PSC Insurance Group announces full-year financial results
PSC Insurance Group announces full-year financial results | Insurance Business New Zealand
Insurance News
PSC Insurance Group announces full-year financial results
Revenues soar for the company
Insurance News
By
Roxanne Libatique
PSC Insurance Group (PSC), based in Melbourne, has released its financial results for the full year ending June 30, 2023 (FY23).
For FY23, PSC reported the following:
underlying revenue rose by 17% to $298.6 million;
underlying EBITDA increased by 19% to $111.0 million;
underlying NPATA jumped by 23% to $78.4 million; and
EPS grew by 15% to 22.2 CPS.
PSC strengthens position in global insurance market
For FY23, PSC cemented its position in several markets and laid a solid foundation in certain segments of the global insurance market, according to its literature. It also established an insurance trading platform, APEX.
“[APEX] is the system that we have developed and will continue building to drive improvements for our clients and for our brokers. We had delayed the development of this platform, believing that when it became appropriate for us to make that move, we could do so cost effectively and in a manner that ensured the system was flexible enough to shift and be reshaped as the industry changes and opportunities appear,” PSC said in its statement. “We are delighted that this is what has now been possible. Our platform allows insurers to compete in a way that other platforms preclude, and that is an enormous advantage to our clients, and we believe that ultimately, providing the best possible outcome to clients, achieves the best result for us.”
Acquisitions and appointments
PSC expanded its presence across the globe during FY23 through several acquisitions, including Eldin Risk Partners and Ensurance.
The insurance giant also made several leadership changes, including the appointment of Pat Miller, who moved to the UK. Meanwhile, Ben Goodall took on the role of head of broking in Australia.
“We are looking forward to another successful year in financial year 2024, given our approach remains the same. That is, to ensure we help our clients build their prosperity, and we remain a rewarding place to work,” PSC said.
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