Broker network Steadfast has reported a 13.6% rise in statutory net profit to $75.9 million for the year to June 30, powered by organic growth and contributions from acquisitions.
Underlying revenue surged 15.5% to $582.5 million and earnings before interest, tax and amortisation (EBITA) grew by the same margin to $165.6 million.
Acquisition growth increased 5.9% to $8.5 million on an underlying EBITA basis.
“I am pleased to report an excellent set of results driven by organic and acquisition growth across the group,” CEO Robert Kelly said.
“Our Steadfast Network brokers delivered record [gross written premium] again this year, driven by new brokers joining and mid-single-digit price increases by insurers.”
Gross written premium (GWP) grew 6% to $5.3 billion as the Steadfast Network enjoyed price and volume increases and new brokers joined.
Another 16 brokers joined the network, raising the total number to 377 – 324 of whom are in Australia.
The network made significant investments during the year, taking on 11 new equity holdings and increasing its stake in 12 brokers.
Steadfast Underwriting Agencies delivered an 18% jump in GWP to $914 million as a hardening market lifted revenue.
Property and business lines were particularly strong, buoyed by price, volume and acquisition growth.
Strong contributions came from Whitbread Insurance Group and Axis Underwriting, which were acquired last December for $100 million.
Statewide Insurance Brokers is a proud foundation member of Steadfast Group. Learn more here.
Article reproduced from Insurance News.