AUB Group has provided a brief investor update flagging continued strong performance with less than two months to go in the financial year.

The broking group says “favourable trading momentum” has led it to adjust its earnings guidance for the year to June 30.

Its previous earnings forecast, made in February, had underlying net profit after tax at $161-$171 million. It now expects to be “towards the top end” of the range. The updated guidance is based on assumptions including no interest rate rises or cuts in key locations where the business operates.

AUB made a first-half underlying net profit of $70.2 million, up from $46.7 million a year earlier. All divisions recorded stronger results, led by its main Australian broking business, which posted a 10% rise in underlying revenue to $274.8 million.

“Our good old fundamental core engine, Australian broking, continues to motor along [and] BizCover remains a quality business operating at tremendous margins with lots and lots of opportunities ... more opportunities than we originally envisaged,” CEO Michael Emmett said at a first-half earnings call in February.

BizCover’s underlying revenue gained 14.7% to $43.1 million. AUB’s other divisions, agencies and New Zealand, reported underlying revenue rises of 45.4% to $84.6 million and 37.3% to $40.8 million respectively.

From Insurance News magazine: The big insurers are pulling in profits again, while the top brokers look set for a strong year. We round up the results