Crawford & Company unveils full-year financial results
Crawford & Company unveils full-year financial results | Insurance Business Canada
Claims
Crawford & Company unveils full-year financial results
CEO highlights strong year with leap in net income
Claims
By
Kenneth Araullo
Claims management specialist Crawford & Company has announced its financial outcomes for the fourth quarter ending December 31, 2023, alongside its annual results for the year.
Crawford & Company’s fourth quarter saw a slight increase in revenue due to foreign currency exchange rates, contributing an additional US$3.4 million or a 1% increase, making the revenues before reimbursements US$292.7 million. However, this marked a decrease of 9% from the fourth quarter of 2022. The net income attributable to shareholders, on a non-GAAP basis, totalled US$3.3 million in the fourth quarter of 2023, a decrease from US$11.4 million in the same period the previous year.
For the year 2023, excluding adjustments, Crawford & Company achieved consolidated revenues before reimbursements of US$1.280 billion, marking an 8% increase over 2022. The net income attributable to shareholders on a non-GAAP basis rose to US$47.0 million from US$33.4 million in 2022.
In terms of operational segments, North America loss adjusting reported a 10.3% decrease in fourth-quarter revenues to US$69.7 million from the previous year, but saw an annual increase of 10.5% to US$303.6 million. The operating earnings for this segment reflected a decrease in the fourth quarter but an overall increase for the year 2023.
International operations showed growth, with fourth-quarter revenues increasing by 9.9% to US$97.2 million and annual revenues up by 7.0% to US$382.4 million. This growth was partially attributed to the Van Dijk acquisition and showed an improvement in operating earnings from the previous year’s losses.
Rohit Verma, president and CEO of Crawford & Company, reflected on the year’s performance, emphasising the record-setting consolidated revenue and enhanced margin performance despite challenges such as benign weather activity affecting fourth-quarter revenues.
“2023 marked a momentous year of growth and margin expansion with operating earnings increasing 38% from 2022. As we move through 2024, I am optimistic about the prospects that lie ahead for our business, presenting ample opportunities to further enhance our brand presence and expand our market share,” Verma said.
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