CHICAGO - Ryan Specialty Holdings, Inc. (NYSE: RYAN), an international specialty insurance organization, announced its financial results for the fourth quarter ending December 31, 2023, displaying a significant year-over-year growth in revenue and net income.
The company reported a 22.5% increase in total revenue for the fourth quarter, reaching $532.9 million, up from $435.0 million in the prior-year period. Organic revenue growth was also strong at 16.0%. Net income saw a 27.8% rise to $58.5 million, compared to $45.8 million in the same period last year. Adjusted EBITDAC, a measure of profitability, grew by 24.6% to $158.6 million, and the adjusted EBITDAC margin was slightly higher at 29.8%.
For the full year of 2023, Ryan Specialty's revenue grew 20.4% to $2,077.5 million, with organic revenue growth at 15.0%. The full-year net income increased by 19.1% to $194.5 million. Adjusted net income for the year also saw a healthy increase of 20.4%, reaching $375.6 million.
Patrick G. Ryan, Founder, Chairman, and CEO, expressed satisfaction with the company's performance, attributing the success to the business model, talent, innovative product development, and dedication to clients. He also emphasized the company's effective M&A strategy and announced the initiation of a quarterly cash dividend program, reflecting the board's confidence in sustainable growth and strong cash flow.
In addition to its financial achievements, Ryan Specialty declared a special cash dividend of $0.23 per share and a regular quarterly dividend of $0.11 per share, payable on March 27, 2024, to stockholders of record as of March 13, 2024.
Looking ahead, the company has set its full-year 2024 outlook with an organic revenue growth rate between 12.0% and 13.5% and an adjusted EBITDAC margin between 31.0% and 31.5%.
The information presented in this article is based on a press release statement from Ryan Specialty Holdings, Inc.
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