PSC Insurance Group achieved stronger full-year results as its three main divisions including the UK business booked higher earnings.

Group-wide underlying earnings before interest, tax, depreciation and amortisation (EBITDA) rose 30% to $93.5 million from a year earlier, exceeding its $87-92 million forecast and underlying net profit surged 40% to $64 million, surpassing the $57-61 million guidance.

The business is anticipating this financial year to be better, forecasting underlying EBITDA of $105-110 million and underlying net profit in the $70-73 million range.

PSC says the business enjoyed organic growth of 13% on an EBITDA basis, which translates to about $9.6 million spread broadly across the three operating segments: Australia distribution, Australia agency and the UK.

Past acquisitions performing ahead of plan boosted PSC too, the business says.

“It’s a great result,” MD Tony Robinson told insuranceNEWS.com.au. He says the performance is “a product of [the] enormous amount of effort and hard work from the people in the business working to help their clients achieve great outcomes”.

The UK business – which also includes results of its significantly smaller-scale Hong Kong operations – had a successful year with about $1.25 billion in gross written premium (GWP) and underlying EBITDA rising to $39.1 million from $28.6 million.

The Australia distribution segment – comprising of insurance broking, including PSC Network Partners, life broking and workers’ comp consulting – achieved $950 million in GWP and improved its underlying EBITDA to $48.3 million from $39.7 million.

The Australia agency business – made up of underwriting agencies including Chase, Breeze, online travel and medical – recorded $130 million in GWP and about $11.1 million in underlying EBITDA, up from $6.8 million.

Looking ahead, PSC has signalled a change in acquisition strategy, especially in the UK where it has seen “eye watering levels” for some opportunities and chosen not to proceed.

Mr Robinson says future acquisitions similar to the Tysers joint investment may occur if the right opportunities come along. AUB announced in May it is buying UK-based Tysers for $880 million and has a non-binding agreement with PSC for it to own half of Tysers’ UK retail division as part of a 50/50 joint venture.

“We’ll look for some opportunities where there might be joint ventures but also we’ll focus on smaller acquisitions where the prices haven’t moved as much,” he told insuranceNEWS.com.au.