AUB Group announces full-year results, chair succession

AUB Group announces full-year results, chair succession | Insurance Business New Zealand

Insurance News

AUB Group announces full-year results, chair succession

Chief executive calls FY24 a “milestone year” for the firm

Insurance News

By
Terry Gangcuangco

AUB Group has published its financial results for the year ended June 30, 2024 (FY24) while also announcing an upcoming change with the company’s board leadership.

Here’s how AUB fared in FY24:

Operating division

FY24 underlying pre-tax profit

Change from FY23

Australian Broking

AU$120.2 million

Up 14.7%

BizCover

AU$15.1 million

Up 20.9%

Agencies

AU$55.4 million

Up 57.9%

New Zealand Broking

AU$22.7 million

Up 59.2%

Tysers / International

AU$96.8 million

(contributed for only nine months of FY23)

The group’s reported net profit after tax (or net profit after tax attributable to equity holders of the parent) amounted to AU$137.1 million, an increase from FY23’s AU$65.3 million. Its underlying net profit after tax, meanwhile, jumped to AU$171 million from AU$129.1 million.

Commenting on the numbers, chief executive and managing director Michael Emmett said: “Financial Year 2024 was a milestone year for AUB Group. The first full year of Tysers ownership, bolstered by other international investments, exceptional growth in our managing agencies division, and continued strong performance in Australia and New Zealand all contributed to outstanding results for our shareholders.

“In the past few months, we have rapidly expanded our scale and presence as a retail broker in the UK so that we can leverage our wholesale capabilities and build on our successful retail experiences in Australia and New Zealand. With our talented team and diverse portfolio of businesses, we are well-positioned to capitalise on the many opportunities that lie ahead and are truly excited about what the future holds for AUB Group.”

Next board chair

On October 31, at the conclusion of AUB’s 2024 Annual General Meeting, David Clarke will retire as a non-executive director (NED) and chair of the AUB board. He will be succeeded by fellow NED Peter Harmer, whose credentials include top posts at IAG and Aon.

“It has been a great privilege to have worked with the board and high-quality executives over 10 years at AUB,” Clarke stated. “By every measure, the company has transformed over that period, with compound annual growth of 17% in underlying net profit after tax and 10.1% in EPS (earnings per share) over that period.

“I am deeply grateful for the support and collaboration of my fellow board members, our shareholders, the management team, and all of AUB’s partners and teams. I leave with confidence that AUB is in excellent hands, well-positioned for continued success.

“I am also delighted to have an individual of Peter’s calibre succeed me as chair. Peter’s extensive experience, expertise, and deep knowledge of the insurance and broking industry place him in an excellent position to succeed me and to guide AUB Group towards its future aspirations.”

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