AUB Group, the Australasian network of insurance brokerages and underwriting agencies, has released its 1H24 results. Among stand-outs in the results: the performance of the firm’s New Zealand Broking division and Agency business.
According to an ASX announcement, the firm’s underlying net profit after tax (NPAT) was A$70.2 million, up from A$46.7 million last year.
AUB Group CEO Michael Emmett (pictured above) specifically acknowledged his firm’s agency and New Zealand teams.
“These, along with the strong performance in Australian Broking and BizCover, have ensured that these AUB Group results are some of our strongest ever,” said Emmett. “I’d also like to acknowledge the Tysers team and some of the recent additions to our International Businesses.”
According to the announcement, underlying pre-tax profit for AUB Group’s agency business increased by 102.3% to A$24.9mn.
The release also said the firm’s New Zealand Broking division’s underlying pre-tax profit increased by 128.7% to A$10.9 million.
The Australian Broking business “delivered revenue growth and margin expansion from ongoing network optimisation, disciplined acquisitions and enhanced broker propositions,” said the release.
Underlying pre-tax profit for this broking business during the period increased by about 18 % to more than A$59 million.
The announcement said underlying pre-tax profit from Tysers, the Lloyd’s wholesale broker, was more than $38 million.
AUB Group bought Tysers in late 2022.
