Verisk Analytics, Inc. reported a revenue increase of 7.5% for the fiscal year ending December 31, 2024, reaching $2,881.7 million, compared to $2,681.4 million in 2023. The company's net income also rose significantly, amounting to $958.2 million, up from $614.6 million the previous year, resulting in a net income margin of 33.2%, compared to 22.9% in 2023. This growth in profitability was attributed to strong revenue performance and effective cost management, despite a slight increase in operating expenses.
The company experienced notable changes in its revenue streams, with underwriting revenue increasing by 7.0% to $2,024.3 million and claims revenue rising by 8.7% to $857.4 million. The growth was driven by enhancements in model content and the expansion of solutions offered to both new and existing customers. Verisk's recent acquisitions, including Rocket Enterprise Solutions GmbH, contributed an additional $7.4 million in net revenues, while organic growth accounted for a substantial portion of the increase.
Operationally, Verisk reported a headcount of 8,000 employees as of December 31, 2024, reflecting a strategic focus on expanding its workforce to support growth initiatives. The company also maintained a strong cash position, with cash and cash equivalents totaling $291.2 million. In terms of geographic reach, Verisk operates in 12 states in the U.S. and has 34 offices internationally, including locations in Europe and Asia, which support its global operations.
Looking ahead, Verisk anticipates continued growth driven by the demand for its data analytics solutions, particularly in the insurance sector. The company plans to invest in new technologies and expand its product offerings to enhance customer engagement and retention. Additionally, the recent reduction in interest rates is expected to stimulate demand for insurance products, further benefiting Verisk's business model. The company remains committed to maintaining its market position and exploring strategic acquisitions to bolster its service capabilities.
About Verisk Analytics, Inc.
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