Austbrokers: Interim result 2015

This insurance broker has been hit by lower premium prices, but it has acted swiftly to mitigate the pain.

Austbrokers’ interim result produced no surprises as the company recently announced a profit downgrade (see Austbrokers profit downgrade from 23 Jan 15 (Buy – $8.78). Underlying net profit fell 15% for the six months to December due to lower premium prices and one-off expenses related to recent acquisitions. Insurance premium prices fell by up to 30%, which reduced the commissions earned by the company’s insurance brokers.

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