Insurance and analytics provider Verisk reported revenue growth of 10.9% in its Insurance segment, offsetting lower revenue in other business segments.
Insurance revenue increased from $550.0 million to $610.0 million from the second quarter of last year to the same period in 2022.
Meanwhile, underwriting and ratings revenue rose 12.8% to $437.8 million, while energy and specialty markets revenue fell 17.7% to $133.5 million. and financial services fell 92.1% to $2.8 million.
Combined, this helped Verisk’s second-quarter revenue to hold steady at $746.3 million.
For the six-month period, Insurance revenue increased 10.2% to $1,196.4 million, ultimately helping Verisk increase overall revenue by 3.3% to $1,521.8 million during the first semester.
Net profit increased by 28.4% in the second quarter of this year, mainly due to a lower tax provision than in the prior year period.
“I am pleased to share that Verisk delivered strong financial results, marked by OCC subscription revenue growth of 6.9% when normalized for Russian impact, and continued to make progress on the mix of business portfolio and EBITDA margin targets during the second quarter,” said CEO Lee Shavel.
“I am more motivated than ever by the opportunity for Verisk to advance our position as a trusted technology partner for the industries we serve and to create long-term value for our shareholders, customers and employees,” said he added.
David Grover, Interim Chief Financial Officer, also commented: “Verisk delivered constant currency organic revenue growth of 5.9% and constant currency adjusted EBITDA organic growth of 5.7%, taking into account the impact of the suspension of operations in Russia. We also increased our margins through cost discipline while continuing to invest in our technology transformation and our people. »