The Ardonagh Group – the UK brokerage with majority investment in Australian authorised representative network Resilium Insurance Broking, and the name behind Resilium Partners and Ethos Broking Australia – has published its 66-page report to investors for the nine months ended September 30, 2021.
According to the document seen by Insurance Business, here’s how Ardonagh performed in the first three quarters of the year:
|
Metric |
Results for 9M 2021 |
Results for 9M 2020 |
|
Total income |
£675.7 million |
£519.5 million |
|
EBITDA |
£179 million |
£121.9 million |
|
Adjusted EBITDA |
£238.7 million |
£165.2 million |
|
Operating profit |
£91.6 million |
£44.5 million |
|
Loss for the period |
£42.1 million |
£133.2 million |
Ardonagh said EBITDA represents earnings after adding back finance costs, tax, depreciation, amortisation, impairment of non-financial assets, profit/loss on disposal of non-financial assets (except for right-of-use assets in the year of transition to IFRS 16), and foreign exchange movements. Adjusted EBITDA, meanwhile, includes management reconciling items.
The group – operations of which are split into Ardonagh Advisory, Ardonagh Retail, Ardonagh Specialty, and Ardonagh International – attributed the increase in its operating profit to the impact of acquisitions, organic growth, as well as the delivery of cost savings.
As for the company’s lower loss in the nine-month span, Ardonagh cited the improvement in the operating result and a reduction in financing costs as the main contributors. New borrowings issued last year allowed the business to repay existing ones and to fund acquisitions – facilitating the change in Ardonagh’s capital structure, operations, and liquidity.
“The group’s strong financial performance has again improved on all measurements,” said group chief executive David Ross. “Our focus this year on building out the specialty and international platforms has allowed us to harness global opportunities, backing ambitious specialist teams and businesses in high growth areas.
“The scale, support, and expertise of Ardonagh combined with trust and autonomy is a powerful driver of the organic growth we report today (November 17).”
Ross added: “We approach year-end as a truly global force with US$1.5 billion income, placing US$13 billion of insurance premium across the group and within our networks, and continuing to invest in the data and analytical capabilities to better serve our clients.”
