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