Ardonagh Group (Ardonagh), the UK’s largest independent insurance distribution platform and a top 20 broker globally, has released its financial results for the 12 months to December 31, 2021 (FY21) – and it seems the group has made progress despite navigating a challenging environment brought on by the COVID-19 pandemic, Brexit, and other factors.
For FY21, Ardonagh’s reported income jumped by 32.5% to £945.8 million, underpinned by 7.3% organic growth. Additionally, Ardonagh International saw eight-fold income growth during the same period – from £22 million in 2020 to £188 million pro forma income.
The group’s adjusted EBITDA increased by 42.4% from £223.7 million to £318.5 million. Meanwhile, its pro forma for contractually committed acquisitions and cost savings income was £1.2 billion and adjusted EBITDA £418.7 million.
In December 2021, Ardonagh was valued at $7.5 billion as part of a significant new equity investment led by existing long-term shareholders MDP and HPS Investment Partners.
“Once again, the Ardonagh Group has made exceptional progress in strengthening its position as a leading international insurance intermediary business, successfully managed a number of challenges emerging from the external environment, furthered its contribution to the societies and communities which we live and work in, and improved its financial performance,” said chairman John Tiner.
Ardonagh also grew during FY21 through acquisitions, including those of Ed Broking Group and Besso Insurance in November 2021, creating the largest independent London market broker.
Commenting on the expansion through acquisitions, Ardonagh CEO David Ross said: “2021 was also a defining year because of the transformational acquisitions we made to expand our model internationally.
“Throughout our platforms, supporting our colleagues remains a top priority. We invest heavily in training and development [and] in women in leadership initiatives and are focused on mental and physical wellbeing as our work practices have changed.”
Ardonagh has an ambitious growth strategy over the next several years, with its 2021 performance laying the foundations for its plans.
“We enter 2022 with strength and an abundance of opportunity to consolidate our base in the UK and Ireland, forge new connections across the globe, and deepen connections with each other,” Ross said.
