AUB Group says it aims to grow its Australian agencies and UK retail broking businesses after booking a double-digit rise in 2023-24 earnings.

The listed intermediary business announced last week it had launched Rubix Underwriting, its third commercial strata agency, after signing a binder agreement with Lloyd’s.

CEO and MD Michael Emmett also flagged plans to grow in the UK after its Tysers business performed in line with expectations.

“We delivered another year of revenue growth ... we expect another strong year of earnings growth,” Mr Emmett said, referring to overall company results.

Underlying net profit after tax rose 32.5% to $171 million last financial year, and underlying revenue grew 19.8% to $1.33 billion.

This financial year, AUB is aiming for underlying net profit after tax of $190-$200 million.

The Australian agencies division recorded more than $1 billion in premium and underlying profit before tax went up 57.9% to $55.4 million.

Mr Emmett said: “All components within the agency division performed very well. Our strata portfolio is also performing strongly, with existing strata agencies SUU and Longitude now complemented by the newly launched Rubix Underwriting, a commercial strata agency.”

The Tysers-led UK division posted a 14.1% rise in normalised earnings before interest and taxes to $99.4 million. The 2023-24 fiscal period marked the first full year of ownership of Tysers.

Mr Emmett says AUB has delivered a “step change” in its UK retail strategy, after last year announcing plans for a “significant” retail broking business in the country.

Tysers is a Lloyd’s wholesale broker with a retail business. AUB recently moved to expand its British retail presence, taking a 40% interest in Momentum Broker Solutions and announcing last week a deal to buy an 80% stake in broking business Movo Group.

“Together with our existing Tysers retail operations, these developments mean we now have a stake in a UK retail operation with more than 200 broking partner businesses placing in excess of £300 million ($579 million) in premium,” Mr Emmett said. “This provides AUB Group with substantial retail scale in the UK and significant opportunities for growth.”