Data analytics provider Verisk has reported overall revenue growth of 10.1% to $747.5 million during the second quarter of 2021, boosted by revenue growth of 11.8% in its insurance segment.
Underwriting and rating revenues increased 11.2% in the quarter, resulting from annual increases in prices following enhancements to the content of the solutions within insurance programs.
Growth was also fuelled by selling expanded solutions to existing customers in commercial and personal lines and by catastrophe modeling services and its international software solutions.
Verisk’s overall net income for the Q2 period was $154.0 million, representing a decrease of 14.0% when compared with the same period in the previous year.
Looking at the first six months of the year, overall revenues increased 7.7% to $1.47 billion, helped by 9.9% growth within the insurance segment. Net income decreased by 8.0% over the same period to $322.6 million.
“Verisk’s second quarter results highlight the strength of our business model, the essential nature of our solutions and our continued focus on delivering for our customers,” said Scott Stephenson, Chairman, President, and CEO at Verisk.
“We remain committed to our innovation agenda and have strong confidence in our ability to successfully execute our growth strategy and plans to build shareholder value over the long term.”
Lee Shavel, CFO and Group President, also commented: “Verisk delivered organic constant currency revenue growth of 6.3% and organic constant currency adjusted EBITDA growth of 4.2% in the second quarter, demonstrating strength in subscription revenues and recovery in our transactional revenues as we anniversary the onset of the pandemic.”
“We continue to invest our strong free cash flow back into high return on investment projects that support future growth while also returning capital to shareholders through dividends and share repurchases.”
