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CII operating income rises 5% to £34m

The Chartered Insurance Institute has reported an operating income of £34m for the year to December 31, 2010, up 5 per cent from £32.3m in 2009.

The professional body’s ann-ual review, published last week, shows that 41 per cent of operating income was generated by educational activities. Membership services and subscriptions accounted for 31 per cent of operating income and qualifications accounted for 28 per cent.

The CII’s operating surplus fell from £1.3m in 2009 to £764,000 in 2010 while its net surplus fell from £1m to £838,000.

The number of chartered financial planners grew by 21 per cent over the year from 1,850 to 2,247 at the end of 2010.

The number of chartered financial planning firms rose by 20 per cent from 254 to 306. Membership of the Personal Finance Society went up by 8 per cent over the year from 26,000 to 28,000.

Total CII membership rose from 95,100 to 96,617.

CII chief executive Sandy Scott says: “We entered 2010 facing a fragile economic situation and a changeable political and regulatory environment, both for ourselves and for our members. Our strategic plan took account of these factors and with the support of our members and partners, we emerge from last year in good shape. We have sufficient funds to meet the needs of members and to invest in new initiatives.”

Baronworth Investment Services director Colin Jackson says: “The CII is likely to benefit from younger recruits coming to the industry who are likely to continue qualifying to the highest level.”

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