Insurance and analytics provider Verisk has reported revenue growth of 10.9% within its Insurance segment, which offset shrinking revenues across other business segments.
Insurance revenue grew from $550.0 million to $610.0 million from Q2 last year to the same period in 2022.
Meanwhile, Underwriting & rating revenue was up 12.8% to $437.8 million, while Energy and Specialized Markets revenue was down 17.7% to $133.5 million and Financial Services was down 92.1% to $2.8 million.
Together this resulted in Verisk’s Q2 revenues remaining stable at $746.3 million.
For the six-month period, Insurance revenues grew 10.2% to $1,196.4 million, ultimately helping Verisk to grow its overall Revenues by 3.3% to $1,521.8 million over H1.
Net income increased 28.4% during Q2 this year, mainly owing to a lower tax provision versus the prior year period.
“I am pleased to share that Verisk delivered solid financial results, marked by OCC subscription revenue growth of 6.9% when normalized for the Russian impact, and continued to make progress on the business portfolio mix and EBITDA margin objectives during the second quarter,” said CEO Lee Shavel.
“I am more energized than ever about the opportunity that Verisk has to advance our position as the trusted technology partner for the industries we serve and create long-term value for our shareholders, customers and employees,” he added.
David Grover, interim CFO, also commented: “Verisk delivered organic constant currency revenue growth of 5.9% and organic constant currency adjusted EBITDA growth of 5.7%, adjusting for the impact of the suspension of Russian operations. We also delivered margin expansion through cost discipline while continuing to invest in our technological transformation and our people.”
