PIB Group publishes full-year results

CFO points to group's "impressive financial performance"

PIB Group publishes full-year results

Insurance News

By Terry Gangcuangco

PIB Group, which acquired 23 businesses across six countries last year, has released its financial results for the year ended December 31, 2022.

According to the London-headquartered insurance intermediary, its revenue went up by 49% from £231 million to £345 million. Adjusted earnings before interest, taxes, depreciation, and amortisation, meanwhile, rose 36% from £67 million to £91 million.

In a release, PIB noted: “The specialty division remained PIB’s largest division by revenue delivering over 8% growth in 2022. The London market division, boosted by the addition of Guest Krieger, delivered year-on-year growth of 20% for the year, while the underwriting businesses delivered over 29% growth, despite a more challenging Q4 (fourth quarter) as macro-economic conditions tightened.

“A combination of acquisitions and healthy organic growth means the Irish business, generating approximately £39 million in revenue, is now the group’s fourth largest division. Ireland is PIB Group’s longest established market outside of the UK, with the first wholesale acquisition taking place in 2019, followed by its first retail acquisition in 2021.”

Backed by private equity firms Apax Partners and The Carlyle Group, PIB grew from a roster of 1,750 people in 2021 to more than 2,400 employees in 2022. So far this year, PIB has already acquired 21 companies across Europe under the leadership of Europe chief executive Onno Janssen.

“Despite 2022’s challenging macro-economic and geopolitical environment and the cost-of-living pressures, the group has delivered an impressive financial performance,” chief financial officer David Winkett said. “This is testament to the strength and resilience of the business and the commitment of our shareholders.

“PIB has evolved to become a burgeoning pan-European insurance player with clients benefitting from expert support across multiple markets. The unwavering focus on acquiring specialist businesses with expert teams has further strengthened our position, with each new business offering something unique and valuable to the group as a whole.

“Our increasing internationalisation supports our rapid growth trajectory with strong organic growth underpinning the expansion. I expect 2023 to deliver similarly robust results, and we’re off to a strong start with 21 completed acquisitions already and many more in the pipeline.”

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