Ryan Specialty Holdings Inc., a leading international specialty insurance firm has recorded a $83.8 million net income for the second quarter of 2023, a 19.5% increase from last year’s $70.1 million.
According to the firm, the increase was mostly driven by strong year-over-year revenue growth, lower IPO related charges, which were partially offset by higher restructuring and related expenses.
At the same time, total revenue for Q2 was $585.1 million, an increase of 19.1% compared to $491.3 million in the prior-year period.
This increase was primarily due to continued robust organic revenue growth of 16.1%, driven by new client wins and expanded relationships with existing clients, along with continued expansion of the E&S market, revenue from acquisitions completed within the trailing twelve months ended June 30, 2023, and increased Fiduciary investment income.
Meanwhile, adjusted EBITDAC also increased by 16.9% in the quarter, to $194.2 million from $166.1 million in the prior-year period. Adjusted EBITDAC margin for the quarter was 33.2%, compared to 33.8% in the prior-year period.
Ryan Specialty noted that the increase in adjusted EBITDAC was heavily driven by solid revenue growth and higher Fiduciary investment income, partially offset by increased adjusted compensation and benefits expense, as well as higher adjusted general and administrative expense too.
Patrick G. Ryan, Founder, Chairman and Chief Executive Officer of Ryan Specialty, commented on the company’s Q2 results: “We delivered another excellent quarter of strong double-digit growth in organic revenue, adjusted EBITDAC and adjusted net income. Our demonstrated skill, unparalleled expertise and differentiated platform continue to enable us to outperform while adding value for our clients and trading partners.
“We executed in all facets of our business in the quarter, generating broad-based growth across our Specialties, announcing several key acquisitions – including our first in the employee benefits space – and making solid progress on our ACCELERATE 2025 program. We are pleased with our efforts in the first half of the year and remain confident that 2023 will be another strong year for our firm. With our focus on growth and our ability to execute, we remain well positioned to generate sustainable and profitable growth.”
