The Adelaïde Group announces sustained turnover growth of over 9% in 2022
Jacques Verlingue, Chairman, Gilles Bénéplanc, Chief Executive Officer and Benjamin Verlingue, Deputy Chief Executive Officer of the Adelaïde Group presented this morning the Group’s results and highlights for 2022:
• €338 million in turnover, i.e. +9.3% (*) growth, ahead of the objectives of the IMPACT 24 strategic plan
• Acceleration of Verlingue’s international expansion
• Strong organic growth of Génération
• Appointment of Anne-Jacques de Dinechin as Chief Executive Officer of Verlingue as of 15 May 2023
• Confirmation that Benjamin Verlingue will become Chairman of the Group in 2024
For 2022, the Adelaïde Group maintains a strong performance above its objectives
The Adelaïde Group has achieved a combined turnover of €338 million in 2022, representing a growth of 9.3%. In ten years, this turnover has tripled. These results, which outperform the targets set, are in line with its strategic ambition of achieving a turnover of more than €400 million by the end of the IMPACT 24 Plan.
“In a consolidating industry, being a family-owned broker with an ambitious and long-term vision allows us to pursue strong growth, combining sustainability and profitability. We are very proud of these results, which highlight the dedication of our teams and the sustainability and performance of our model,” states Jacques Verlingue, Chairman of the Adelaïde Group.
Verlingue, the brokerage company specialising in corporate protection, achieved an aggregate turnover of €239 million this year, up 8.6%, of which 6% was organic growth. At the same time, the broker continued its external growth strategy with two new acquisitions, Depeyre in France and RT Global Insurance in Portugal.
This momentum illustrates a genuine move upmarket in large risks, recognised by customers and the industry, which ranked Verlingue second in the latest Satisfaction Risks Managers – Major Property and Casualty Brokers ranking.
Génération, which specialises in the management of healthcare and personal protection benefits, is stepping up its momentum with a 13.8% growth rate compared to 2021, reaching €86 million in turnover. The broker is also continuing to move upmarket with key accounts: Génération works with 20% of CAC40 companies and 12% of French SMEs. In this respect, in 2022, more than 2.2 million people were covered for health insurance and 950,000 employees for personal protection. In addition, the development of the individual branch is also off to a promising start with more than 130,000 subscribers under management.
Finally, Cocoon, which specialises in the distribution of healthcare insurance products to private individuals, has confirmed its position within the group with a stable turnover of €14 million in 2022. By focusing on supporting individual life projects, particularly among seniors, Cocoon intends to demonstrate the relevance of its digital and ethical development model.
“2022 confirms that the Adelaïde Group’s development is dynamic and controlled in line with the 2024 strategic plan, based on both organic growth, which is the Group’s DNA, and on acquisitions. The improvement in our results goes hand in hand with our desire to offer our customers even more added value,” says Gilles Bénéplanc, CEO of the Adelaïde Group.
Adelaïde reaffirms its ambition to become a leading broker in Europe through its family-owned and independent model
The Adelaïde Group is implementing this European ambition through strong organic growth and targeted acquisitions. Verlingue is strengthening its international position with more than 400 employees outside France and an international turnover share of 29%.
Verlingue has made five acquisitions in five years (in Switzerland, France, the United Kingdom and Portugal) and intends to accelerate this momentum in new geographical areas and new business lines.
“These results reflect the Adelaïde Group’s commitment to its European strategy. We are an independent, family-owned company and we want to keep it that way, safeguarding our identity and know-how while expanding across France and abroad, being ambitious while offering an alternative compared to more global or finance-led names.
We hope to continue to build on this momentum by helping to consolidate the market through new acquisitions in new countries as opportunities arise,” explains Benjamin Verlingue, Deputy CEO of the Adelaïde Group.
Controlled change in governance and ambitious recruitment for development
The excellent results for 2022 also support the business plan of the group, which is celebrating its 90th anniversary this year and continues to rely on shared trust.
In 2024, the group’s governance will evolve as Benjamin Verlingue will take over from Jacques Verlingue as Chairman. This handover, which is outlined in the strategic plan, is part of the continuity and the desire to preserve the group’s spirit of independence and innovation. Benjamin Verlingue, who already holds the position of Deputy CEO, will lead the Adelaïde Group’s strategy with the ambition of continuing to accelerate the diversification and geographical expansion of its activities.
In this context, the Adelaïde Group announces the appointment of Anne-Jacques de Dinechin as CEO of Verlingue. Reporting to Gilles Bénéplanc, his main mission will be to manage Verlingue in France and internationally, with the aim of pursuing the development of profitable growth in each of its business segments (see press release Appointment – Adelaïde dated 5 April 2023).
With more than 2,200 employees today, Adelaïde aims to recruit 300 new employees in 2023 with a variety of profiles, in particular through a firm commitment to work-study programmes, with around 50 positions opened. The Group intends to continue to develop training, integration, and development policies to help its employees fulfilment.
At the same time, the Group has launched the Adelaïde Leaders Program in 2022, which provides innovative support for the Group’s high profiles, and is launching its first international class in 2023.
(*): growth based on proforma 2021 turnover
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