Reinsurance News

Ardonagh Group’s income increases by 37% in H1 22

18th August 2022 - Author: Jack Willard

The Ardonagh Group has reported a strong performance in income for the first half of 2022, as it increased by 37% (£162.2 million) to £595 million, compared to £433.2 million in the first half of 2021.

The Ardonagh GroupThe company noted that growth was achieved through a combination of acquisitions and organic growth of 7% YTD, which was driven by the International, Specialty and Advisory platforms.

At the same time, the company’s adjusted EBITDA increased by 21% (£32.6 million) to £186 million, compared to £153.3 million from the same period last year. This was achieved through a combination of acquisitions and organic growth in all platforms, apart from Retail, with income growth and the delivery of cost savings and synergies offsetting some inflationary pressures too.

In addition, EBITDA for H1 2022 increased by £34.2 million to £149.4 million, compared to £115.2 million from H1 2021.

Operating profit for H122 increased by £16.1 million to £72.3 million, compared to £56.2 million from H121.

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Group CEO David Ross commented: “These results reflect the strength of our business model, with presence across multiple product lines, industries and geographies providing natural resilience and opportunity.

“In particular our organic growth shows what happens when independent businesses are connected through a shared vision of client focus and innovation, and with the support of long-term backers.

“As a leading international independent broker we’re committed to build on what we have learned from our growth so far and to make the most of the diverse perspectives that have and will join us. To that end the launch of Ardonagh Academy in partnership with the Centre for Creative Leadership was a highlight of the quarter.”

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