According to the firm, the high rate of organic revenue growth was driven by new client wins, expanded relationships with existing clients, continued E&S market expansion, and revenue from acquisitions completed in the fourth quarter of 2021.
Net income for the quarter totaled $70.1 million, a 10.6% increase over the previous year's quarter of $63.4 million. According to Ryan Specialty Group, the increase is primarily due to strong year-over-year growth.
Furthermore, adjusted net income increased 15.4% to $106.4 million in the second quarter of 2022, compared to $92.3 million in the prior-year period, while adjusted net income margin was 21.7%, compared to 23.7% in the prior-year period.
At the same time, Adjusted EBITDAC increased 18.2% to $166.1 million from $140.5 million in the previous year's same period.
The company's organic revenue growth rate guidance range for the full year 2022 is now 16.5% - 18.0%, up from 13.5% - 15.5% previously.
And the company's adjusted EBITDAC margin guidance range is now 29.0% - 30.0%, up from 28.5% - 30.0% previously.
"Our second-quarter performance demonstrated the strength and dependability of our differentiated business model once again." "I am pleased with our strong results, and we have a long runway ahead of us," said Patrick G. Ryan, Founder, Chairman, and CEO of Ryan Specialty.
"We delivered another quarter of exceptional revenue growth, led by 22.3% organic growth." Our teammates continue to outperform by developing new products and solutions and winning significant new business. We remain confident that our demonstrated ability to execute will enable us to generate strong long-term profitability and outperform across economic cycles."