“We have a number of reasons to celebrate Ardonagh’s progress in 2018.”
Those were the words of chief executive David Ross when The Ardonagh Group released its full-year financial results, which showed income growth across the insurance broker’s operations. Here are the 2018 income figures and how they stack up against the previous year’s numbers:
- Broking – £295.1 million, up 25.6% from £235 million
- Specialty – £95.2 million, up 103.5% from £46.8 million
- MGA – £130.9 million, up 2% from £128.4 million
Group income saw a 28.2% rise from £411.2 million in 2017 to last year’s £527.1 million. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortisation), meanwhile, stood at £110.3 million – a 38.2% increase from £79.8 million previously.
Broken down, the MGA (managing general agent) operations saw a drop in adjusted EBITDA from £17.9 million to £14.8 million, while those for Broking and Specialty went up to £82 million and £18.9 million, respectively.
Ross said their hard work to improve Ardonagh’s systems and processes is paying off and has facilitated cross-group collaboration and organic growth.
“Whether that’s Carole Nash benefitting from Autonet’s digital platforms or Price Forbes and Geo Specialty teaming up to underwrite and place terrorism cover for a client of an advisory branch, our community of entrepreneurial thinkers with deep customer and technical understanding is creating something exciting,” stated the CEO.
“Our position in the wider market is not to be underestimated. In a year of significant industry consolidation, we are proud to offer a credible alternative of scale to insurers and clients. That alternative is getting stronger by the day, as our systems integrations give us a deeper data-driven understanding of the risks our clients face.”
Meanwhile chairman John Tiner described 2018 as a pivotal year for the business, citing not only Ardonagh’s swoop for personal lines brand Swinton but also the sale of the group’s claims and commercial MGA businesses.