Insignia announces 59% increase in profits
Insignia Financial has announced a 59% increase in its underlying net profit after tax (UNPAT) to $234.5 million in FY22.
In its annual results to the ASX, Insignia also announced a $3.1 billion uplift in platform flows, a 102.8% increase in gross margin to $1.48 billion, and net profit after tax (NPAT) of $36.8 billion for the year ended 30 June 2022.
“We delivered strong financial outcomes from the disciplined execution of our strategic platforms, and particularly from realising the benefits of the MLC acquisition,” said Renato Mota, CEO at Insignia.
“The strong flows into our scalable, proprietary Evolve platform underscore the competitiveness of the product set,” he added. “We have seen continued improvement in the contemporary priced MLC book, as well as stabilisation of pension & investment (P&I) flows, which follows action on strategic product initiatives.”
In terms of Insignia’s advice business, Mota said the firm is committed to “reshaping” an affordable and accessible offering across the advice spectrum.
“We are focused on expanding the capability of technology to shape client experience and drive personalisation, while pursuing the opportunity to reach Australians who do not currently receive financial advice,” he said.
“We believe innovation and technology will help us work towards delivering advice across various digital channels,” he added. “This includes leveraging our proprietary Wealth Central technology to enhance the client and adviser experience, streamline the advice process, and increase the productivity of face-to-face engagement.”