AUSTRALIA – Austbrokers??? expansion leads to 20 percent profit growth

Austbrokers raised profit by 20 percent to AUD 25.64 million for H1 of 2012 from acquisitions in the underwriting agencies business and growth in the broking network.

 

The company says it expects underlying profit growth of 5-10 percent this year as its agency and broker operations expand. Revenue from ordinary activities rose 9.7 percent to AUD 125.43 million, while expenses were up 7 percent to AUD 88.25 million. “While premium rates increased during the year, the increases were largely confined to property classes, with liability rates either flat or slightly down, resulting in only moderate increases overall.