Ryan Specialty reveals Q4, full-year results

Ryan Specialty Holdings, an international specialty insurance firm, has announced its earnings results for the fourth quarter of 2022.

Fourth quarter highlights include:

Revenue grew 14.9% year over year to $435 million, up from $378.5 million in the prior-year period
Organic revenue growth rate was 10.3% for the quarter, compared to 15.4% in the prior-year period
Net income grew 54.6% year over year to $45.8 million, up from $29.6 million in the same period the prior year. Diluted earnings per share were $0.14
Adjusted earnings before interest, taxes, depreciation, amortization and COVID (EBITDAC) increased 5.8% to $127.3 million, up from $120.3 million in the same period the prior year
Adjusted EBITDAC margin was 29.3%, down from 31.8% in the prior-year period
Adjusted net income fell 4.1% to $73.8 million, down from $77 million in the prior-year period
Adjusted diluted earnings per share fell 6.9% to $0.27, down from $0.29 in the prior-year period

Highlights for the full year 2022 included:

Total revenue grew 20.4% year over year to $1.7 billion, up from $1.4 billion in 2021
Organic revenue growth rate was 16.4%, down from 22.4% the prior year
Net income grew 188.3% year over year to $163.3 million, up from $56.6 million in 2021
Adjusted EBITDAC increased 12.4% to $517.4 million, up from $460.2 million in the prior year
Adjusted EBITDAC margin was 30%, down from 32.1% in 2021
Adjusted net income rose 7.55 to $312 million, up from $290.1 million the prior year
Adjusted diluted earnings per share increased 6.5% to $1.15, up from $1.08 the prior year

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“The Ryan Specialty team ended 2022 on a strong note, as another quarter of double-digit organic growth enabled us to generate 16% organic revenue growth for the full year, an outstanding accomplishment considering the progressively challenging macro environment throughout the year,” said Patrick G. Ryan, founder, chairman and CEO of Ryan Specialty. “This performance is continued validation of our differentiated business model and the strong execution from our world-class teammates throughout the year on behalf of our clients. As we look ahead to 2023, we see clear opportunities to invest in our business and optimize our operations to create additional efficiencies and enhance our platform in order to capitalize on growth opportunities while accelerating margins in the mid-to-long term. We remain well-positioned with our strong balance sheet and E&S focus to continue expanding our market share, generating profitable growth and delivering long-term value for our investors.”

Ryan Specialty continued to grow in 2022. In April, the company struck a deal with Nationwide for access to additional capacity to support alternative risk placement.

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