The Ardonagh Group (‘Ardonagh’ or the ‘Group’) today announces its financial results for the 12 months ending 31 December 2025.
Financial highlights
- Pro forma income of $2.9 billion and Pro forma Adjusted EBITDA of $1.1 billion, including completed and committed acquisitions to 19 March 2026, together with annualised growth and savings initiatives.
- Reported income rose by 20.4% and Reported Adjusted EBITDA grew by 24.8%, with Reported Adjusted EBITDA margin growth of 130bps to 35.7%, all vs. comparable period prior year.
- Organic income growth of +4% on a constant currency basis.
- 95 acquisitions completed during the year, across multiple geographies, including the acquisition of Groupe Leader Insurance in France and further expansion of our presence in Spain, New Zealand and Hong Kong.
Group highlights
- Completed $2.5 billion equity investment led by Stone Point Capital at an enterprise valuation of $14 billion.
- Continued stability through strong investment and diversified portfolio, executed via five regional platforms; UK Advisory, Europe, Envest in APAC, MDS in Latin America and Rest of World, and Specialty.
- Ardonagh today publishes its 2025 Sustainability Report detailing progress and a diverse range of achievements against our sustainability charter and showcasing our long‑term technology strategy, including the development of AI‑driven broking tools that support smarter, faster decision‑making for clients.
- Launched new pan-European MGA, Orvia Underwriting creating a single platform to combine a number of Ardonagh-owned MGAs across the London and European markets.
Group Chief Executive Officer David Ross commented: “In the eight years since Ardonagh launched we’ve seen income grow ten-fold positioning us as a top 15 global insurance broker. We’ve done that whilst achieving market-leading profitability. Now at the end of 2025 our platforms for Asia Pacific, Europe, UK and London are all the same size or bigger than Ardonagh when it launched in 2017, with LATAM more than half of that figure.”
“The ambition and talent, the technology and data, the expertise and experience, the collaboration and client focus. Doing the basics brilliantly as well as thinking outside the box is ultimately what got us to where we are today – it’s what we know drives the most value for clients, colleagues and shareholders alike.”
“Our footprint means we can take advantage of previous good investment decisions. We diversified and tooled up extremely well in the previous cycle and are match-fit to forge through the market evolutions and turmoil unfolding around the world.”
Group Chairman John Tiner commented: “In 2025, we completed a further 95 deals, of which 93 were outside of the UK, including entry into the French market and expanding our footprint in Australia, Spain, New Zealand and Hong Kong. The shape of the Group now reflects a truly global presence, with over 40% of colleagues and 65% of income derived from outside the UK.”
“Our continued strong income and EBITDA growth is the result of strong long-term investment decisions and our ability as a Group to adapt and pivot to market conditions.”
“Ardonagh is underpinned by an entrepreneurial spirit shared by all our businesses. This spirit is the foundation on which Ardonagh was built and what continues to make our business competitive in a challenging market landscape.”
ENDS
1) Reported result which includes acquisitions and disposals from the completion date.
2) “Adjusted EBITDA” or “Adj. EBITDA”; defined as EBITDA after adding back discontinued operations, restructuring costs, Transformational Hires, Business Transformation Costs, Legacy Costs and Other Costs, regulatory costs, acquisition and financing costs, profit/loss on disposal of businesses or investments, share of operating profit/loss from associate, reduction/increase in the value of contingent consideration, as applicable. Adjusted EBITDA is stated before exceptional costs and one-off items as determined by management.
For more information, please contact media@ardonagh.com or investor.relations@ardonagh.com
NOTES TO EDITORS
THE ARDONAGH GROUP
The Ardonagh Group is one of the world’s largest independent insurance distribution platforms and a top 15 global broker. We are a collection of best-in-class entrepreneurial and specialist brands with a combined workforce of over 12,000 colleagues and a network spanning 250+ locations in more than 30 countries. Across our portfolio, we offer a highly diversified range of insurance-related products and services across the full insurance value chain globally. From complex multinational corporations to individuals purchasing personal insurance policies, our understanding of the communities we serve, together with our scale and breadth, allows us to work with our insurer partners to deliver a broad range of product and risk solutions that meet customer needs.