extract from Ins Biz mag
Steadfast has announced solid growth for the first half of 2017
with GWP placed by its brokers rising 13% to $2.5 billion.
Underlying net profit after tax also rose 13%, to
$30 million, while statutory net profit after tax dipped 4% due to lower
non-trading gains.
The increase in GWP placed by Steadfast brokers was aided by the addition of five new brokers to the network and the first signs of pricing improvement in the key SME market.
“We are seeing the first signs of underwriters taking action to improve results and although early days, both the network and underwriting agencies benefited from a small degree of price improvement across our primarily SME customer base,” Robert Kelly, managing director and CEO of Steadfast, said.
Average policy price for Steadfast brokers rose by 1.7% compared to average prices in the second half of 2016.
Steadfast Underwriting Agencies announced $386 million GWP placed, up 2% compared with the first half of 2016.
Looking forward, the business reaffirmed its full year 2017 guidance of underlying net profit after tax of between $63 and $68 million.
Kelly noted that the business will continue to be on the look-out for the right acquisitions over the coming year.
“There continues to be a pipeline of acquisition opportunities and we remain, as ever, disciplined in our acquisition criteria and due diligence process,” Kelly continued.
The increase in GWP placed by Steadfast brokers was aided by the addition of five new brokers to the network and the first signs of pricing improvement in the key SME market.
“We are seeing the first signs of underwriters taking action to improve results and although early days, both the network and underwriting agencies benefited from a small degree of price improvement across our primarily SME customer base,” Robert Kelly, managing director and CEO of Steadfast, said.
Average policy price for Steadfast brokers rose by 1.7% compared to average prices in the second half of 2016.
Steadfast Underwriting Agencies announced $386 million GWP placed, up 2% compared with the first half of 2016.
Looking forward, the business reaffirmed its full year 2017 guidance of underlying net profit after tax of between $63 and $68 million.
Kelly noted that the business will continue to be on the look-out for the right acquisitions over the coming year.
“There continues to be a pipeline of acquisition opportunities and we remain, as ever, disciplined in our acquisition criteria and due diligence process,” Kelly continued.
Recommended Steadfast member Broker in Perth WA Western Australia
Call 93688999
Central Insurance Brokers - Est: 1980
We have been a Steadfast
shareholder member broker from the earliest days, now the
organisation has evolved to be Australasia’s
largest general insurance broker network
The features for clients ARE Substantial, the benefits for employees
ARE Significant and for the Industry it's Stability, an absolute Steadfast
winner and we're on board!
 |
| Founding Director Phill Smith - Linkedin Central Insurance Brokers, West Australia |
Central Insurance Brokers
is a WA Biz Achiever Est: 1980 and
is a WA Biz Achiever Est: 1980 and
Steadfast shareholder member
Protect your Assets with L.I.F.E. Managers at Central
L.I.F.E. Leadership, Integrity, Flexibility, Efficiency and without Flexibility, it's a L.I.E.
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