Howden Group announces full-year financial results | Insurance Business America
Results season continues with the release of Howden Group Holdings’ financial results for the year ended September 30, 2022 (FY 2022) – a period during which the company “delivered exceptional financial performance,” according to chief executive David Howden.
The international insurance group, which consists of Howden Broking and underwriting agency DUAL, reported a 60% increase in revenue to £1.84 billion. The firm’s adjusted consolidated earnings before interest, taxes, depreciation, and amortization, meanwhile, grew 69% to £565 million.
In FY 2022, Howden Group completed 31 acquisitions. These include Aston Lark in the UK, Align in the US, and Assiteca in Italy.
“The completion of Aston Lark in the UK builds on the A-Plan acquisition and takes the total investment in the UK to £2 billion in the last 24 months,” said Howden Group in an emailed release. “Howden is ranked by the Employee Ownership Association as the UK’s fifth largest employee-owned business.
“Align in the US has redefined the reach and access of Howden’s MGA (managing general agent) business, creating an international MGA group with over £2.2 billion GWP (gross written premium).”
The TigerRisk deal was finalized after FY 2022.
“Howden Group delivered exceptional financial performance in 2022, led by 19% organic growth, an accomplishment that is even more remarkable given it follows the stellar 19% growth in 2021,” commented the company’s group boss. “On a pro forma basis, we have almost doubled our revenue in just 12 months.
“Howden’s differentiated capital model, blending employee ownership with long-term institutional shareholders, continues to provide the business with opportunity, strength, and sustainability when it comes to deploying capital.”
He added: “We have welcomed 1,000 new employee shareholders to the group this year, bringing the total number in the group to 3,500, alongside the Howden Group Foundation, which is a significant shareholder in the business.”
Set up in 1994, Howden Group employs 13,000 people and operates in 45 countries.