CPPGROUP PLC A pivotal year
CPPGroup Plc
Annual Report & Accounts 2022
A new phase for CPP Group
Our strategy is to migrate away from our declining Legacy operations to a product-led global InsurTech business, supported by our CPP India and CPP Turkey businesses. We are moving towards becoming a simpler business, with all units contributing to growth and improving returns
for shareholders.
We plan to:
Simplify the Group | Scale-up our Blink |
Parametric business |
Grow our operations | Addresscritical |
in India and Turkey | IT infrastructure |
Group overview | |||||||||||
Financial highlights | 1 | ||||||||||
Strategic report | |||||||||||
At a glance | 2 | ||||||||||
Strategic framework | 4 | ||||||||||
Investment case | 5 | ||||||||||
Chairman's statement | 6 | ||||||||||
Chief Executive Officer's statement | 8 | ||||||||||
Our business model | 13 | ||||||||||
Market trends | 14 | ||||||||||
Our strategic priorities | 16 | ||||||||||
Core business review | 18 | ||||||||||
Key performance indicators | 23 | ||||||||||
Chief Financial Officer's report | 24 | ||||||||||
ESG | 30 | ||||||||||
Risk management and principal risks | 32 | ||||||||||
Section 172(1) statement . | 36 | ||||||||||
Corporate governance | |||||||||||
Board of Directors & | |||||||||||
Company Secretary . | 38 | ||||||||||
Corporate Governance Report | 40 | ||||||||||
Report of the Nomination Committee | 44 | ||||||||||
Report of the Audit Committee | 45 | ||||||||||
Directors' Remuneration Report | 47 | ||||||||||
Directors' Report | 50 | ||||||||||
Statement of Directors' responsibilities | 52 |
Financial statements
Independent Auditor's Report . 53 Consolidated income statement . 58 Consolidated statement of comprehensive income 59 Balance sheets . 60 Consolidated statement of changes
in equity 61 Company statement of changes in equity 62 Consolidated cash flow statement 63 Notes to the financial statements 64 Glossary 100 Company offices 102 Shareholder information 103
Read more about CPP Group on our website
corporate.cppgroup.com
We have a big agenda ahead but strategic priorities unite us and set us up to be more competitive and relevant for tomorrow's customers and their needs.
Financial highlights
- resilient performance
Group overview
Revenue
£169.8m
+19%
22 £169.8m
21 £142.8m
20 £135.6m
EBITDA1
£6.9m
-5%
22 £6.9m
21 £7.2m
20 £6.0m
Revenue from Core operations
£154.3m
+25%
22 £154.3m
21 £123.2m
20 £112.3m
EBITDA from Core operations
£5.0m
+20%
22 £5.0m
21 £4.1m
20 £2.3m
Profit before tax1
£2.4m
-43%
22 £2.4m
21 £4.3m
20 £1.3m
Net funds
£16.3m
-1%
22 £16.3m
21 £16.4m
20 £15.3m
1. 2021 EBITDA and profit before tax include a one-time benefit of £1.1 million from the release of a commission provision in the UK.
All figures are for continuing operations only with 2020 and 2021 comparatives restated to reflect Mexico as a discontinued operation. Refer to note 15 on page 82.
APM glossary on page 100
CPPGroup Plc Annual Report & Accounts 2022 | 1 |
At a glance
Making bad days better
Everyday life can be challenging, complex, and fast paced. We provide products and services that help make bad days better through simplifying complexities and removing hassle when something goes wrong.
We offer a range of products and services within six product categories
My Travel
Parametric solutions if consumers' flights are cancelled, delayed or if their luggage is lost.
Parametric Flight Disruption Parametric Lost Luggage
My Digital Life
Safeguarding consumers' identities through the monitoring of online personal data, combined with practical, specialist support.
Dark Web Monitoring
Identity Protection
Mobile Payments Protection
My Tech
Keeping consumers connected and protected through theft and damage insurance and anti-virus software for phone and gadgets.
Phone and Gadget Insurance
My Home
Looking after homes through preventative maintenance services, extended warranties for appliances, home emergency assistance, combined with entertainment features.
Extended Warranty
Home Emergency
My Health
Utilising technology to provide access to health check assessments, online doctor consultations and discounted medical, pharmacy, optician and dentistry services, supported with life and critical illness insurance.
LivCare
My Finances
Immediate assistance and financial protection to protect payment cards and mobile banking.
Card Protection
ATM Protection
Our partners
Our propositions are distributed through our partners to help them stay a step ahead. Giving them differentiation, customer loyalty and enhancing the value of their own products.
2 CPPGroup Plc Annual Report & Accounts 2022
Our Core businesses
We have taken steps to simplify the CPP Group portfolio and now focus on three Core growth businesses.
Blink Parametric (Blink)
An award-winning, global InsurTech business, focused on delivering differentiated 'white- label' technology-led services to the travel sector. All products leverage a mix of consumer and big global data sets to deliver real-time protection and resolution services.
Blink offers the potential for a value-accretive third pillar for CPP, with its scalable, higher margin technology-led products. The business is currently focused on realising its strong pipeline in North America, Asia and Europe, and building its travel sector propositions before addressing new product opportunities.
Strategic report
- Policy sales that included a Blink service.
- On a constant currency basis.
India
Customers1 | Revenue |
0.8m | £0.5m |
(+251%) | (+39%)2 |
EBITDA | Distribution partners |
£(0.4)m | 10 |
India distributes its products and services primarily to major non-banking financial companies. Its strength comes from designing products at a local market level and partnering with third parties to create propositions that local partners value. This market also includes our interest in Globiva, a leading business process management (BPM) company.
The business will continue with its successful local market strategy, focused on providing digital, low-cost innovative product and service solutions to a growing distributor base, enabled by a new technology platform that will widen product and distribution capability.
Customers | Revenue |
9.8m | £150.6m |
(+2%) | (+20%)2 |
EBITDA | Distribution partners |
£8.0m | 9 |
Turkey
A multi-partner,multi-product business with a growing reputation for new generation, real-time assistance and micro-insurance products to its distribution customers.
CPP Turkey will follow an organic-led strategy focused on providing innovative products, entrenching relationships and winning new partners in the mobile, digital and financial services sectors, thereby providing a diverse mix of revenues despite economic turbulence.
Customers | Revenue |
1.1m | £3.2m |
(+27%) | (+42%)2 |
EBITDA | Distribution partners |
£0.7m | 19 |
CPPGroup Plc Annual Report & Accounts 2022 | 3 |
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
CPP Group plc published this content on 31 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 April 2023 09:26:02 UTC.
