We are thrilled to report an 11% growth in turnover for the financial year ending December 31, 2022. Our investment plans for 2022 included expanding our IT infrastructure, enhancing our employee wellbeing offering, and recruitment.
In 2022 we welcomed 12 new talented individuals to the team and introduced 19 of our colleagues to the Thomas Carroll Employee Benefits Trust, a trust that we set up to offer our colleagues shares in the company. By involving our team members in our success, we foster a shared sense of ownership and unity.
As part of our commitment to supporting our colleagues, we provided three pay raises throughout the year to mitigate the impact of rising living costs. It is crucial to us that our colleagues feel valued and recognised for their hard work, especially during challenging times.
To drive innovation within the insurance industry, we continued to invest in our insurtech arm, TCi Futures. Since its launch in 2021, TCi Futures has shown promising growth, generating revenue streams in 2022. To further strengthen our leadership, we proudly appointed Lee Griffin, Go.Compare founder, as a non-executive director. With his expertise and industry knowledge, we aim to push the boundaries of what is possible in both the broker and embedded insurance markets.
At Thomas Carroll, we take our commitment to sustainability seriously, and in 2022 we were pleased to announce we achieved a 10% reduction in our carbon intensity ratio, lowering it from 0.2 tCO2e per full-time equivalent (FTE) employee in 2021 to 0.18 tCO2e per FTE in 2022. As a company we are always striving to build a better future for our clients, our colleagues, and our community.
Our efforts to foster a positive work environment and a strong company culture were recognised in 2022 as we were ranked 5th best company to work for in the insurance sector, 19th best company to work for in Wales, and the 57th best mid-sized company in the UK. These achievements are a testament to our enduring independent, family ethos and our ongoing commitment to being one of the best companies to work for in the UK.
As we reflect on our performance in 2022, we acknowledge the challenging business environment created by the aftermath of the pandemic, the impact of Brexit on UK trade, increasing inflation, and the cost-of-living crisis. However, with a robust foundation and a dedicated team, we are confident in our ability to navigate these challenges successfully. We aim to make sure that our Group is in the best possible position to deliver long-term, sustainable profitable growth for future generations.