The Ardonagh Group has released its financial results for the 12 months ended December 31, 2020 – a year that saw the insurance brokerage refinance its balance sheet to snap up the likes of Bravo Group.
Here’s how Ardonagh performed in 2020, according to the group’s 192-page annual report:
|
Metric |
2020 result |
2019 result |
|
Total income |
£713.8 million |
£667.5 million |
|
EBITDA |
£151.5 million |
£115.3 million |
|
Adjusted EBITDA |
£223.7 million |
£183.4 million |
|
Operating profit |
£47.1 million |
£3.4 million |
|
Loss for the year |
£206.3 million |
£74 million |
Ardonagh’s loss for the period rose by £132.3 million, mainly due to one-off costs worth £81.6 million relating to the company’s July 2020 issuance of new borrowings, increased financing costs, and a higher tax charge for the year. The group used the new borrowings to repay existing ones and to fund acquisitions.
Swoops in 2020 included certain Rural Insurance Group assets, Arachas, Thames Underwriting, Lloyd Latchford, and Robus Group.
“Having overcome the challenges presented by COVID-19, and with a highly flexible, long-term capital structure in place, we are firmly focussed on capitalising on the significant opportunities which lie ahead both domestically and across international markets,” said Ardonagh chair John Tiner.
He added that the group’s “highly accretive” acquisitions in the UK have both broadened the broker’s capabilities in products and enhanced the Ardonagh distribution network.
