AUB Group, the Australasian network of insurance brokerages and underwriting agencies, has released its FY23 results.
According to an ASX announcement, the Group’s revenue grew by more than 60% to AU$1.1 billion. Underlying net profit after tax (NPAT) was almost AU$130 million, up from AU$74 million in FY22.
“I am delighted with these results,” said CEO Michael Emmett (pictured above). “All of our teams, new and old and across multiple businesses and geographies, have delivered exceptionally.”
Emmett said the continued growth of the Group’s agencies and the “significant turnaround in New Zealand” were “particularly pleasing.”
The CEO said the results came “against a backdrop of rising interest rates, challenging weather events and the growing scarcity of insurance capacity.”
In New Zealand, underlying pre-tax profit for the year increased by nearly 60% to more than AU$14 million. “All divisions” in NZ, according to the announcement, reported revenue and profit growth “supported by” increased premiums.
The announcement said the Group’s agencies showed “strong organic growth” with underlying pre-tax profit up by more than 50%.
The broking operation in Australia increased profits by more than 20%. BizCover, the online insurance service, increased profits by almost 19%.
“Early signs are that Tysers was an excellent acquisition and that our estimates of potential synergies and efficiencies were conservative,” said Emmett.
The announcement said the Lloyd’s wholesale broker “performed above expectations” with revenue 5.4% above the initial forecast.
The Group also announced a change to its board of directors. Chair, Paul Lahiff is retiring this month after eight years. “A search is underway for a new Non-Executive Director,” said the announcement.