AUB Group, the leading Australasian network of insurance brokerages and underwriting agencies, has unveiled its first-half 2024 (1H24) financial results, showcasing notable achievements in its New Zealand Broking division and Agency business.
As per an ASX announcement, the firm’s underlying net profit after tax (NPAT) surged to A$70.2 million, marking a substantial increase from A$46.7 million recorded in the previous year.
CEO of AUB Group, Michael Emmett, singled out the contributions of the firm’s agency and New Zealand teams, attributing their performance, along with the strong showings in Australian Broking and BizCover, to the impressive overall results. Emmett also expressed appreciation for the Tysers team and recent additions to the International Businesses segment.
The announcement further revealed that the underlying pre-tax profit for AUB Group’s agency business soared by 102.3% to A$24.9 million. Additionally, the New Zealand Broking division witnessed a remarkable 128.7% increase in underlying pre-tax profit, reaching A$10.9 million.
The Australian Broking business reported revenue growth and margin expansion, driven by continuous network optimization, strategic acquisitions, and improved broker propositions, according to the release. Notably, the underlying pre-tax profit for this broking segment surged by approximately 18%, surpassing A$59 million during the period.
Highlighting another significant acquisition, the announcement disclosed that the underlying pre-tax profit from Tysers, the Lloyd’s wholesale broker acquired by AUB Group in late 2022, exceeded $38 million.
AUB Group’s robust performance in the first half of 2024 underscores its strategic initiatives and effective management across various segments, positioning the company for continued growth and success in the dynamic insurance market landscape.
