Full Year 2024 Insignia Financial Ltd Earnings Call Transcript
Key Points
- Strong growth in underlying net profit after tax (UNPAT), up 13.6%, driven by a net reduction in operating costs of $24 million.
- Successful completion of several key strategic initiatives, including the largest single wrap migration in the Australian platform industry.
- Improved cost to income ratio from 75% to under 73%, with plans to further reduce costs.
- Positive net flows in workplace segments, indicating sustained organic growth.
- Strong performance in MySuper default options, with three options achieving top 10 performance over one year in the SuperRating SR50 MySuper survey.
- Net profit after tax (NPAT) adversely affected by transformation costs and provisions related to remediation of legacy issues.
- No final dividend paid this year, which may disappoint shareholders.
- Decline in asset management revenue by 6.1% due to divestments and reduced private equity investment fees.
- Cautious outlook on medium-term trajectory of advice flows due to expected one-off losses and historic divestments.
- Significant statutory losses of $185.3 million, driven by remediation expenses and transformation costs.
Good day, and thank you for standing by, and welcome to Insignia Financial's full-year 2024 results conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, General Manager of Market, Andrew Ehlich. Please go ahead.
Thank you. Good morning, everyone. Welcome to Insignia Financial's FY24 results announcement for the 12 months ended June 30, 2024. My name is Andrew Ehlich, General Manager of Capital Markets.
I want to begin this morning by acknowledging the traditional custodians of the lands on which we meet. In the spirit of reconciliation, Insignia Financial acknowledges the traditional custodians of country throughout Australia and their connections to land, sea, and community. We pay our respects to elders, past, and present and extend that respect to all Aboriginal and Torres Strait Islander peoples today.
Presenting today we have Scott Hartley, Chief
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