Steadfast Group, Australasia’s largest general insurance broking network, has announced its financial results for FY23. A market release described the figures as the Group’s “tenth consecutive record underlying result.”
Underlying revenue was nearly A$1.5 billion, up by more than 24%. Net profit after tax (NPAT) was A$207 million, up by about 22%.
The release said the Group’s network of more than 420 brokerages delivered 12.8% of gross written premium (GWP) growth.
“Our enduring long-term strategy and quality team have enabled us to report the tenth consecutive record underlying earnings since listing in 2013,” said CEO Robert Kelly (pictured above). “The FY23 result is at the top end of our upgraded earnings range advised in February 2023.”
Kelly said underlying earnings growth was driven by sustained organic growth from price and volume increases in the Group’s insurance broking and underwriting agencies and acquisitions made over the last two years.
“We outlaid A$574.2 million on EPS accretive acquisitions, including the major acquisition of Insurance Brands Australia,” said Kelly.
The firm’s broker network, said the release, also achieved “record” gross written premium (GWP) of A$11.6 billion for the year.
“Our brokers increased volumes over FY22 and experienced further premium price rate increases from our strategic partners,” said Kelly.
Steadfast Underwriting Agencies “continue to perform strongly,” said the release, generating A$2.1 billion of GWP, up more than 16 % on FY22.
The release said the Group’s balance sheet “remains well positioned” and has nearly A$380 million of unutilised capacity available to fund acquisitions.
