Steadfast reports strong FY 2024 with $252.2m net profit & 22.7% EBITA growth

Australian insurance broking and distribution group Steadfast has revealed net profit after tax for the FY 2024 of $252.2 million, up 21.8% from 2023, while the firm’s underlying EBITA grew 22.7% to $528.5 million.

According to Steadfast, the EBITA increase in FY 2024 was driven by organic growth of 12.5%, fueled by continued premium increases by insurers and higher volume, along with acquisition growth, which contributed an additional 10.2%.

In FY 2024, Steadfast reportedly completed 48 earnings accretive investments for a total outlay of $457.8 million, including the acquisition of ISU Group, a network of independent agencies in the United States of America, and the underwriting agency, Sure Insurance.

Meanwhile, the firm’s underlying revenue for FY 2024 was $1,676.2 million, up 18.9% from 2023.

By segment, Steadfast Networks delivered a 12.1% increase in gross written premium, reaching $13 billion for FY 2024. Meanwhile, Steadfast Underwriting Agencies continued to perform strongly with sustained organic growth, generating $2.3 billion in GWP, an uplift of 13.4% over FY 2023.

Managing Director & CEO Robert Kelly commented, “I am pleased to report that FY24 continues our year-on-year record of accretive growth and profits since listing in August 2013.

“These results are the consequence of the strategic execution of our proven business model, the depth and strength of our executive team, strong trading performance of our equity-owned businesses, accretive acquisitions made during the year, continued price increases by insurers, and focus on organic growth within our businesses.”

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