Steadfast Group (SDF) Investor Update summary

Executive summary

• Steadfast Group continues to deliver strong organic and acquisition-driven growth, with a focus on margin optimisation and operational excellence across its broker networks and underwriting agencies.

• QIB Group, an 82.5% owned subsidiary, has acquired 18 businesses since 2021, growing revenue from $22.3m in FY21 to a forecast $85m by FY25 and GWP from $102m to over $520m.

• The group’s broker network now spans 1,975 offices across Australia, New Zealand, and Asia, with AU$12.9b GWP in CY24 and a diversified insurer and product mix.

• International expansion is accelerating, with the acquisition of ISU Steadfast in the US and HWS Specialty in London, both performing ahead of expectations and providing new growth platforms.

• Technology and data analytics remain core to Steadfast’s strategy, enabling a contestable digital marketplace and driving operational efficiencies and superior broker/client service.

Financial and operational highlights

• QIB Group has achieved a 5x increase in GWP and 4x revenue growth since FY21, with a 35.5% EBITA margin in FY24.

• The Steadfast Network’s market share in Australian intermediated general insurance has grown at a 13.7% CAGR from FY15–FY24, outpacing the broader market.

• Product and insurer mix is diversified, with base premium up ~7% in 1H25 and strong growth in commercial motor, construction, and rural/farm lines.

• The MGA portfolio is highly diversified, with Steadfast Underwriting Agencies now equivalent to the 6th largest Australian insurer by GWP.

• ISU Steadfast in the US and HWS Specialty in London are delivering strong revenue and network growth, with ISU Steadfast now the third largest US agency network by member revenue.

Strategic initiatives and priorities

• Margin improvement and operational excellence are driven by benchmarking, best practice sharing, and a decentralised owner-operator model.

• Integration of Network Insurance Group and Insurance House is expected to deliver $100m revenue, $800m GWP, and margin uplift through operational synergies.

• International strategy focuses on network growth, market access, technology solutions, and targeted acquisitions in the US and UK.

• Ongoing investment in people, technology, and data analytics underpins Steadfast’s competitive advantage and supports future growth.

• Strata business review completed, with enhanced governance, compliance, and disclosure practices implemented across specialist subsidiaries.