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.