Steadfast announces booming Profits

Steadfast has announced “strong revenue and earnings growth,” in its 2016 financial year results.

Robert Kelly, managing director and CEO of Steadfast, said that the business is “pleased with the solid performance” of Steadfast’s brokers and agencies as the business continues to diversify.

“The acquisitions made in FY15 overall are performing in line with expectations, with the two transformational agency acquisitions performing ahead of expectations,” Kelly said.

“Steadfast Underwriting Agencies now contribute 45% of our earnings, compared with 18% two years ago.”

The broker network saw gross written premium placed by Steadfast Network brokers rise by 4.2% to $4.5 billion while underlying revenue increase by 54% to $459.5 million, as NPATA grew 45% to $82m.

The GWP growth placed by brokers was “driven by organic growth and new brokers,” according to a release from the business as organic GWP growth was up 1.5% “due to relatively flat pricing and higher volumes,” the release continued.

GWP placed by Steadfast Underwriting Agencies hit $745 million, up 94% compared with FY15 thanks to the agency acquisitions of Calliden and QBE which have “transformed Steadfast Underwriting Agencies into the largest agency group in Australia.”

Kelly noted that two new strategic initiatives, Steadfast Client Trading Platform and Steadfast Underwriting Agencies London ‘super’ binder, have helped the Group over the past year and will “generate upside to our Network and to the Group’s profitability.”

For the coming year, Kelly said that while the market may continue to be flat, the Group expects good organic growth.

“Based on a continued flat pricing environment and no material acquisitions, we expect underlying NPATA of $85m to $90m for FY17,” Kelly continued.

“The majority of this expected growth is organic and includes projected returns from the two new strategic initiatives.”

Steadfast is a member group of Brokers throughout  Australia and Asia

Recommended Steadfast member Broker in Perth WA Western Australia

 Call  93688999

Central Insurance Brokers - Est: 1980

Steadfast share prices 

 

larger view - click here    - >  More about STEADFAST 





 Have you been to the Awesome 
ELIZABETH Quay
 Perth city foreshore lights up

 

newsflash report on Elizabeth Quay - click here




SPONSOR


Finance for short term commercial lending
WWW.QUECAPITAL.COM

Finance Brokers Welcome

Success Stories

 

 

Steadfast says Bobby Lehane shall be CEO of CHU

Steadfast Group Limited
Announced the appointment of  Bobby Lehane as CEO of CHU Underwriting Agencies (CHU), effective Wednesday, 1st April 2015.
 


Media release 18 March 2015


About CHU

CHU Underwriting Agencies Pty Ltd (CHU) created the very first strata insurance plan in Australia and started trading in Sydney in 1978. Today, more than 36 years on, CHU has grown to become recognised as the world’s leading strata insurance specialist, underwriting more than 135,000 schemes across Australia, America, United Arab Emirates, and the United Kingdom. 

But success didn’t happen overnight or by chance.  CHU has relied on long standing support from many in the industry and has in turn fostered active partnerships with managers, brokers, suppliers and organisations throughout Australia that represent the longer term interests of the strata industry.

 

About Steadfast
About Steadfast Group Steadfast, established in 1996, is the largest general insurance broking network and the largest underwriting agency group in Australasia. Our network provides services to over 300 insurance broker businesses across Australia, New Zealand and Singapore. Steadfast brokers and underwriting agencies generated annual billings of more than $5 billion for the 12 months ended 30 June 2014. Steadfast also operates as a co-owner and consolidator through its equity interests in a number of insurance broker businesses, underwriting agencies and other complementary businesses. For further information, please visit investor.steadfast.com.au