Steadfast’s strong FY24 results
Steadfast’s strong FY24 results | Insurance Business New Zealand
Insurance News
Steadfast’s strong FY24 results
Net profit up 22%
Insurance News
By
Daniel Wood
Steadfast Group has released its FY24 results and reported strong growth. Underlying net profit after tax (NPAT) was AUS$252.2 million, up nearly 22% with underlying revenue of about AUS$1.7 billion, up almost 19%.
Steadfast is the largest general insurance broker and agency network in Australia and New Zealand, with growing operations in Asia, Europe and United States.
“This is outstanding,” said CEO Robert Kelly (pictured above) at the results presentation on Thursday morning.
Kelly said the performance was “the consequence of the strategic execution of our proven business model.”
He attributed the successful year to his executive team, a strong trading performance of equity-owned businesses, acquisitions and “continued price increases by insurers.”
Broker GWP now $13 billion
The firm’s Australasian network of brokers delivered an increase in gross written premium (GWP) of more than 12% to AUS$13 billion.
“Revenue growth resulted in excellent underlying EBITA [earnings before interest, tax and amortization] growth of 19.6% from equity brokers,” said the market release.
Agencies doing well
The release said Steadfast’s underwriting agencies “continued to perform strongly” generating AUS$2.3 billion of GWP an increase of more than 13% on FY23.
US acquisitions
During the year, Steadfast completed 48 “earnings accretive investments” costing more than AUS$450 million. The release said this included the acquisition of ISU Group, a network of independent agencies in the US and the underwriting agency, Sure Insurance.
The Steadfast board announced a fully franked final dividend of 10.35 cents per share (cps), up 15%.
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