Steadfast Group has unveiled its fiscal year 2024 (FY24) results, showcasing a robust performance marked by substantial growth. The company reported an underlying net profit after tax (NPAT) of AUD 252.2 million, reflecting an impressive increase of nearly 22%. Additionally, underlying revenue surged to approximately AUD 1.7 billion, representing a nearly 19% rise.
As the leading general insurance broker and agency network across Australia and New Zealand, Steadfast has also expanded its operations into Asia, Europe, and the United States.
CEO Robert Kelly expressed enthusiasm about the results during a presentation on Thursday morning, describing the outcome as “outstanding.” He attributed the company’s success to the strategic implementation of its established business model.
Kelly credited the company’s achievements to his executive team, the strong performance of equity-owned businesses, strategic acquisitions, and “continued price increases by insurers.”
Brokerage GWP Reaches AUD 13 Billion
The Australasian network of Steadfast brokers reported a notable increase in gross written premium (GWP), rising over 12% to AUD 13 billion.
The market release highlighted that revenue growth translated into a remarkable 19.6% increase in underlying earnings before interest, tax, and amortization (EBITA) from equity brokers.
Agency Sector Thrives
Steadfast’s underwriting agencies continued their strong performance, generating AUD 2.3 billion in GWP, a growth of more than 13% compared to FY23.
Expansion Through US Acquisitions
Throughout the year, Steadfast completed 48 “earnings accretive investments,” totaling over AUD 450 million. Key acquisitions included ISU Group, a network of independent agencies in the US, and the underwriting agency, Sure Insurance.
In light of these results, the Steadfast board declared a fully franked final dividend of 10.35 cents per share (cps), marking a 15% increase.
