Verisk Analytics Reports Diverse Growth and Strong Q3 2024 Results

Verisk Analytics reported strong Q3 2024 growth with a 7.0% increase in consolidated revenues to $725 million. Income from continuing operations rose by 17.4% to $220 million, while diluted GAAP earnings per share increased by 19.4%. Adjusted EBITDA reached $401 million, a 9.4% increase, and free cash flow grew by 22.9% to $241 million. The insurance sector experienced significant revenue growth, with insurance revenue up 7.0%. The company maintained its commitment to shareholder returns through dividends and a $400 million share repurchase.

Verisk Analytics, a leading data analytics and software provider, reported impressive financial results for the third quarter of 2024. The company experienced a 7.0% increase in consolidated revenues to $725 million compared to the same period last year. This growth was driven primarily by the insurance sector, which saw revenue growth of 7.0% [1].

Income from continuing operations rose by 17.4% to $220 million, while diluted GAAP earnings per share increased by 19.4% to $2.16 [1]. Adjusted EBITDA reached $401 million, a 9.4% increase, and free cash flow grew by 22.9% to $241 million [1].

The insurance sector's strong performance was highlighted by the company's commitment to shareholder returns. Verisk Analytics maintained its dividend payout and announced a $400 million share repurchase program [1].

Verisk Analytics' financial performance is consistent with the broader trend of the insurance industry. According to a report by Statista, the global insurance industry is expected to grow from $5.5 trillion in 2020 to $7.4 trillion by 2025, with a compound annual growth rate (CAGR) of 6.2% [2].

The company's success can be attributed to its focus on data analytics and software solutions. Verisk Analytics' offerings help insurers manage risk, improve underwriting, and enhance the customer experience [1].

In conclusion, Verisk Analytics' strong Q3 2024 financial results demonstrate the company's commitment to growth and its ability to capitalize on the growing demand for insurance industry data analytics and software solutions.

References:
[1] Verisk Analytics. (2024, October 21). Verisk Reports Third Quarter 2024 Financial Results. https://www.verisk.com/company/newsroom/verisk-reports-third-quarter-2024-financial-results/
[2] Statista. (2022). Global insurance industry size and growth. https://www.statista.com/topics/66/insurance/industry-statistics/