Verisk, a global data analytics and technology provider, has reported an increase in its consolidated and organic constant currency (OCC) revenues in the second quarter of 2024, with growth contributions from both underwriting and claims within Insurance.
Consolidated revenues were $717 million, up 6.2% from the $675 million reported in Q2 2023. On an OCC basis revenues were up 6.0%.
Underwriting revenues increased 6.2%, to $508 million, in Q2 2024 and 6.0% on an OCC basis. This growth was mainly due to Verisk’s forms, rules and loss cost services and extreme event solutions, the firm noted.
Specialty business and life solutions also contributed to the growth.
At the same time, claims revenues grew 6.3% in the quarter and 5.8% on an OCC basis. This was primarily due to growth in the firm’s anti-fraud solutions and property estimating solutions.
Income from continuing operations was $308 million, up 50.7% for the second quarter of 2024. Adjusted EBITDA, a non-GAAP measure, was $397 million, up 8.8%, and up 8.5% on an OCC basis.
Lee Shavel, president and CEO, Verisk, said: “Our second quarter financial results reflect the strength of our subscription-based model and cost discipline.
“In an increasingly dynamic environment, our clients have a growing appreciation for Verisk’s ability to help them move faster and increase accuracy through intelligent automation. We remain energised about the opportunity ahead, our ability to capitalise on it and drive long-term value for our clients and shareholders alike.”
Elizabeth Mann, CFO, Verisk, commented: “Verisk delivered 6.0% OCC revenue growth, with 8.3% subscription growth, partially offset by a difficult comparison for the transactional revenues. Our strong operating leverage and cost discipline led to 8.5% OCC adjusted EBITDA growth and 15.2% adjusted EPS growth.
“We continue to invest our strong free cash flow in future growth opportunities while also returning capital to shareholders through dividends and repurchases.”
