"AUB Targets Expansion with New Agency and Growth in UK"

27 Aug, 2024

AUB Targets Expansion with New Agency and Growth in UK

AUB Group is set to expand its Australian agencies and UK retail broking businesses following a significant rise in earnings for the 2023-24 fiscal year. The company recently launched Rubix Underwriting, its third commercial strata agency, after securing a binder agreement with Lloyd’s. CEO and MD Michael Emmett highlighted plans for further growth in the UK, building on the successful performance of its Tysers business.

AUB Group reported a 32.5% increase in underlying net profit after tax, reaching $171 million, and a 19.8% rise in revenue to $1.33 billion. For the current financial year, the company targets an underlying net profit after tax of $190-$200 million. The Australian agencies division achieved over $1 billion in premiums, with a 57.9% increase in underlying profit before tax to $55.4 million.

In the UK, AUB's Tysers division saw a 14.1% rise in normalized earnings before interest and taxes to $99.4 million. AUB has enhanced its UK retail strategy by acquiring a 40% stake in Momentum Broker Solutions and an 80% stake in Movo Group. These moves, combined with Tysers' operations, provide AUB with a substantial presence in the UK retail market, positioning the company for significant growth opportunities.