Australia's Steadfast Group, which has a growing presence in Singapore, has posted another set of rising half-year earnings that will be closely watched across the insurance industry, with the giant broker network pointing to continued premium momentum, steady organic growth and a pipeline of acquisitions that could further reshape competitive dynamics for brokers, insurers and underwriting agencies.
For the six months to December 31 the ASX-listed group reported underlying NPATA up 6.3% to $161.5 million (all figures in Australian dollars), underlying NPAT up 7.3% to $137.5 million and underlying EBITA up 12.6% to $293.6 million. Revenue climbed 14.6% to $1.01 billion, while the interim dividend rose 5.1% to 8.2 cents per share - figures that reinforce Steadfast’s status as a juggernaut in the distribution ecosystem and a bellwether for broker-channel economics.
“The 1H26 results continued our record of strong growth in revenue and profit and reflects a strong underlying business and the group’s resilient and adaptable business model,” said CEO Robert Kelly (pictured).
The results land just a day after Steadfast confirmed Kelly has told the board he intends to retire as managing director and CEO, with a successor expected to be announced by the release of the FY26 results in August 2026. A Spencer Stuart-led search is under way and the company has flagged that Kelly is intended to remain on the board and transition to a non-executive director role, subject to election at the next AGM.
That leadership changeover follows a turbulent period last year, when Kelly temporarily stepped aside amid an external investigation into a workplace complaint - an episode that Steadfast has previously said was handled under confidentiality and procedural fairness, but which nonetheless put governance and culture under an unusually bright spotlight for the broker network.
A further signal of renewal is emerging in finance leadership. After long-serving CFO Stephen Humphrys retired effective August 31, 2025, Steadfast had installed group financial controller Hannah Lee as acting CFO while it conducted a search. The company has now confirmed Lee’s promotion to chief financial officer, giving investors and the broker market a clearer line of sight on stewardship of capital allocation, acquisition integration and the group’s cost and technology agendas.
For brokers, the headline number that matters most is premium volume. Steadfast said it achieved $12 billion in gross written premium (GWP) in Australasian broking and $3 billion in underwriting agencies, with Australasian broker network GWP growing 4.4% to $6.4 billion. This is meaningful not just as a measure of distribution scale, but because it strengthens the group’s negotiating position on placement, product access and insurer relationships at a time when carrier appetites are still shifting by class.
Yet the half also highlights why scale alone is not the full story for broker networks in 2026. In underwriting agencies - where profitability can be more sensitive to claims trends, capacity conditions and underwriting discipline - Steadfast reported GWP up 3% to $1.2 billion, while EBITA edged down 0.2% to $112.7 million. That modest dip, despite higher GWP, is a reminder that underwriting agency earnings can face headwinds even in a growing market, and that “growth” is not automatically synonymous with “operating leverage” across every segment.
Steadfast’s international businesses, meanwhile, posted a sharp step-up in net revenue to $56.4 million, up 220.5%, helped by acquisitions and strong performance in specialty lines, including a contribution from Novum Underwriting Partners, acquired in August 2025, which the group said produced more than US$140 million in GWP and 60% organic growth. In a market where global specialty capacity and delegated authority models are evolving rapidly, that international expansion is likely to interest both Australian broker principals looking for cross-border capability and insurers assessing who controls access to specialty placement.
The results also underscore the ongoing consolidation cycle in broking and adjacent services. Steadfast said it completed $238.9 million in acquisitions in 1H26, with a further $195 million planned for 2H26. For the broker market, that signals continued competition for quality assets, but also suggests more “step-ups” and bolt-ons as principals weigh succession, perpetuation and the economics of remaining independent versus joining a larger network.
At the same time, Steadfast is doubling down on technology as a structural lever - arguably the most strategically significant theme for brokers beyond the raw earnings print. The group’s focus on integrating data and workflow tools, including the SCTP platform and its “Insurebot” automation, points to an ambition to shorten quote-to-bind times, reduce frictional cost and create stickier broker-to-network engagement. If executed well, these tools could shift how smaller and mid-sized brokerages compete: away from manual processing capacity and toward customer advice and niche expertise, supported by network-scale systems.
The financial question, however, is whether technology investment and acquisition integration can translate into sustained margin improvement while preserving broker autonomy - an ongoing balancing act for any network aggregating hundreds of businesses. Steadfast’s free cash flow of $34.7 million for the half provides some support for future investment, but it is not a “blank cheque” in a world where platforms, compliance expectations and cyber resilience all demand spend.
Steadfast has reaffirmed FY26 guidance for underlying NPATA of $365 million to $375 million and flagged expectations of a 2-3% lift in Australian premium pricing. If that pricing trend holds, it may continue to support top-line momentum for brokers. The bigger significance for the industry could be what sits behind the numbers: an increasingly consolidated, technology-enabled broker channel now navigating a high-profile CEO succession and with a scale of doing business that's central to how general insurance is distributed across Australasia.
