Steadfast Group delivers strong results for fiscal year 2024

Steadfast Group has released its financial year 2024 results and has seen strong growth. Underlying net profit after tax (NPAT) was AUS$252.2 million, up almost 22%, and underlying revenue was approximately AUS$1.7 billion, up almost 19%.

Steadfast is the largest network of insurance brokers and agencies in Australia and New Zealand, expanding its operations in Asia, Europe and the United States.

“This is extraordinary,” CEO Robert Kelly (pictured above) said during an earnings presentation on Thursday morning.

Kelly said the results were “a consequence of the strategic execution of our proven business model.”

He credits the successful year to his management team, strong trading performance by equity-owned businesses, acquisitions and “continued price increases by insurers”.

GWP Broker Now Has $13 Billion

The firm’s Australasian brokerage network saw gross written premium (GWP) increase by more than 12% to A$13 billion.

“The increase in revenues translated into an excellent increase in underlying EBITA (earnings before interest, tax, depreciation and amortization) of 19.6% for stockbrokers,” the market release said.

Agencies are doing well

The release said Steadfast’s insurance agencies “continued to perform strongly”, generating A$2.3 billion in pre-tax profit, an increase of more than 13% compared to fiscal 2023.

Acquisitions in the USA

During the year, Steadfast made 48 “profit-enhancing investments” worth more than A$450 million. The release said this included the acquisition of ISU Group, a network of independent agencies in the US, and Sure Insurance.

The Steadfast board has announced a fully covered final dividend of 10.35 cents per share (cps), an increase of 15%.