AUB Group Limited Annual Report 2023

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2023

8 INVESTMENT IN ASSOCIATES (CONTINUED) iii) The Group’s investment in associates ownership at balance date is as follows (continued):

2023 %

2022 %

New Zealand Broking BWRS (North Shore) Limited

36.1 36.1 50.0

44.7 44.7 44.7

Commercial and Rural Insurance Limited McDonald Everest Insurance Brokers Limited

Support Services BizCover Pty Ltd

40.7

40.6

Tysers Factory and Industrial Risk Managers (Pty) Ltd

40.0

–

Other information in respect of associated entities which carry on business directly or through controlled entities: a) T he principal activity of each associate is insurance broking or agency business except The Procare Group Pty Ltd which offers investigation, and loss adjusting services. b) There have been nil impairments relating to the investment in associates during the current year or previous year. c) A ll associates, including unit trusts, were incorporated, or established in Australia, except for associates owned by AUB Group NZ Limited, which is a controlled entity incorporated in New Zealand, and associates owned by Tysers Insurance Brokers Limited which is a controlled entity incorporated in the UK d) The following associates are considered material to the Group as at 30 June 2023: – BizCover is a commercial online insurance platform that allows SME clients to compare quotes from insurance providers and purchase a variety of insurance products, including public liability, professional indemnity and business insurance. The carrying value at 30 June 2023 is $129.49m (2022: $131.68m); and – MGA Management Services Pty Limited provides insurance agent and broker services for a range of insurance types including commercial insurance, personal insurance and specialised insurance. The carrying value at 30 June 2023 is $26.80m (2022: $25.00m).

2023 $’000

2022 $’000

Revenue

176,639

198,886

Operating profits before income tax

56,588 (6,230) 50,358 (14,668) 35,690

58,853 (6,800) 52,053 (13,000) 39,053

Amortisation of intangibles Net profit before income tax

Income tax expense

Share of associates' net profits

AUB GROUP ANNUAL REPORT 2023

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