Steadfast has a record first half

Steadfast has announced a record first half in terms of gross written premium (GWP) placed by its network of brokers.

The firm announced that its brokers had placed $2.6bn worth of GWP in the first half up 8 per cent as underlying net profit after tax also rose by 8.4 per cent to $32.4m.

Robert Kelly, managing director and CEO of Steadfast said, “We reported a strong first half result driven by organic and acquisition growth across the group.”

Steadfast said that the growth of GWP placed by its brokers was driven by price increases alongside new brokers and ARs joining the network.

Fifteen new brokers joined the network in the first half of 2018, with the total number of brokers now standing at 376 across Australia, New Zealand and Singapore.

Steadfast Underwriting Agencies delivered GWP of $449m, up 16 per cent and another record for a half year period. However, statutory net profit after tax dropped by 10.9 per cent due to non-trading gains being lower than the prior corresponding period.

Steadfast Underwriting Agencies saw their results boosted by “price and volume increases” particularly in property and business lines alongside the addition of Axis Underwriting as part of the Whitbread acquisition in December 2017.

In New Zealand, GWP was up by 12 per cent to NZ$189m for the first half.

Looking ahead, Steadfast reaffirmed its FY18 guidance, which was increased following the Whitbread acquisition. The firm expects underlying net profit after tax for the full year between $72.5m and $77.5m.