AUB outlines plans for three key appointments
AUB Group plans to appoint leaders to three new key positions in a reorganisation of its operating model following the landmark Tysers acquisition.
Written on 22 February, 2023
AUB Group Limited has published its financial results for the half year ended December 31, 2022 (1H23), a period in which “all parts” of the company contributed strongly.
Here’s how the insurance group, which consists of retail & wholesale insurance brokers and underwriting agencies, performed in 1H23:
|Underlying revenue||$466 million||$327.2 million|
|Net profit after tax (NPAT)||$364,000||$29.7 million|
|Underlying NPAT||$46.7 million||$30.6 million|
According to AUB’s investor presentation, underlying revenue in all divisions – Australian Broking, BizCover, Agencies, New Zealand Broking, and Tysers – went up. In terms of underlying pre-tax profit, Tysers contributed $18 million; Australian Broking, $49.9 million; Agencies, $12.3 million; New Zealand Broking, $4.8 million; and BizCover, $5.7 million.
The reported NPAT, said AUB, was impacted by acquisition expenses.
“All parts of AUB Group performed strongly during 1H23 with momentum continuing into the second half,” commented chief executive and managing director Michael Emmett. “As a result, we have upgraded the outlook for the full year.
“Tysers performance for the three months since acquisition on October 1 has exceeded our forecasts. Australian Broking and Agencies continue to grow delivering healthy expansion of underlying margins while in New Zealand our new broking platform is live at the first brokerage.”
The group boss highlighted that AUB has made better progress against medium-term margin targets than originally anticipated, thanks to its various portfolio consolidation and optimisation strategies and the deployment of technologies and enhanced insurer arrangements and products.
The AUB board, meanwhile, has determined a fully franked dividend of 17¢ per share.
Insurance News | 22 Feb 2023 | Read article
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