4Q23 quarterly business update
- 4Q23 quarterly business update
Today Insignia Financial Ltd (ASX: IFL) provided a quarterly update for the three months ended 30 June 2023 (4Q23), announcing it has delivered positive net inflows for the full financial year and is executing important strategic initiatives to continue to simplify the business and improve growth momentum.
Insignia Financial CEO, Renato Mota, said, “Since completing the acquisition of MLC in May 2021, our priority has been the safe and timely integration of MLC and the creation of Insignia Financial. This has resulted in the accelerated delivery of benefits aligned to management’s original 3-year plan.
“The 2024 financial year represents the final year of the 3-year horizon, and we are today announcing a series of additional initiatives in support of growth beyond 2024.
“Against this backdrop, we saw continued momentum in flows delivering positive net inflows across both our Platform and Asset Management businesses, bringing full-year net inflows to $667 million on a continuing basis.”
Insignia Financial has, during the year, continued to add to its strong track-record of delivering on strategic initiatives, including accelerated synergy benefits realised ahead of the original 3-year plan.
These achievements now provide the opportunity for a strategic refresh, allowing Insignia Financial to prioritise and focus with greater clarity on unlocking the full opportunities of the MLC acquisition through finalising separation and integration, while focusing investment in its key areas of competitive advantage.
Underpinning Insignia Financial’s ambition of creating financial wellbeing for all Australians is a unique set of diversified business capabilities allowing it to create specific combinations of advice, platform, and asset management insights to deliver more affordable and accessible financial outcomes for clients across a spectrum of needs.
This has led to today’s announcements addressing key initiatives and opportunities in the below areas:
Read the full announcement.
1 Excludes JANA and Australian Executor Trustees