the investment ensured our independence”, Howard adds, “an essential prerequisite for our support of the independent broker market. It also enabled us to make bonus payments to recognise the fantastic contribution of all our colleagues. The one-off payment (£994K) is recognised in the 2024 P&L”.
Looking ahead, Momentum will continue to invest in both technology and people. Our focus for 2025 is to build on this solid foundation by further strengthening our relationships and enhancing our digital capabilities, ensuring we remain responsive to the evolving needs of our partners and the market.
