Thomas Carroll Group has reported an 11% growth in its turnover in the financial year ending 31 December 2022.

The Caerphilly-headquartered independent insurance, risk, wealth management and insurtech Group saw its turnover increase to £14.3million in 2022, up from £12.9million at the end of 2021, with its pre-tax profits coming in at £1.7million.

It was a year of major investment for the Group, with an increase in expenditure on IT infrastructure and recruitment. The Group also awarded its staff three pay rises during the financial year to help with the increasing cost-of-living.

The employee-owned business also saw significant expansion as 12 new staff members joined its commercial and IT teams, and 19 qualifying colleagues joined the Thomas Carroll Employee Benefit Trust – a trust set up to offer employees shares in the company.

It also continued to invest in its insurtech arm, TCi Futures, which launched in 2021 to innovate in both the broker and embedded insurance markets. The venture started to deliver revenue streams in 2022 and Go.Compare founder, Lee Griffin, has been appointed as a non-executive director.

The wider Group also reports on its carbon and energy usage as part of its financial reporting, to be an active part of the low carbon economy. In 2022, it reduced its carbon intensity ratio by 10%, from 0.2 tCO2e per full-time equivalent (FTE) employee in 2021, to 0.18 tCO2e per FTE in 2022.

Rhys Thomas, Chief Executive Officer of Thomas Carroll Group, said:

“We are really pleased with how the Group performed in 2022. Along with many other businesses, we are still feeling the aftermath of the pandemic, the effect of Brexit on trade in the UK, as well as increasing inflation and the cost-of-living crisis. These elements combined make a challenging business environment, but we are thrilled with the progress we made in 2022.

“Our commitment to our team and our enduring independent, family ethos was also recognised last year when we were honoured to win places in the regional, sector and mid-sized business of the Best Places to Work Listings. We were named as the fifth best company to work for in the insurance sector, the 19th best Welsh company to work for and the 57th best mid-sized company in the UK to work for. These achievements reflect our ongoing aim to be acknowledged as one of the best companies to work for in the UK.”

Sarah Edwards, Finance Director at Thomas Carroll Group, added:

“Last year, we invested heavily in our IT systems, as well as recruiting more staff in key teams within the business. This planned expenditure will ensure the Group is fit for the future with the right people and technology in place.

“Our aim is to make sure that Thomas Carroll Group is in the best possible position to deliver long term, sustainable profitable growth for future generations.”