Steadfast Group, Australasia’s largest general insurance broking network has announced its FY22 results. The firm delivered an impressive 29.3% increase in net profits after tax (NPAT) or A$171.6 million.
“I am pleased to report another year of excellent Steadfast Group earnings with our FY22 underlying net profit after tax at the top end of our upgraded guidance range advised in February 2022,” said CEO Robert Kelly (pictured above).
Steadfast also announced the acquisition of Insurance Brands Australia (IBA). According to the market release, IBA is one of Australia’s largest privately owned insurance distribution businesses focused on the SME sector. The acquisition price was quoted as up to A$301 million.
The Group’s fully franked total dividend was 13.0 cps, up 14.0%, according to the release.
Kelly remarked that his firm has now produced consistently strong increases in profits in each year since listing in 2013.
“The Steadfast Network delivered record gross written premium (GWP) of A$11.1 billion in FY22, growth of 13.1%,” he said. “Our brokers increased volumes over FY22 and experienced further premium price rate increases from our strategic partners.”
The firm also announced that it completed A$552m of EPS accretive acquisitions.
In February, when Steadfast announced its results for the year ending December 31 2021, the group delivered an impressive 26.4% increase in net profits with underlying revenue up by A$520 million.
Steadfast was established in 1996 and its network provides services to broker businesses across Australia, New Zealand and also Asia and London.