AUB Group upgrades full-year guidance

Half-year estimate also announced

AUB Group upgrades full-year guidance

Insurance News

By Terry Gangcuangco

AUB Group Limited, which will be releasing its half-year earnings report next week, now expects better financial results for FY23 (full year ending June 30, 2023) than previously forecast.

Upgrading its full-year guidance, AUB said its underlying net profit after tax (UNPAT) in the period is estimated to be somewhere between $112.9 million and $121.4 million. An earlier estimate announced last December was a range of $107.5 million to $115 million.

“This upgraded FY23 guidance represents growth of 52.5% to 64.0% versus FY22,” noted AUB. “The upgraded FY23 UNPAT guidance includes 1H23 results, nine months of Tysers profit from October 2022, and assumes continued strong premium rate rises for Australia and moderate but accelerating rate rises in New Zealand.”

Tysers is the London-based Lloyd’s wholesale broker that was acquired by AUB in 2022.

Meanwhile, for the half year ended December 31, 2022 (1H23), the insurance group is expecting to report $46.7 million in UNPAT. The company said this preliminary figure is 8.5% above the mid-point of the 1H23 guidance range that was announced about two months ago.

“The strong performance of AUB in 1H23 has been driven by robust trading in November and December 2022, continued execution of strategic growth initiatives, and Tysers performing ahead of expectations,” highlighted AUB. “We expect positive trading conditions to continue in 2H23.”

AUB is set to publish its final 1H23 numbers on February 22.  AUB Group Limited is one of the largest insurance companies in Australia.

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