2017 Annual results ... strong performance across the Group
14 March 2018
Charles Taylor achieved a solid overall financial performance in 2017, delivering significant revenue growth combined with steady growth in adjusted profits before tax and good growth in earnings. Statutory profits were down year on year, largely due the amortisation of intangible customer relationship assets following the acquisition of CEGA in 2016 and non-recurring costs relating to office closures and operational efficiency.
Charles Taylor made excellent progress in executing our strategy by growing our businesses organically and investing to expand our capabilities for global clients. These investments held back the underlying short-term growth in adjusted profit before tax, which otherwise would have been substantially higher, but are expected to deliver improved long-term growth for shareholders.
Investments have been made both to take forward our key strategic initiatives, whilst also improving the Group's underlying performance. These include:
Growing our core businesses:
- Growing InsureTech. The business has secured or has been selected as preferred provider for large and high-profile, multi-year contracts in Europe and Latin America.
- Developing our global property and casualty (P&C) loss adjusting capability with the creation of new teams, the expansion of existing teams and the opening of new offices in the UK, USA and Middle East.
- Securing significant new travel and medical assistance business wins from leading UK insurers, along with expanding our range of solutions utilised by clients.
Capturing new strategic opportunities:
- Acquiring Criterion Adjusters, a loss adjusting business focused on the UK high net worth insurance sectors.
- Strengthening our US TPA capability by acquiring Metro Risk Management, a workers' compensation insurance claims administrator.
- Acquiring the book of Zurich International life insurance bonds and integrated them into the Group's wholly-owned Isle of Man life insurer.
Click here to read the full results announcement.