Insignia announces 59% increase in profits

financial results

26 August 2022
| By Staff |
image
image
expand image

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.”

Read more about:

AUTHOR

 

Recommended for you

 

MARKET INSIGHTS

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

Chris Cornish

By having trustees supervise client directed payments from their pension funds, Stephen Jones and the federal Labor gove...

5 hours 45 minutes ago
Chris Cornish

Now we now the size of Stephen Jones' CSOLR tax, I doubt anyone will be employer any new financial adviser from this poi...

5 hours 50 minutes ago
JOHN GILLIES

Amazing ! Between the beginning of licencing Feb 2002 and 2008 this was a very good stable industry.Then the do-gooders...

1 day ago

AustralianSuper and Australian Retirement Trust have posted the financial results for the 2022–23 financial year for their combined 5.3 million members....

10 months 1 week ago

A $34 billion fund has come out on top with a 13.3 per cent return in the last 12 months, beating out mega funds like Australian Retirement Trust and Aware Super. ...

10 months ago

The verdict in the class action case against AMP Financial Planning has been delivered in the Federal Court by Justice Moshinsky....

10 months 1 week ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND