Three ASX financial stocks that outperformed benchmark index on YTD basis

July 10, 2023 06:04 PM AEST | By Sonal Goyal
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  • S&P/ ASX 200 has gained 0.91% on a year-to-date basis (till 10 July 2023), while S&P/ ASX Financials has dropped by 2.43%
  • The share price of AUB Group has increased by 30.84% this year
  • Washington H Soul Pattinson & Company’s share price has recorded a rise of 14.20% in 2023 to date

Australian financial sector index, S&P/ ASX 200 Financials (INDEXASX: XFJ) has underperformed the broader market index, S&P/ ASX 200 (INDEXASX: XJO) on a year-to-date basis through 10 July 2023 as of 3:15pm AEST . XFJ recorded a drop of 2.53% on a year-to-date basis, whereas the XJO increased by 0.83%. However, few ASX financial stocks have outperformed the benchmark index and reported a significant rise in its share price during this time frame. Shares like AUB Group Limited (ASX: AUB), Washington H. Soul Pattinson and Co. Limited (ASX: SOL) and Insurance Australia Group Limited (ASX: IAG) have outperformed the benchmark index by a wide margin this year so far.

Let’s have a look at the performance of these ASX financial stocks.

AUB Group Limited (ASX: AUB)

AUB Group is an Australian company, primarily manages insurance broking, risk management business and underwriting agency. The share price of AUB Group increased by 1.04% to AU$ 29.04 apiece on Monday at 3:57 PM AEST. On a year-to-date basis, the share price has increased by 30.84% and in a month, it has surged by 8.08%.

During the first half of the financial year 2023 (1HFY23), the company recorded an underlying NPAT of AU$46.7 million, net profit after tax of AU$0.4 million and underlying earnings per share of 48.18 cents per share. In FY23, the company expects to record UNPAT of AU$120 million to AU$124 million.

According to an ASX filing, AUB’s organic performance is driven by underlying margin expansion and revenue growth across all divisions. Also, Tysers and New Zealand recovery are performing ahead of expectation and optimisation of the Australian broking portfolio is on track.

Washington H Soul Pattinson & Company Limited (ASX: SOL or WHSP)

WHSP is an investment holding company with an uncorrelated and diversified portfolio of assets across different industries.

The shares of WHSP dropped 0.16% on 10 July at 3:59 PM AEST to trade at AU$30.97 per share. On a year-to-date basis, the share price has increased by 14.20% and within one month, it has dropped by 4.03%.

In 1HFY23, the company recorded a regular NPAT of AU$475.7 million, 38.4% higher than the previous corresponding period. Statutory NPAT grew by AU$ 1.1 billion to AU$453.0 million. According to the company’s update, since 1903, WHSP has not missed any dividend payments. In the last 20 years through 30 April 2023, WHSP shares have delivered a total return on investment of 1027%., representing a CAGR of 12.9% compared to the a CAGR of 9.2% delivered by the All Ords Accumulation Index in the same time frame.

Insurance Australia Group Limited (ASX: IAG)

Insurance Australia Group offers general insurance that includes personal and commercial insurance products. Today, the shares of Insurance Australia Group dropped by 0.17% to AU$ 5.72 per share at 3:59 PM AEST. On a year-to-date basis, the share price has increased by 22.75% and in a month, it has increased by 12.16%.

For 1HFY23 ending 31 December 2022, the company reported gross written premium (GWP) of AU$ 7.1 billion, net profit after tax of AU$ 468 million. Insurance profit grew by 24.1% and cash earnings increased by 26.7%.

Following the results of the first half and Auckland flood events, the company has updated its guidance for FY23. The company expects to report an insurance margin of 10%, compared to previous guidance of 14% to 16%. The expected GWP growth is approximately 10%.


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