FY2022 Highlights

30 Jan 2023

We delivered another year of exceptional financial performance in 2022, doubling our revenue to over £2bn in just 12 months on a pro forma basis. We successfully raised £2.9bn of fresh capital over the course of 2022 from long-term equity and debt holders, underlining existing investors’ commitment to Howden’s growth strategy. Our differentiated capital model, blending employee ownership with long-term institutional shareholders continues to provide the business with opportunity, strength and sustainability.

We completed 31 acquisitions in 2022, transforming our position in key markets: notably Assiteca, forming the third largest broker in Italy with 20 offices. The completion of Aston Lark builds on the A-Plan acquisition and takes total investment in the UK to £2bn in the last 24 months. Align in the US has redefined the reach and access of our MGA business, creating an international MGA group with over £2.2bn GWP. Completing TigerRisk post year-end creates a brand new tier one reinsurance broker, and consolidates our position as a $30bn GWP global insurance intermediary.

Including M&A, headcount increased by over 4,000 in 2022, and we now employ a total of 13,000 people across 45 countries. It is our ability to attract, develop and empower talent that is the real driving force behind these results.

1,000 new employees joined as additional shareholders in 2022 giving a total of 3,500 with a total stake of 35% in the business. We now rank as the fifth largest employee-owned business in the UK. The Howden Group Foundation continues to be a significant shareholder in our business, distributing over £1.2m to its global charity partners in 2022.

As we enter 2023, the macroeconomic and geopolitical challenges many of our clients faced in 2022 are set to continue, but in these conditions, we believe insurance can deliver the greatest value and act as a force for good for our clients and broader society.

Financial highlights
  • Group revenue of £1,841m (2021 £1,148m), an increase of 60%
  • Adjusted consolidated EBITDA up 69% to £565m (2021: £335m)
  • 19% organic growth - driven by new client wins and fresh talent joining the Group
  • EBITDA margin of 31%
  • 31 strategic acquisitions completed in 2022, including Align, Aston Lark and Assiteca
  • Revenue pro forma for the completed acquisition of TigerRisk and the signed acquisition of March R.S. is £2,036m, and EBITDA £648m