In operational terms, the group’s Australian Broking division continued to do the heavy lifting, with underlying net profit before tax up 11.4% to AU$73.4 million. AUB pointed to organic and bolt-on acquisition growth, with the most telling operational indicator being that average commission and fee income per client increased 7.8% – evidence that, even as rate rises moderate in some classes, brokers with strong client retention and coverage optimisation capability can still expand yield per client through advice, program design, mid-term adjustments and ancillary fees.