The Chartered Insurance Institute (CII) has reported a £2.2m increase in revenues from qualifications and educational activities in 2021 as insurance and personal finance professionals moved to develop their knowledge and skills.
The professional body said it is on the road to financial recovery due to increased revenues and reduced costs of £5.17m last year.
The institute has also declared a consolidated operating surplus of £3.3m for 2021, compared with a £4m operating deficit in 2020.
Local institutes reportedly opted to voluntarily utilise their reserves last year, before taking additional grant payments, further aiding the financial recovery of the professional body.
A “significant” cost saving was generated by the move from two offices to one hub in 20 Fenchurch Street in early 2021.
This move reportedly enhanced the professional body’s digital transformation over the last five years, which enabled CII staff to work anywhere, anytime, while still having a presence in the heart of the City of London.
Jonathan Clark, interim CEO of the CII, said: “We are pleased to see income building while we carefully manage costs in what continues to be a challenging environment.
“125 years since the CII was formed by the coming together of local Institutes, we are proud to continue to deliver learning and networking that enables today’s insurance and personal finance professionals to develop their skills, knowledge and expertise.”
Helen Phillips, chair of the CII, added: “This recovery in 2021 has been delivered thanks to the collective efforts of our community of members, students, corporate customers, volunteers, trustees and staff.
“The progress achieved helps provide a sound base for the development of the CII’s next five-year strategy which will focus on continuing to rebuild post pandemic.”