Australia’s AUB Group appoints Former NAB CFO Gary Lennon
Synopsis
AUB Group has appointed former National Australia Bank CFO Gary Lennon as an independent Non-Executive Director effective May 12, 2026. The move comes as insurance brokers continue expanding through acquisitions and partnerships. AUB Group recently reported FY2025 revenue of AUD 1.17 billion and operates businesses across multiple international insurance markets.
AUB Group appointed former NAB CFO Gary Lennon as director after reporting higher FY2025 revenue and profit amid continued consolidation across insurance broking and underwriting markets internationally.
Key Highlights
- AUB Group appointed former NAB CFO Gary Lennon as Non-Executive Director effective May 12, 2026.
- The company reported FY2025 revenue growth of 11.7% to AUD 1.17 billion.
- Insurance broking firms continue expanding through acquisitions and equity partnership deals.
- AUB Group operates across Australia, New Zealand, Ireland, UK and North America.
AUB Group has appointed former National Australia Bank chief financial officer, Gary Lennon, as an independent Non-Executive Director, effective May 12, 2026, as acquisition activity across the insurance broking sector continues to reshape the market.
Gary Lennon spent 15 years at NAB, including seven years as Group CFO, before retiring in 2023. His appointment adds banking and financial management experience to the AUB Group board at a time when insurance brokers are facing higher compliance costs, acquisition competition and rising premium volumes.
Board Appointment Follows Strong FY2025 Results
The AUB Group appointment comes after the company reported FY2025 revenue of AUD 1.17 billion, up 11.7% from a year earlier, according to company financial disclosures.
Underlying net profit after tax exceeded AUD 200 million, while statutory profit rose 31% to AUD 180 million. Gross written premium across the group reached approximately AUD 11 billion during the financial year.
AUB Group operates insurance broking, underwriting agencies and risk services businesses across Australia, New Zealand, Ireland, the United Kingdom and North America. The company has nearly 580 offices globally and services more than 1.2 million clients.
Insurance Brokers Face Changing Market Conditions
The insurance broking sector has seen continued consolidation over the past two years as firms pursue scale through acquisitions and equity partnerships.
According to the National Insurance Brokers Association, brokers now place more than 70% of commercial insurance premiums across Australia.
Broking groups have also faced pressure from rising reinsurance costs and higher catastrophe-related claims linked to severe weather events.
Industry reports from Marsh and Aon have shown commercial insurance pricing remained elevated across several business categories during 2025.
AUB Group has continued expanding through acquisitions and minority investments in broker businesses. The company said growth in FY2025 was supported by both organic revenue increases and completed deals across its agencies and international divisions.
Lennon Brings Banking and Governance Experience
Before becoming NAB CFO in 2016, Lennon held senior finance and strategy positions within the bank. He has also served on the boards of Transurban Group and Bank of New Zealand.
The appointment adds another senior banking executive to the financial services sector, as listed insurance and wealth management firms continue strengthening board oversight and capital management experience.
FAQs
Q1. Who is Gary Lennon?
Gary Lennon is the former Chief Financial Officer of National Australia Bank, where he worked for 15 years before retiring in 2023.
Q2. What role will Gary Lennon hold at AUB Group?
Gary Lennon has been appointed as an independent Non-Executive Director at AUB Group from May 12, 2026.
Q3. What does AUB Group do?
AUB Group operates insurance broking, underwriting and risk advisory businesses across multiple international markets.
Q4. Why is the AUB Group appointment significant?
The appointment comes as insurance broking firms continue expanding through acquisitions and sector consolidation.
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Pooja Malik is a business journalist with over six years of experience covering startups, entrepreneurship, and emerging trends. She has previously worked with leading media platforms such as YourStory Media and BW BusinessWorld, where she reported on business, policy, and market developments. Currently, she serves as Editor at The Inspirepreneur Magazine, where she writes and edits stories across business, lifestyle, and travel, with a focus on clarity, accuracy, and reader relevance.
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