Ardonagh’s nine-month loss rises to £67.7 million

Culprits include additional finance costs

Ardonagh’s nine-month loss rises to £67.7 million

Insurance News

By Terry Gangcuangco

Insurance broker The Ardonagh Group has released its financial statement for the nine months ended September 30, and the picture isn’t rosy.

According to the 71-page document seen by Insurance Business, the British enterprise posted a £67.7 million loss in the period – a worse showing compared to the £48.9 million loss in the same nine-month span in 2018.

“Reported loss for the period increased by £18.8 million to £67.7 million, primarily due to additional finance costs, lower gains on disposal of associates, and a reduced tax credit, offset by an improvement in operating profit,” noted Ardonagh, which employs nearly 7,000 people in more than 100 office locations.

Meanwhile the group’s total income stood at £505.4 million, an improvement from last year’s £403.5 million. Ardonagh also recorded £8.7 million in operating profit, whereas in 2018 it suffered an operating loss worth £12.8 million.

The turnaround was primarily attributed to EBITDA (earnings before interest, tax, depreciation, and amortisation) growth including the impact of disposing of the group’s commercial managing general agent business. 

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