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AUB ‘strong momentum’ continues in first quarter 

AUB Group’s strong momentum has continued in the first quarter with “particularly pleasing” performance in agencies and New Zealand, CEO Mike Emmett has told the annual general meeting. 

“As a result, we reaffirm our full-year guidance provided earlier in the year,” Mr Emmett said this morning. 

The company is anticipating underlying net profit of $154-164 million, representing growth of 19.3-27% on the previous year, with assumptions including continued strong premium rate rises. 

Chairman David Clarke says the group’s strategic focus will be mainly a continuation of fiscal 2023 objectives, with a particular focus on New Zealand business performance, technology delivery and the successful integration of the Tysers acquisition, completed at the end of September last year. 

Mr Clarke says the transaction is designed to expand AUB’s role across the insurance broking value chain and increase its broker and client proposition by providing enhanced capacity and market access. 

“Since completion, the business has performed ahead of forecasts, with both revenue and profitability growing strongly,” he said. “A key driver has been AUB’s execution of cost reduction levers including optimising the operating and governance model.”  

In the agencies portfolio, opportunities are being explored to deliver increased capacity to existing binders as well as expanding capability into new segments via Tysers, he said. 

AUB today announced the appointment of Melanie Laing as a Director and Chair of the Remuneration and People Committee, with Robin Low retiring after almost 10 years on the board. 

Ms Laing was group executive HR at Commonwealth Bank of Australia, global head of people and culture at Origin Energy and has held senior HR roles with Unisys, Vodafone, Berkshire Hathaway’s General Re and Times Mirror, in Australia and overseas. 

Currently she is also on the boards of ASX-listed and US domiciled Keypath Education and Australian agricultural company Ridley Corporation.