Steadfast Group's strong FY24 results

Steadfast Group released its FY24 results and reported strong growth. Underlying profit after tax (NPAT) was AUS$252.2 million, up about 22% on revenue of AUS$1.7 billion, up about 19%.

Steadfast is the largest insurance broker and agency network in Australia and New Zealand, with growing operations in Asia, Europe and the United States.

“This is very good,” said CEO Robert Kelly (pictured above) when the results were presented on Thursday morning.

Kelly said the performance was “a result of the strategic implementation of our proven business model.”

He attributed the successful year to his executive team, the commercial performance of equity-owned businesses, acquisitions and “continuing price increases by insurers.”

Broker GWP is now $13 billion

The firm's Australasian dealer network delivered an increase in gross written premium (GWP) of more than 12% to AUS$13 billion.

“Revenue growth led to underlying EBITA [earnings before interest, tax and amortization] growth of 19.6% for equity brokers,” said the market release.

Agencies are doing well

The release said Steadfast's underwriting organizations “continued to perform strongly” generating AUS$2.3 billion of GWP which is an increase of over 13% over FY23.

US purchases

During the year, Steadfast completed 48 “profitable investments” worth more than AUS$450 million. The release said this includes the acquisition of ISU Group, a network of US independent agencies and underwriting agency, Sure Insurance.

The Steadfast board paid a dividend of 10.35 cents per share, up 15%.