Ardonagh Group unveils latest numbers

Report covered financial performance and activity highlights

Ardonagh Group unveils latest numbers

Insurance News

By Roxanne Libatique

The Ardonagh Group (Ardonagh) has released its financial results for the 12 months to December 31, 2022 (FY22), marking five years since its establishment.

Ardonagh's financial performance in 2022

In FY22, Ardonagh reported a $1.5-billion income, up 30% from $1.2 billion in the 12 months to December 31, 2021 (FY21). It also saw $476 million adjusted earnings, up 22% from $390 million in FY21.

The group's continued focus on diversifying across products and markets – through combining the strength of its UK platforms with significant momentum in specialty and international – accounted for over 45% of its income. Specifically, organic income growth was 16% in specialty and 19% in international. 

The group also raised over $1 billion of combined equity and debt from its existing investors since the beginning of 2022 to support our inorganic activity.

Group highlights in 2022

In FY22, Ardonagh completed and exchanged 39 acquisitions, including new platforms in Portugal and Latin America, the Netherlands, and Australia acquired through MDS, Léons, and Envest, respectively.

The following are the group's other activities in 2022:

  • The merger and acquisition (M&A) pipeline remained active with over 70 transactions, mostly bilaterally. Moreover, the pipeline's annualised value was over $100 million of EBITDA;
  • The significant investment in data and placement delivered strong and growing returns, with capacity strategy initiatives executed to date expected to generate in excess of $25 million EBITDA, creating an excellent backdrop for future growth;
  • The Ardonagh Group welcomed 1,189 new colleagues (excluding M&A) during 2022, and the number of Ardonagh colleagues who are shareholders in the group doubled to over 10% (1,100);
  • The group raised over $2.5 million for the Ardonagh Community Trust (ACT), including over $1 million from colleagues and shareholders. In 2022, ACT and colleagues gave over $800,000 to charitable organisations and causes through community grants and donations; and
  • Inaugural sustainability report was launched, detailing Ardonagh's progress and commitments under the people, society, environment, integrity, and innovation pillars.

Commenting on the latest figures, Ardonagh group chief executive David Ross said 2022 “topped out [the group's] vision five years ago.”

“We have assembled the foundations and now enter our next phase of growth, driving our internal specialisms and placement opportunities, making accretive acquisitions to our established platforms, leveraging our buying power, and learning from each other to optimise performance across the group,” Ross said. “Ardonagh was created to build a high-quality global platform comprising client-focused, specialist broking businesses, with a London specialty business at its heart.”

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