For the year ending 30 June 2023, Abta made a £2 million profit after tax, compared with £296,000 in 2021/22 during the pandemic.

During the latest financial year, Abta lost £228,000 on its trade association activities but made £2.3 million on its insurance activities. 

Some 57 members quit Abta during the reporting period with 22 joining, leaving 831 compared with 866 in 2022.

Abta said the reduction “reflects the ongoing impact of post-pandemic recovery”. Agency branch members totalled 416, a sharp fall from the previous 450.

In the 2022/23 year, there were only two failures of Abta members and no calls on short-fall insurance.

However, Abta continued to deal with six failures from 2021/22, and the 27 in the previous 12 months when the pandemic was at its height.

During 2022/23, Abta paid £95,000 in claims for failures during 2020/21 and £120,000 for failures the following year. 

The association also ran 42 conference and events attracting 1,819 delegates, turning over £896,000.