Steadfast reports “sustained” organic growth and acquisitions

Steadfast reports “sustained” organic growth and acquisitions | Insurance Business Australia

Insurance News

Steadfast reports “sustained” organic growth and acquisitions

Brokerage giant’s 1H24 results are out

Insurance News

By
Daniel Wood

Steadfast Group, Australasia’s largest insurance broking network, has wrapped up an investor presentation after releasing its 1H24 financial results.

“Once again, our underlying earnings growth for the half year was driven by sustained organic growth from higher prices from insurers and volume increases in the Group’s insurance broking and underwriting agencies and continued delivery of our acquisition strategy,” said CEO Robert Kelly (pictured above).

The firm’s market release reported underlying revenue of more than $790 million, up nearly 20%. Net profit after tax (NPAT) was just over $100 million, compared to $84.7 million last year.

Kelly said the acquisition of Sure Insurance had complimented the existing portfolio.

“This acquisition, together with our Trapped Capital acquisitions made during the half year, further enhances Steadfast Group,” he said.

The CEO said the firm’s “US expansion strategy” is progressing well with the acquisition of ISU Group.

“Excellent” results from equity brokers

The release said Steadfast’s broking network delivered gross written premium (GWP) growth of more than 14%, an increase to $6.3 billion in 1H24 “on a like for like basis.” EBITA growth of 23% from equity brokers was described as “excellent.”

Steadfast’s underwriting agencies provided GWP of more than $1 billion with “sustained organic growth,” said the release.