Annual Report
Steadfast Group
2024
Purpose:
Together we strengthen the future of our people, businesses and the communities
we serve.
Vision:
Continually growing shareholder value by running market leading broker networks
and an underwriting agency group in our chosen geographies.
Mission:
Deliver valued and differentiated service to our customers and stakeholders by being
the market leader and innovator in insurance services and risk management.
Values:
Our corporate values resonate across all facets of our business.
Annual General Meeting
The Steadfast Group FY24 General Meeting will be held
on Friday, 1 November 2024. Steadfast will provide further
details with the Notice of the 2024 Annual General Meeting
to be released in September 2024.
Contents
Contents
02
Message from the Chair
04
Message from the Managing Director & CEO
07
Continued strong track record since listing on ASX
08
Message from the Chief Financial Officer
10
How we create value
12
Our business
20
Board of Directors
22
Senior Management Team
25
Environmental, Social and Governance
44
Directors’ Report
54
Remuneration Report
Steadfast Group Annual Report 2024 01
Message from the Chair
On behalf of my fellow Board Directors, I am pleased to report another record underlying net profit after tax (NPAT) for
the year ended 30 June 2024, making it the 11th consecutive increase since listing in 2013.
In summary, for the year ended 30 June 2024 the
Group delivered a 21.8% increase in underlying NPAT to
$252.2 million and underlying earnings per share increased
by 16.2% to 23.4 cents per share.
Statutory NPAT, which includes non-trading items, was
$228.0 million compared with $189.2 million for FY23.
Details of the non-trading items are included in the Directors
Report on page 46.
Dividend
The Board has declared a fully franked final dividend of 10.35
cents per share (cps), up 15.0% from the final dividend last
year. This takes the total dividend for FY24 to 17.1 cps (fully
franked), up 14.0% on FY23.
The Group's strong performance has delivered to
shareholders a total shareholder return (TSR) of 528%
since listing.
Accumulated total shareholder return (%)
IPO
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY24
0
150
300
450
600
02 Steadfast Group Annual Report 2024
Acquisitions
Steadfast Group continued its disciplined approach to
acquiring broker and underwriting agency businesses in
FY24. We 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.
The current acquisition pipeline is around $297 million,
which is in addition to the $83.4 million of acquisitions
already completed since the balance date. We are targeting
to complete $300 million of acquisitions in FY25 funded by
debt and free cash flow.
Capital management
The Group continues to adopt a conservative approach to
capital management to support its growth by acquisition. At
30 June 2024, our Group gearing ratio was 20.2% (excluding
premium funding) which is well within the Board-mandated
Group maximum of 30%. We consider a low level of gearing
is sensible given inflation and current uncertainties around
the world. In order to fund future corporate activities, at the
time of print, Steadfast can borrow a further $366 million
and still remain within the maximum gearing ratio of 30%
and maintain significant headroom in its debt covenants.
Governance
Steadfast Group is committed to strong and effective
corporate governance that is underpinned by our ethical
and responsible culture. Steadfast continues to adhere to
the corporate governance principles as set out by the ASX
Corporate Governance Council. Details of our governance
and risk management frameworks are available on our
investor website. I note another year in which there were no
material departures from these principles.
Executive remuneration
This year, the Board undertook independent benchmarking
of senior executives' remuneration against our peer group.
Our remuneration policy takes into account individual
performance, market conditions, retention of our quality
team, global competition for key staff and encouragement
to continue to outperform without increasing the risk profile
of the Group. Our short-term and long-term incentives
are aligned to the growth in shareholder value. The
Remuneration Report on pages 54 to 74 provides more
detail on our policy, the short- and long-term incentives and
the rewards for key executives for the financial year.
Thank you
On behalf of the Board, I would like to thank our highly
experienced and hard-working Managing Director & CEO,
Robert Kelly AM, and the Steadfast team for delivering
another record result for our shareholders as well as
continuing to provide quality products and services to our
Network brokers and other stakeholders.
Our continuing growth would not have been possible
without our Steadfast Network brokers, Steadfast
Underwriting Agencies, our complementary businesses and
the loyalty of their clients.
I would like to welcome Andrew Bloore to the Steadfast
Group Board. Andrew has over 35 years of experience in
the Australian superannuation administration, insurance and
technology sectors.
I would also like to extend my gratitude to my fellow
Board Directors who continue to be focused on driving
increased shareholder value, supporting the Steadfast team
and continuously improving our governance.
Finally, the Board appreciates the enormous support it
receives from its shareholders, particularly in providing
additional capital to grow revenue and profits. The
Group’s outlook for FY25 is for further growth in profit,
earnings per share and dividends.
Frank O’Halloran AM
Chair
The Group's total fully franked FY24 dividend is up 14.0%
on FY23.
Steadfast Group Annual Report 2024 03
Message from the Managing Director & CEO
I am pleased to report that FY24 continues our year-on-year record accretive growth since listing in August 2013.
Steadfast delivered an underlying revenue increase of 18.9% to $1,676.2 million and underlying earnings before interest,
tax and amortisation (EBITA) increase of 22.7% to $528.5 million.
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. Our
strong track record, set out on page 7 of this report, clearly
demonstrates the success of our business model.
Steadfast Australasian Broking
In FY24 Steadfast Australasia Network brokers gross written
premium (GWP) grew by 12.1% to $13.0 billion. Once again,
this growth was driven by increased sales volumes over
the year and premium rate increases by our strategic
partners, as they strive for acceptable returns on the capital
they deploy.
Organic and strong acquisition growth resulted in excellent
underlying EBITA growth of 19.6% from our equity brokers,
reflecting consistent and outstanding performance.
We now have 418 brokerages in the Steadfast Networks,
with 318 in Australia, 69 in New Zealand and 31 in
Singapore. Steadfast Group has equity holdings in 68 of
the 418 brokerages in the Steadfast Australasian Networks.
Steadfast's equity brokers contribute approximately 50% of
total sales. Further, the global network of our 60% owned
UnisonSteadfast encompasses another 294 brokerages
across 110 countries.
Steadfast Underwriting Agencies
Steadfast Underwriting Agencies continued to produce a
strong result with sustained organic growth, generating
$2.3 billion of GWP, a 13.4% uplift over FY23.
GWP growth from increased volume and continued
increases in premiums by insurers has led to underlying
EBITA growth of 18.9%. During the year, Steadfast
continued its investment in anticipation of the changes
in the regulatory environment for underwriting agencies
effective from 1 July 2025.
04 Steadfast Group Annual Report 2024
We currently have 29 specialist agencies offering over 100
niche products to the entire market; over 45% of our sales
are to our competitors.
Steadfast Technologies
In FY24, $1.4 billion of GWP was transacted on the Steadfast
Client Trading Platform (SCTP). This is an increase of 20%
from FY23.
Steadfast Technologies provides our Australasian Network
brokers with market leading solutions resulting in excellent
outcomes for their clients. Brokers continue to be attracted
to the efficiency, the ease of obtaining the best terms
and tailored policy wording and the wide market access
to insurers that the SCTP platform delivers. In addition we
provide an extensive range of products, which are market
leading, aimed to produce more certainty at the time of
a claim.
Steadfast continually improves the product offering on the
SCTP. This year we added additional insurers to private
motor, home, landlords, residential strata and fleet.
Currently 219 brokers use our INSIGHT platform, with over
7,100 users. Our INSIGHT migration program continues,
with the Steadfast team supporting the migration of brokers
to INSIGHT. At the time of printing, an additional 11 brokers
have committed to migrate and the team is in ongoing
discussions with another 15 brokers.
Acquisitions
Steadfast continued to execute our disciplined acquisition
strategy to support its long-term growth and
returns. Steadfast has a significant acquisition pathway
from our Australasian Network brokers. The Group has
continuously increased the size of the Networks and the
Group’s equity ownership.
In FY24, Steadfast made a number of earnings accretive
investments, increased its equity positions in some of its
Australasian Network brokers and acquired ISU Group and
an underwriting agency, Sure Insurance.
To confirm our commitment to discipline, during the year
Steadfast reviewed and rejected close to $1 billion of
potential acquisitions. Disciplined acquisition is our mantra
and is fundamental to our success.
Our vision is to continually grow shareholder value by
running and owning market leading broker networks and
underwriting agency groups in our chosen geographies.
Steadfast Group’s share of growing Australasian Networks GWP
Steadfast Network GWP ($b)
Equity percentage ownership
1.0
1.0
1.3
1.3
1.5
1.7
2.2
2.6
3.1
4.2
5.6
6.5
2.9
3.1
3.1
3.2
3.5
3.6
3.9
5.7
6.7
6.9
6.0
6.5
25.6%
25.6%
25.6%
23.6%
23.6%
23.6%
29.5%
29.5%
29.5%
28.9%
28.9%
28.9%
30.0%
30.0%
30.0%
32.1%
32.1%
32.1%
36.1%
36.1%
36.1%
31.3%
31.3%
31.3%
31.6%
31.6%
31.6%
37.8%
37.8%
37.8%
48.3%
48.3%
48.3%
50.0%
50.0%
50.0%
u Equity
u Non Equity
u Equity percentage ownership
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY24
0
8
16
24
20
30
40
50
Steadfast Group Annual Report 2024 05
Message from the Managing Director & CEO continued
International expansion strategy
In October 2023, Steadfast acquired 100% of ISU Group,
a network of independent agencies in the United States of
America. ISU Group was established in 1979 and has 228
members located across 40 states, generating US$7 billion
of GWP.
Pleasingly, ISU exceeded the budgeted FY24 profit
expected at the time of purchase.
Steadfast will focus on the development of the network
capability in the newly acquired ISU Group. Our expansion
into the US market presents us with the opportunity to
deliver our strategy and unique business model to a market
12.5 times the size of Australia.
$13.0b
Steadfast Australasian Networks GWP
$528.5m
Underlying EBITA
Outlook
Steadfast Group is well positioned to continue its execution
of its disciplined strategy, producing reliable organic and
acquisition growth on a comparable basis. This, together
with the benefit of acquisitions made in FY24 and other
initiatives, enables Steadfast to provide FY25 guidance of:
underlying EBITA of between $590 million and
$600 million.
underlying NPAT of between $290 million and
$300 million.
underlying NPATA of between $340 million and
$350 million.
underlying diluted EPS (NPAT) growth of 12% to 16%.
Key assumptions underpinning this guidance have been
detailed within the Directors' Report on page 52 of
this report.
Thank you
Again, a special thank you to our employees, Board
Directors, Network brokers, underwriting agencies, our
complementary businesses, clients and strategic partners
for contributing to our FY24 results.
Lastly thank you to all our shareholders for their ongoing
support. We look forward to continuing to work with all our
stakeholders to maintain our strong track record.
Robert Kelly AM
Managing Director & CEO
Disciplined strategic execution and sound financial
management support our outlook for strong growth
in FY25, with further Trapped Capital acquisitions and
organic growth to be delivered.
06 Steadfast Group Annual Report 2024
Continued strong track record since listing on ASX
Steadfast Networks GWP ($b)1
4.1
4.4
4.5
5.0
5.3
6.1
8.3
9.8
10.3
11.6
13.0
FY14
FY16
FY18
FY20
FY22²
FY24
0
4
8
12
16
1 Excludes UnisonSteadfast and ISU Steadfast
2Restated for comparison purposes, with GWP from PSC
excluded from 1 July 2021
Steadfast Underwriting Agencies GWP ($b)
0.1
0.4
0.7
0.8
0.9
1.2
1.3
1.5
1.8
2.1
2.3
FY14
FY16
FY18
FY20
FY22
FY24
0
1
2
3
Underlying EBITA ($m)
62.3
90.5
129.6143.3
164.0
193.4
223.5
262.7
340.4
430.7
528.5
FY14
FY16
FY18
FY20
FY22
FY24
0
50
100
150
200
250
300
350
400
450
500
550
600
418
Steadfast Australasian Network brokers
Underlying NPAT ($m)
32.5 42.1
60.4 66.4 74.0
88.7
108.7
130.7
169.0
207.0
252.2
FY14
FY16
FY18
FY20
FY22
FY24
0
30
60
90
120
150
180
210
240
270
300
Underlying EPS (NPAT) (cents per share)
6.2
7.2
8.1
8.9
9.6
11.2
12.7
15.1
17.6
20.2
23.4
FY14
FY16
FY18
FY20
FY22
FY24
0
4
8
12
16
20
24
28
Dividend per share (cents per share)
4.5
5.0
6.0
7.0
7.5
8.5
9.6
11.4
13.0
15.0
17.1
FY14
FY16
FY18
FY20
FY22
FY24
0
4
8
12
16
20
$1.4b
Steadfast Client Trading Platform GWP
Steadfast Group Annual Report 2024 07
Message from the Chief Financial Officer
Steadfast Group's conservative management of its balance sheet and gearing ratio is key to its strategy for continued
growth and this is reflected by the 11th consecutive record underlying result in FY24.
Reconciliation of earnings
The reconciliation of the statutory profit and the underlying
earnings is set out on page 9.
Earnings per share and dividend growth
The 22.7% increase in Underlying EBITA was driven by
organic growth (+12.5%), and acquisitions (+10.2%) and
resulted in underlying diluted EPS of 23.4 cents per share
compared with 20.2 cents for FY23. This growth allowed
the Board to declare total dividends of 17.1 cents per share
(+14.0%). The total FY24 dividend represents a payout ratio
of 75%, in line with our target range of 65% - 85% of
underlying NPAT.
Organic growth
Steadfast Group’s organic revenue growth of 10.6%
continued to be driven by volume increases by our Network
brokers, market share gains by our underwriting agencies,
and the stable and disciplined price increases by our
strategic insurance partners.
Acquisition growth
During the year, Steadfast Group made $457.8 million
of accretive acquisitions which were financed from a
combination of capital raised of $348.1 million, utilisation
of our debt facilities and the balance from cash generated.
The growth in EBITA for the year was assisted partly by
acquisitions made during the year of $26.6 million and the
full year run rate from FY23 acquisitions of $15.0 million.
Balance sheet
Steadfast Group’s balance sheet remains well positioned
to fund operational needs and further acquisitions, and
to pay dividends to shareholders. Total shareholder equity
increased during FY24 by 14% to $2,330 million.
Steadfast Group is a business with low working capital
and capital expenditure needs. Cash inflows from operating
activities of $314.9 million (excluding trust account and
premium funding movements) reflected continued full
conversion of pre tax profits into cash flows.
At 30 June 2024, our corporate gearing ratio was 20.2%.
At the time of print, the Group can borrow a further
$366 million and still remain within the maximum gearing
ratio of 30%, to fund futre growth. There is significant
headroom in the corporate debt covenants.
Thank you
Thank you to all the finance teams throughout the Group
who have participated in the production of our financial
reporting needs and the enormous effort that goes into the
process to provide stakeholders with reliable performance
metrics and the financial statements.
Stephen Humphrys
Chief Financial Officer
08 Steadfast Group Annual Report 2024
2024
$'m
2023
$'m
Reconciliation of earnings:
Statutory NPAT attributable to owners of
Steadfast Group Limited
228.0
189.2
Adjustments for non-trading items (net of tax
and non-controlling interests):
Deferred/contingent consideration
expense (where actual earnout was more
than expected)
18.0
17.8
Deferred/contingent consideration income
(where actual earnout was less
than expected)
(3.4)
(1.4)
Impairment expense on investments in
associates and joint ventures1
1.4
1.9
Net adjustment relating to Sure Insurance
acquisition (FY23: IBA)2
(2.0)3
(0.5)4
Unwind of discount on fair value of
deferred/ contingent consideration
8.8
-
Market-to-market (gains)/losses from
revaluation of listed investments
(1.8)
1.7
Net loss/(gain) from change in value or sale
of businesses and other movements
3.2
(1.7)
Underlying net profit after income tax
(NPAT) attributable to owners of Steadfast
Group Limited
252.2
207.0
Underlying NPAT growth
21.8%
22.5%
Amortisation
50.2
45.1
Underlying NPATA
302.4
252.1
Underlying NPATA growth
20.0%
22.7%
Underlying Revenue
1,676.2 1,409.5
Underlying EBITA
528.5
430.7
Underlying NPAT
252.2
207.0
Underlying NPATA
302.4
252.1
Underlying EPS (NPAT)(cps)
23.4
20.2
Underlying EPS (NPAT) (cps)
28.1
24.6
1 Refer to Note 12B in the audited financial statements.
2Refer to Note 7F in the audited financial statements.
3Includes deferred/ contingent consideration income of $61.8 million and
impairment expense of $61.2 million ($59.8 million net of tax) pertaining to
the accounting for the earnout of Sure Insurance.
4Includes deferred/ contingent consideration income of $17.9 million and
impairment expense of $17.8 million ($17.4 million net of tax) pertaining to the
accounting for the earnout of IBA.
Underlying NPATA ($m)
96.3
113.6
135.6
160.0
205.4
252.1
302.4
FY18
FY19
FY20
FY21
FY22
FY23
FY24
0
50
100
150
200
250
300
350
Net acquisition outlay ($m)
134.9
95.5
155.1
172.0
552.0
574.2
457.8
FY18
FY19
FY20
FY21
FY22
FY23
FY24
0
100
200
300
400
500
600
700
Underlying earnings per share (NPAT)
and dividend (cents per share)
9.6
11.2
12.7
15.1
17.6
20.2
23.4
7.5
8.5
9.6
11.4
13.0
15.0
17.1
u Underlying earnings per share (NPAT)
u Dividend per share
FY18
FY19
FY20
FY21
FY22
FY23
FY24
0
4
8
12
16
20
24
28
20.0%
Underlying NPATA growth
20.2%
Gearing
Steadfast Group Annual Report 2024 09
,
The risks inherent in our operating environment
can also provide opportunities to create value.
Our experienced team understands these factors
and how they affect our business, ensuring we
are best placed to manage risks whilst
capitalising on opportunities to deliver increased
long-term value to our stakeholders.
Market disruption:
Artificial Intelligence, changing technology &
increasing data collection.
Sector consolidation:
SME brokers increasingly need support of an aligned
network & equity investment.
Regulatory change and increasing
stakeholder scrutiny:
Drives the need for greater transparency across a
range of matters, including climate change impact &
workforce diversity.
Capacity risk:
Strategic partners seeking enhanced returns by
increasing premium and more selective risk appetite,
in response to increased frequency and cost of claims.
Highly competitive landscape for talent:
Attracting and retaining talent whilst offering
increasingly flexible work arrangements.
Increasing cybersecurity risk:
Increased costs to protect our operations and data.
Steadfast operates international general
insurance broking and agency networks located
across Australia, New Zealand, Singapore and the
United States of America. Steadfast provides
products and services to support the broking
and agency networks businesses. Steadfast also
operates as a co-owner through its equity
interests in a number of broker businesses,
underwriting agencies and other
complementary businesses. Steadfast owns a
portfolio of 29 underwriting agencies.
Policies & customers:
Protecting businesses & consumers as a key component
of risk mitigation against perils and disasters.
Broker services:
Providing our Network brokers with market-leading
policy wordings for customers, global leading
technology that continues to be refined and rolled out,
providing efficient processes to administer risk
management data transfer, training and service offering.
418 Australasian network insurance
brokerages:
Advising clients on risk management solutions,
especially SME solutions and personal lines.
29 specialty underwriting agencies:
Providing niche insurance products to the market.
9 complementary businesses:
Leading technology, premium funding solutions,
other specialty advisory lines supporting the broker
network and underwriting agencies.
International:
Expansion of Steadfast Network model across
New Zealand and Asia, with growing operations
across Europe and the United States of America.
Our Operating
Environment
Our Business
Activities
We aim to increase long-term value for all of our stakeholders. Careful
analysis of the risks associated with our operating environment and our
business activities enables us to meet our strategic value creation objectives.
How we create value
10 Steadfast Group Annual Report 2024
We use a range of resources and relationships
to create sustainable value.
People:
Highly competent team, experienced in managing
risks and converting opportunities, together with
ethical behaviours to drive business performance.
Product & advice:
Steadfast suite of support services to our
Network brokers.
Technology & data capabilities:
Our leading technology provides clarity
around alternative insurance solutions.
Operational scale:
The size and scale of our Network brokers
and underwriting agencies and their
underlying customers.
A strong balance sheet:
Access to debt & equity to execute our strategy
and invest for sustainable earnings growth.
Community & relationships:
Localised relationships with local communities.
Corporate governance:
Proactively managing risk within strong
corporate governance framework to create
sustainable longer-term growth.
Our Business
Value Drivers
n
Value Creation
Outcome
Our business value drivers ensure our business
activities deliver consistent increases in value
created for stakeholders.
Shareholder value:
Continued focus on long-term value creation through
astute use of funds to deliver organic and acquisition
growth in profits, dividends and shareholder value. Have
achieved total shareholder return of 528% since listing.
Customer value:
Better outcomes for clients.
• SCTP is a contestable digital marketplace generating
improved pricing competition and coverage.
• Market leading niche policy wordings.
• Instant policy issue, maintenance & renewal, all on a
market contestable basis.
• Efficiency of delivery for clients.
Employee value:
Investment in our people to increase employee
engagement through cultural, behavioural and skills-
based developmental initiatives to drive business growth.
In FY24:
• 77% employee engagement score.
• 2,645 hours of training.
Community value:
Connecting with and investing in our community to
support our business and industry.
In FY24:
• approx. $700,000 donated to charitable causes.
• $138.1 million income tax paid to the Australian
Government.
Steadfast Group Annual Report 2024 11
Steadfast Group offers innovative products,
services and support to our broker and
agency network members and underwriting
agencies to give them a competitive edge
in an ever-changing market.
12 Steadfast Group Annual Report 2024
Steadfast Group
Steadfast Group was established in 1996, and operates international general insurance broking and agency networks located
across Australia, New Zealand, Singapore and the United States of America. Steadfast provides products and services to
support the broking and agency networks businesses. Steadfast also operates as a co-owner through its equity interests in
a number of broker businesses, underwriting agencies and other complementary businesses. Additionally, Steadfast owns
a portfolio of 29 underwriting agencies, and has a 60% equity stake in UnisonSteadfast, a global general insurance broker
referral network with 294 brokers in 110 countries. Further, Steadfast is a licensed Lloyd’s of London broker.
Our business model is designed to allow us to achieve sustainable growth via our Network brokerages and the equity
positions we have acquired within the Networks. Our Steadfast Underwriting Agencies offer products to the entire broking
market in Australasia and are also supported by the Steadfast Network.
Our business
Steadfast Group has four business streams focused on servicing general insurance clients.
Complementary
businesses
Steadfast
Underwriting
Agencies
underwriting agencies
9 businesses
supporting the Steadfast
Network and Steadfast
Underwriting Agencies
including Steadfast
Technologies (100% owned)
Mixture of wholly
owned, part-owned and
joint venture businesses
29
29
underwriting agencies
Steadfast Group (listed on the ASX)
Steadfast
Australasian Broker
Networks
general insurance
brokerages with 1,941
offices across Australia,
New Zealand and Asia
418
Steadfast Group has
equity holdings in
68 brokerages
Steadfast Group has
equity holdings in all
Steadfast
International
businesses
228
ISU Steadfast members
in the USA agency
network
294
members in global
network UnisonSteadfast
Steadfast Group Annual Report 2024 13
Steadfast Australasian Broker Networks
Worldwide office network
(excluding UnisonSteadfast and ISU Steadfast)
New Zealand
WA
NT
SA
QLD
NSW
VIC
ACT
Tasmania
As part of the largest general insurance broker Network in Australasia, brokerages receive superior market
access and exclusive products and services backed by the scale and expertise of the Group. This allows them
to focus on servicing their clients’ insurance and risk management needs.
180
104
479
29
500
12
400
22
27
133
Asia
55
Key benefits to brokers include:
Steadfast Network GWP ($b)1
Market-leading
policy wordings
Exclusive access to
Steadfast proprietary
technology
Tools and
support
418
brokers in the
Steadfast Network
160+
exclusive products
and services
1 Excludes UnisonSteadfast and ISU Steadfast
2 Restated for comparison purposes, with GWP from PSC
excluded from 1 July 2021.
$b
13
11
10
9
8
7
6
5
4
3
2
1
0
FY22
FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21
FY23
8.3
6.1
5.3
5.0
4.5
4.4
4.1
11.6
10.32
FY24
13.0
9.8
14 Steadfast Group Annual Report 2024
A global broker network to
access new markets for the
Steadfast Network via inbound
and outbound insurance placements.
Steadfast Group has a 60% stake in
UnisonSteadfast which is one of the
largest global networks of general
insurance brokerages with 294
members across 110 countries.
294
members
110
countries
Steadfast International businesses
ISU Group
• Established in 1979 (ISU Insurance
Agency); ISU Network established
in 2000.
• One of the largest and most
reputable insurance agency
networks in the US.
• Network of independent agents.
Expansion into the US market will present us with opportunity to deliver
our strategy and unique business model to a significantly larger market.
Potential future runway
of opportunities for
Steadfast to capitalise:
• Continue to evaluate USA/ISU
opportunity.
• Progressing well financially,
operationally and strategically.
• Positive support from members,
carriers and staff.
• Potential is vast; approaching in a
considered way.
• Long term strategy for Steadfast.
West
Mountain
Southeast
Midwest
Northeast
32
51
73
13
59
US$7b
GWP
45
employees
228
members
Located across
40 states
Licenced in all
50 states
Specialise in placing large limit,
high value and complex risks
within the UK insurance markets.
London
Office to serve demand for Lloyd’s products
• Risks suited to Lloyd’s market
• London ‘super’ binder
Steadfast Group Annual Report 2024 15
Steadfast Underwriting Agencies is the
largest underwriting agency group in
Australasia.
The agencies extend our intermediated
general insurance distribution by
offering brokers, inside and outside
of the Steadfast Network, specialised
products and capacity in niche
markets.
Steadfast Group has a majority equity
stake most of the 29 agencies.
Our scale has led to better
arrangements with insurers as well as
back office cost savings. Investments
in services and common IT systems
are continually being made to create
further value for our underwriting
agencies.
Steadfast Underwriting
Agencies GWP ($b)
1.3
1.5
1.2
0.9
0.8
0.8
0.4
0.1
1.8
Steadfast Underwriting Agencies
FY22
FY14
FY15
FY16
FY17
FY18
FY19
FY20 FY21
FY23
$b
3.0
2.0
1.8
1.6
1.4
1.2
1.0
0.8
0.6
0.4
0.2
0
2.1
FY24
2.3
16 Steadfast Group Annual Report 2024
Re
Reinsurance Brokers
Life
Our insurTech
Steadfast Technologies provides exclusive,
market-leading technology to support
broker and underwriting agency operations
which underpins interactions with our insurer
partners to support client outcomes.
This technology positions us as a global
leader in broker insurance technology
(insurTech) and facilitates our strong market
position.
Steadfast Client Trading Platform
(SCTP): a contestable digital marketplace
giving brokers access to domestic, commercial
and strata policies offered by the insurers that
connect to the platform, allowing comparisons
of policies and prices on a single screen.
INSIGHT: back office system for brokers
offering a single view of their business.
Nine complementary businesses support the operations of the Steadfast Network and Steadfast
Underwriting Agencies.
Back office system
Contestable digital marketplace
Insurer partners
Steadfast Network brokers
Complementary businesses
Client
Steadfast Group Annual Report 2024 17
Contestable digital marketplace
generating greater pricing
competition and improved
coverage, as well as alignment of
client and broker interests through
fixed commission rates.
Market-leading policy wordings.
Instant policy issue, maintenance
and renewal, all on a market
contestable basis.
Supported by Steadfast claims triage.
SCTP benefits for clients:
SCTP benefits for brokers:
Automated access to Steadfast
Network for all policies placed
on the platform.
Significantly reduced technology
and distribution costs.
Data analytics and market insights,
live at all times.
Updated policy wordings,
based on prior claims scenarios.
SCTP benefits for insurers:
Automated market access to
leading insurers.
Bespoke market-leading policies.
Fixed commission, same
for all insurers.
In-depth data analytics.
Stimulates advisory discussions
with clients on their insurance
programs with major
market players.
Our insurTech continued
Insurer and underwriting agency partners on the SCTP
Business
pack
Professional
risks
Commercial
property & ISR
Commercial
motor
Strata
Liability
Domestic
home, motor &
landlords
Key: indicates new insurers joining SCTP product lines.
CY24
CY24
18 Steadfast Group Annual Report 2024
$40b
Intermediated
market
Independent brokers
CY23 GWP
$6.1b 2,3
Equity brokers
CY23 GWP
$5.6b 2,3
S
t
e
a
d
f
a
s
t
N
e
t
w
o
r
k
The intermediated general insurance industry consists of insurance brokers and underwriting agencies. Australia is
Steadfast Group’s largest market, with intermediated GWP of $40 billion generated in calendar year 2023, of which our
equity brokers have up to a 14% share.
We are a key distribution channel for our insurer partners as the Steadfast Network has a large and diverse client base
across Australia.
Over our 28 year history,
Steadfast Group has developed
strong relationships with
carefully selected insurers,
underwriting agencies, and
premium funders and strategic
partners that support the
Steadfast Network.
Our partners
1Steadfast Group and APRA Intermediated General Insurance Performance Statistics for Year-end December 2023 (released March 2024).
2Network Brokers independently compete with each other, as well as with the wide range of insurers, underwriting agencies, non-Steadfast insurance brokers and
other risk management competitors.
3Insurance is one of many risk management alternatives available to customers unless insurance is compulsory (e.g. workers' compensation) or as required by
contract (e.g. a bank loan).
Major insurer partners
Premium funding partners
Steadfast Network's share of the Australian intermediated general insurance market _ gross written premium1
Key market
Steadfast Group Annual Report 2024 19
Board of Directors
Frank O'Halloran AM
Non-Executive Chair (independent)
Chair Nomination Committee
Frank has over 47 years' experience in the insurance industry. He worked
at QBE for 35 years and was Group CEO from 1998 until 2012. He also
worked with Coopers & Lybrand for 13 years where he started his career
as a Chartered Accountant. Frank was President of the Insurance Council
of Australia from 1999 to 2000 and was inducted into the International
Insurance Hall of Fame in 2010. Frank received his AM for services to the
insurance industry and philanthropy.
Robert Kelly AM
Managing Director & CEO
Robert co-founded Steadfast and has over 52 years’ experience in the
insurance industry. He was voted the second most influential person in
insurance by Insurance News, and was awarded the ACORD Rainmaker
Award in 2014. Robert is a Qualified Practising Insurance Broker, a Fellow
of NIBA, a Senior Associate of ANZIIF, a Certified Insurance Professional
and a Fellow of the Australian Institute of Company Directors. Robert is the
Chair of the ACORD Board and is also a Director of ASX-listed Johns Lyng
Group Limited and not-for-profit organisation KidsXpress.
Vicki Allen
Non-Executive Director (independent)
Chair Remuneration & Performance Committee
Vicki has over 30 years' business experience across the financial services
and property sectors. She held senior executive roles at a number of
organisations including Trust Company, MLC Limited and Lend Lease
Corporation. Vicki is currently a non-executive director of ING Bank
(Australia) Ltd, T Corp, GPT Funds Management Ltd and New Forests
Pty Ltd. She is a Fellow of the Australian Institute of Company Directors.
Andrew Bloore
Non-Executive Director (independent)
Andrew has over 35 years' experience in the Australian superannuation
administration, insurance and technology sectors. He is highly experienced
in the design and delivery of disruptive technologies and distribution
models to improve efficiencies in superannuation administration. Andrew
also sat on a wide range of Australian Tax Office and Treasury Committees.
He is currently the Chair of Guild Group and its subsidiaries. Andrew
is a Director of Guild Insurance, Insignia Financial Ltd (ASX:IFL) and
Simonds Ltd.
20 Steadfast Group Annual Report 2024
Joan Cleary
Non-Executive Director (independent)
Chair Audit & Risk Committee
Joan has over 30 years' finance and leadership experience in the general
insurance and reinsurance industry. She held senior executive roles at a
number of organisations in Australia and England including QBE Insurance
Group Limited, and GE’s London Market reinsurance operations. Joan holds
a Bachelor of Laws from the University of Exeter. She is a Fellow of the
Institute of Chartered Accountants in England and Wales (ICAEW) and is a
Graduate of the Australian Institute of Company Directors.
David Liddy AM
Deputy Chair & Non-Executive Director (independent)
David has over 45 years’ experience in banking, including postings in
London and Hong Kong. He was Managing Director of Bank of Queensland
from 2001 to 2011. He is a Fellow of the Australian Institute of Company
Directors. David received his AM for services to the banking and finance
sectors and the community of Queensland.
Gai McGrath
Non-Executive Director (independent)
Chair People, Culture & Governance Committee
Gai has over 35 years’ experience in the financial services and legal
industries, including 12 years with Westpac Group as General Manager of
Westpac’s retail banking businesses in Australia and New Zealand. Gai is
a Director of HBF Health, Insignia Financial Ltd (ASX:IFL), Toyota Finance
Australia and Waypoint REIT (ASX:WPR). Gai is a Graduate of the Australian
Institute of Company Directors.
Greg Rynenberg
Non-Executive Director (independent)
Greg has over 43 years’ experience in the insurance broking industry, with
39 years spent running his own business, East West Group. East West
Group is a Steadfast Network broker not owned by Steadfast. Greg is a
Qualified Practising Insurance Broker, a Fellow of NIBA and an Associate
of ANZIIF. He holds an Advanced Diploma in Financial Services (General
Insurance Broking) and was named NIBA Queensland Broker for 2014.
Steadfast Group Annual Report 2024 21
Senior Management Team
Robert Kelly AM
Managing Director & CEO
Robert co-founded Steadfast and
has over 52 years’ experience in
the insurance industry. He was
voted the second most influential
person in insurance by Insurance
News, and was awarded the ACORD
Rainmaker Award in 2014. Robert
is a Qualified Practising Insurance
Broker, a Fellow of NIBA, a Senior
Associate of ANZIIF, a Certified
Insurance Professional and a Fellow
of the Australian Institute of
Company Directors. Robert is the
Chair of the ACORD Board and is also
a Director of ASX-listed Johns Lyng
Group Limited and not-for-profit
organisation KidsXpress.
Stephen Humphrys
Chief Financial Officer
Stephen joined Steadfast in 2013
and has over 35 years’ experience
as a Chartered Accountant and
extensive experience in acquisitions,
integration of networks and
developing businesses. As Managing
Director of Moore Stephens Sydney
for 10 years and Chair of Moore
Stephens Australasia Network for
three, Stephen played a key role
in placing Moore Stephens into
the top 10 accounting firms in
Australia. Stephen is a Fellow of
Chartered Accountants Australia
and New Zealand.
Nigel Fitzgerald
Chief Operating Officer
Nigel Fitzgerald joined Steadfast
Group in April 2023 as Chief
Operating Officer. Nigel has worked
in the insurance industry for over 25
years with a proven track record in
leading profitable and strategically
dynamic businesses on a global
basis, including fulfilling leadership
roles while living in New York,
London, Houston, Singapore and
Sydney. Prior to Steadfast, Nigel
fulfilled CEO and Board Director
roles for AIG and Fairfax Financial
and Senior Executive roles for
Liberty International Underwriters.
Samantha Hollman
Chief Executive Officer
International
Samantha has 29 years' experience
in the insurance industry including
24 years at Steadfast. She
was COO from 2016 - 2023,
directing and managing operational
activities of the organisation and
ensuring the implementation of
the overall strategy. Samantha was
promoted in April 2023 to CEO
– International and is responsible
for planning and executing the
company’s international strategy.
Samantha is a Board Director of
Steadfast companies in the US,
UK and New Zealand and sits on
the Supervisory Board of global
network UnisonSteadfast.
Sheila Baker
Executive General Manager
Compliance &
Customer Experience
Sheila Baker joined Steadfast
in October 2020, following our
purchase of Goldseal, which
specialises in the provision of
Compliance, HR and Training and
Education Services. Sheila has
been involved in Goldseal since its
establishment and has in excess
of 20 years' experience in service
provision to the broking sector.
Nick Cook
Executive General Manager
Australasian Networks, Broker
and Insurer Services
Nick joined Steadfast in February
2015. He had over 15 years’
experience at Zurich Financial
Services, including three as the
Head of Customer & Proposition
Development and nine years as
a distribution manager. He is a
member of the NIBA Board and
an Associate ANZIIF member. He
has graduated from both the
AGSM Leadership Program and
the Prosci Organizational Change
Management Program.
Nick McKee
Chief Operating Officer
International
Nick McKee joined Steadfast
Group in October 2023 as Chief
Operating Officer -International. He
has extensive global leadership
experience in insurance and other
areas of financial services and was
based in New York for more than 20
years. Previous roles include Head of
Strategy & Corporate Development
for Marsh & McLennan Companies
and Head of Financial Institutions
- Direct Private Equity for CPP
Investments. Nick holds degrees in
commerce and law.
Eimear McKeever
Chief Financial Officer
International
Eimear joined Steadfast in 2012
to assist Steadfast in its public
listing on the Australian Securities
Exchange. Eimear has extensive
experience in senior finance roles,
specialising in corporate finance,
financial planning and analysis,
acquisitions, treasury, and statutory
reporting. Eimear was Finance
Director for Steadfast Group until
October 2023 when she was
promoted to Chief Financial Officer
– International. Eimear is a Chartered
Financial Analyst.
22 Steadfast Group Annual Report 2024
John O'Herlihy
Executive General Manager
Operations & Acquisitions
John joined Steadfast in 2012
and is joint lead of the
Operations and Acquisitions team.
Having completed his professional
accounting training with KPMG in
1996, John has spent over 15
years working within the insurance
industry. During this time he has
held a number of senior finance
and operational roles in both North
America and Australia specialising
in corporate transactions. John is a
Fellow of the Institute of Chartered
Accountants Ireland.
Noelene Palmer
Executive General Manager
Operations
Noelene joined Steadfast in July
2024. She has over 20 years’
experience working in operations
leadership roles in the financial
services industry, including banking,
general insurance, life insurance
and reinsurance. Recently she
has worked in senior leadership
roles including as COO Financial
Crime and Fraud Prevention at
Westpac, COO Swiss Re Australia
and Chief of Staff for KPMG Lead
Accounts in Hong Kong. Noelene
has significant global experience,
working across Asia, Europe and
US markets and holds degrees in
communications and law, and has an
MBA from AGSM.
Jeff Papps
Executive General Manager
Operations & Acquisitions
Jeff joined Steadfast in 2012 and
is joint lead of the Operations and
Acquisitions team. Prior to joining
Steadfast, Jeff worked for PwC
specialising in financial services.
After transferring from London
to Sydney in 1998, he focused
on mergers and acquisitions,
leading domestic and cross border
transactions and listings across
Australia, Asia, Europe and North
America. Jeff is a Member of
the ICAEW.
Duncan Ramsay
General Counsel &
Company Secretary
Duncan joined Steadfast in June
2014 after 20 years at QBE where
he was Group General Counsel
and Company Secretary. Duncan's
career commenced in 1986 with
Freehills in Sydney. He holds degrees
in commerce and law, and a
graduate certificate in applied risk
management. Duncan is a Fellow
of ANZIIF and the Governance
Institute of Australia, as well as being
a graduate of the Australian Institute
of Company Directors.
Peter Roberts
Executive General Manager
Business Solutions
Peter joined Steadfast in 2013 and
focuses on back office outsourcing
opportunities for the Group. He was
also Managing Director of White
Outsourcing until stepping down on
30 June 2016 to concentrate on his
role at Steadfast Business Solutions.
Peter has over 35 years’ experience
in accounting and back office
services to the financial services
sector, and commenced his career
in accounting with KPMG. Peter is a
company secretary of Steadfast.
Shalome Ruiter
Executive General Manager
Investor Relations & ESG
Shalome joined Steadfast in
October 2019 and has 25 years’
experience working in the financial
markets and funds management
industries. During this time, she has
held a number of investor relations
and communications roles for ASX
listed companies. Shalome holds a
Bachelor of Business and a Graduate
Diploma of Applied Finance, as well
as being a graduate of the Australian
Institute of Company Directors.
Mark Senkevics
Executive General Manager
Underwriting Agencies,
Reinsurance and Life
Mark Senkevics joined Steadfast
Group in July 2024 and has
over 25 years' experience in the
reinsurance industry. His expertise
spans underwriting, corporate
governance, risk management, and
fostering diverse, high-performing
teams. Prior to Steadfast, Mark
held leadership roles at Swiss
Reinsurance across APAC. Mark has
served on Boards and Committees
of the Insurance Council of Australia
as well as the Financial Services
Council and the Advisory Board of
Retja, an Insurtech startup.
Steadfast Group Annual Report 2024 23
At Steadfast, our ESG approach is
founded on guiding principles, that are
the most material to our business and
the most relevant to our stakeholders.
24 Steadfast Group Annual Report 2024
ESG
Environmental, Social and Governance
What Environmental, Social and Governance (ESG)
means to us
At Steadfast, our ESG approach is founded on the following guiding principles, being those that are
the most material to our business and the most relevant to our stakeholders:
Operate conscientiously
Complying with applicable legislation and codes of practice.
Minimising the impact of climate change on our business activities, as well as those of our
Network brokers and underwriting agencies.
A future for all
Supporting the insurance industry by advocating for research, new products and initiatives
that benefit our Networks, their clients and our stakeholders.
Assisting our Networks in better understanding ESG principles and practices.
Providing a collaborative and innovative work environment that allows everyone to succeed.
Our people and communities
Ensuring that all staff are aware of our ESG policy and approach.
Fostering a culture of involvement in ESG matters and issues.
Offering opportunities for our people to develop and grow, both professionally and individually.
Continuously championing diversity, equity and inclusion.
Steadfast Group Annual Report 2024 25
Our Environmental, Social and Governance philosophy
Recognising climate change as a global risk and material issue for our industry, we are dedicated to a long-term sustainable
future for Steadfast, including our Network brokers and underwriting agencies.
We embed ESG elements into our business activities and stakeholder relationships. Whilst Steadfast does not consistently
control or influence each associate and Network broker, we provide guidance and support across the Group on a range of
potential ESG impacts.
The following outlines our ESG commitments.
Our commitment to the environment
Improving our environmental performance by minimising the impact of our operations through emissions reduction.
Expanding support to our Network brokers and underwriting agencies to help them reduce their carbon footprint.
Our commitment to people
Creating a safe, caring, inclusive and ethical culture for our people that enables them to thrive.
Making a positive impact in our communities by helping businesses and communities to effectively identify, mitigate and
manage risk.
Supporting our Network brokers in meeting and exceeding the expectations of their clients and the broader communities
they serve.
Our commitment to strong and effective governance
Implementing robust corporate governance that is underpinned by our ethical and responsible culture.
Acting as a good corporate citizen by focusing on doing the right thing and behaving responsibly.
26 Steadfast Group Annual Report 2024
Our Environmental, Social and Governance actions
Our ESG actions are set out below.
Risk management
Insurance protects individuals and businesses when disaster
strikes, providing a safety net against financial loss. Our
brokers and underwriting agencies are proud to provide
their clients with insurance solutions and advice. We
demonstrate our support for this action through:
Advice provided by our brokers and
underwriting agencies.
Donations provided by Steadfast Foundation.
Fire protection products being developed by Flame
Security International (FSI).
Diversity, equity and inclusion
We are committed to diversity, equity and inclusion as a
sound business practice and because it is the right thing to
do. We also promote gender equality through supporting
initiatives outside Steadfast. We demonstrate our support
for this action through:
Being a jobsupport employer.
Champions of Change membership.
Diversity, equity & inclusion (DE&I) committee.
Reconciliation Action Plan.
Woman in Leadership target.
Good health and wellbeing
Steadfast strives for good health and wellbeing outcomes
for our people and our community. To do this, we focus on:
Donations provided by Steadfast Foundation.
Employee health, safety & wellbeing.
Employee talent development.
Steadfast's workplace culture.
Sustainable and economic growth
Insurance is a key factor in enabling sustainable economic
growth. We provide advice on insurance products and
support workers continuing their employment through our
workers’ compensation business, and accident & health and
life insurance solutions against injury, disability and death.
We demonstrate our support for this action through:
Advice provided by our brokers and
underwriting agencies.
Respecting human rights and rejecting modern slavery.
Climate action
We are committed to improving our environmental
performance by minimising the environmental impact of
our operations through addressing climate change and the
transition to a lower-carbon economy. We demonstrate our
support for this action through:
Assisting FSl.
Carbon neutral transition plan (CNTP).
Carbon offsetting.
Electronic waste recycling.
Green travel policy.
Green energy.
Landcare Australia Partnership.
Steadfast Group Annual Report 2024 27
Environmental stewardship
Steadfast recognises that climate change continues to be
a global risk and a material issue for the insurance industry,
including insurers and customers, as well as the broader
economy. As part of our commitment to environmental
stewardship, we have set long-term and achievable goals
aimed at enhancing our environmental performance and
reducing our carbon footprint.
Our commitments to the environment include:
improving our environmental performance by minimising
the impact of our operations through emissions
reduction; and
expanding support to our Network brokers and
underwriting agencies to help them reduce their
carbon footprint.
OUR COMMITMENT:
To improve our environmental performance
through operating emissions reduction
In the first phase of our CNTP, Steadfast aims for a reduction
in the intensity of our scope 1 and 2 operating emissions,
with a target for our Australian-controlled businesses to be
carbon neutral by 2030. We strive to achieve this by:
monitoring and managing our environmental
performance with clear objectives for
continuous improvement;
purchasing renewable electricity wherever feasible;
transitioning fleet cars to electric vehicles where
feasible; and
continuing to improve our data collection processes to
increase the amount of primary data collected to enable
us to identify further emission reduction opportunities.
Additionally, we recognise the need to purchase carbon
offsets to meet our targets.
Our FY24 carbon footprint
The estimated results have been calculated in alignment
with the GHG Protocol and are set out below:
FY24
FY23
Scope 1 tCO2e
704
547
Scope 2 tCO2e
1,358
980
In-scope entity revenue $m
1,124
768
Our total operating carbon emissions footprint increased
as Steadfast continued to make broker and underwriting
agency acquisitions, and our Network broker's fleet use
increased with more in-person client meetings.
Steadfast continues to review our CNTP. We seek to
improve our data collection processes to include scope
3 emissions and work to understand the options to further
reduce our environmental impact. For further information,
our CNTP is available on our investor website.
Green travel policy
Steadfast recognises that travel, especially air travel, has a
direct impact on the environment. We try to reduce the
need for unnecessary business travel, encourage the use of
more sustainable forms of transport across our operations
and the use of virtual meetings where possible.
Carbon offsetting
We have reduced our impact on the environment by
offsetting the carbon emissions for much of our corporate
travel. This financial year Steadfast purchased 976 carbon
offset units to retire 1,743 tCO2e from the corporate
travel undertaken across the Group. We direct our carbon
offsetting to a portfolio of projects through Tasman
Environmental Markets.
Electronic waste recycling
This financial year Steadfast recycled 801kg of mixed
electronic waste in our Bathurst Street office. The e-waste
recycling service accepts a wide variety of e-waste such
as desktops, laptops, servers, mobile phones, monitors,
printers, handheld devices, switches, TVs, modems,
speakers, batteries, USB devices and IT accessories.
28 Steadfast Group Annual Report 2024
OUR COMMITMENT:
Expanding support to our Network brokers and
underwriting agencies to help them reduce their
carbon footprint
Sharing our knowledge
Steadfast does not consistently control each associate and
Network broker; however, given the nature of our business
and our sphere of influence, where possible, we provide
guidance and support across the Group on a range of
potential ESG impacts, including climate change.
We are engaging with our Network brokers and underwriting
agencies to act on climate by:
educating and supporting our Network brokers and
underwriting agencies on the risks and opportunities of
climate change, encouraging them to reduce their carbon
footprint; and
raising awareness and understanding of environmental
issues with our employees, Network brokers and
underwriting agencies.
Strategic investment in Flame Security International (FSI)
Fire is a global threat. Through our investment in
FSI, we want to bring new risk management offerings
to the Network brokers and their clients to protect
people, structures and the environment from fire threats,
insurance coverage challenges and consequent increases in
insurance premiums.
FSI has developed a range of eco-friendly fire protection
solutions. FSI’s wildfire and polymer coating products
are designed to better protect humans, property,
infrastructure, flora and fauna from the ravages of wildfire
which is progressively worsening as a consequence of
global warming.
FSI specialises in eco-friendly fire retardant products
that use non-toxic materials which are not harmful to
the environment and are produced using eco-friendly
production processes and sustainable materials.
Landcare Australia Partnership
Landcare Australia is a leader in the environmental
sector with successes in improving biodiversity, building
resilience in Australia’s food and farming systems, and
fostering resilient communities. This year our partnership
with Landcare Australia provided funding to support the
Bangerang Aboriginal Corporation’s Itjumatj Woka Healthy
Country Project. This funding aims to protect local land
from bushfire risks through a First Nations led project and
supports sharing knowledge of land management, including
two cultural burns. This project builds the capacity of the
Bangerang Aboriginal Corporation to create employment
opportunities for the First Nations people in Caring
for Country.
Cultural burn managed by the Bangerang Ngalan Bitja Rangers
Steadfast Group Annual Report 2024 29
We believe how we go about doing
our work is just as important as what
gets achieved.
30 Steadfast Group Annual Report 2024
Social responsibility
Our purpose
Create business solutions designed to help our Steadfast businesses and networks achieve better outcomes for their clients
and the communities we serve.
Our culture
A strong culture, grounded in integrity and accountability, is essential to the achievement of our purpose, vision and strategy.
Culture is key to ensuring that how we go about doing our work is just as important as what gets achieved.
Our commitment to people
Creating a safe, caring, inclusive and ethical culture for our people that enables them to thrive.
Making a positive impact in our communities by helping businesses and communities to effectively identify, mitigate and manage risk.
Supporting our Network brokers in meeting and exceeding the expectations of their clients and the broader communities they serve.
Our values
Our corporate values resonate across all facets of our business.
Steadfast Group Annual Report 2024 31
OUR COMMITMENT:
Creating a safe, caring, inclusive, and ethical culture
for our people that enables them to thrive
Diversity, equity & inclusion
Steadfast aims to provide a workplace where people feel
they can bring their whole self to work. We continually
strive to foster a workplace where individuals feel safe,
valued and encouraged to be their true selves every
day. We aim to create a diverse work environment in
which everyone is treated fairly and with respect and
where everyone feels responsible for the reputation and
performance of Steadfast. The Board and management
believe that Steadfast’s commitment to diversity and
inclusion contributes to achieving Steadfast’s corporate
objectives and embeds the importance and value of
diversity within the culture of Steadfast.
We do not tolerate discrimination, harassment or vilification
and employees undertake annual training supporting our
commitment to inclusion.
Steadfast’s DE&I Strategy and its Diversity Policy focus on
gender, LGBTQIA+ and disability. By surveying our people,
we established that they are passionate about these areas
which helped shape our DE&I framework.
The DE&I committee has sought to embed DE&I
importance by regular promotion in all staff update
forums, showcasing initiatives at employee inductions and
encouraging managers to promote the committee’s work to
their teams.
As part of our ongoing commitment to improve our gender
diversity, Steadfast previously set an aspirational target for
Women in Leadership of 45% by 2024. We believe this
better aligns our business with the diversity within our
society. This year, our females in leadership roles exceeded
our target and was 46%.
We are proud to be an endorsed employer by WORK180,
recognising Steadfast's commitment to gender diversity.
This year, Steadfast was named as a top 101 Employer
of Choice for all females in Australia. In addition, we are
a certified Family Flexible employer by Families at Work
and Unicef. Steadfast is also an active member of the
Champions of Change Coalition for the Insurance sector.
This organisation's focus is to promote the advancement of
gender equality.
Our Leave Swap Policy supports our diversity, allowing
employees to swap up to three state or federal public
holidays each year for another day that is important to them.
Steadfast also continued our support of the employment
service for people with moderate intellectual disability
through the government organisation, Jobsupport. We
currently have two Jobsupport employees.
Formerly Head over Heels
Steadfast works with and supports organisations aligned with our DE&I
framework
32 Steadfast Group Annual Report 2024
Gender
Non-Executive Directors
43%
u Female
57%
u Male
Senior executives
27%
u Female
73%
u Male
Group-wide leadership
46%
u Female
54%
u Male
Group-wide employees
53%
u Female
47%
u Male
Promotions
62%
u Female
38%
u Male
Participants in our manager
development program
51%
u Female
49%
u Male
Ethnicity & age
Head office employees
place of birth
59%
u Born in Australia
41%
u Born outside Australia
Workforce language
diversity
69%
u English speaking background
31%
u Non-english speaking
background
Age diversity
22%
u Between 21 and 30 years old
31%
u Between 31 and 40 years old
26%
u Between 41 and 50 years old
21%
u Over 51 years old
Steadfast Group Annual Report 2024 33
Workplace culture
We believe people are at the heart of our business and take
pride in our work culture.
All our people undertake training on the standards
of behaviour that are expected, and these are also
encapsulated in our corporate governance policies such
as our Code of Conduct. All our people have performance
objectives rating their conduct against culture and values.
It is important to us to create a safe, caring, inclusive
and ethical culture for our people to foster growth and
development. We are committed to fostering employee
engagement and strengthening relationships through a
variety of initiatives, such as our intranet platform, quarterly
off-site meetings, learning and development programs,
career advancement opportunities and involvement in
community events and social activities.
Our engagement is assessed though our annual employee
engagement survey, which gauges the emotional
connection our people have with Steadfast. This year our
annual employee engagement survey had a participation
rate of 85%, and the Group-wide engagement score was
77%. This result continues to place Steadfast in the ‘high
performing’ zone of the engagement spectrum.
Our voluntary staff turnover rate was 7.93%, a decrease
from 12.5% in FY23 and 8.27% below the insurance
industry average FY24 benchmark. Our average current
employee tenure is stable at four years and eight months
with Steadfast.
Average employee tenure
FY21
4 years and 1 month
FY22
4 years and 2 months
FY23
4 years and 8 months
FY24
4 years and 8 months
Steadfast offers an Additional Leave Purchase Scheme
enabling our people to salary sacrifice to acquire additional
annual leave to facilitate a better balance between
professional and personal lives.
Steadfast has a short-term employee incentive plan to
increase market competitiveness and attract, retain and
motivate our people. The scheme has been designed to
ensure goal alignment throughout the business. As well
as salary and incentive arrangements, Steadfast offers a
wide-ranging benefits program for our people including
travel insurance and discounts on a wide range of consumer
goods and cars.
Our position on modern slavery
Steadfast rejects any form of modern slavery such as
servitude, human trafficking, forced labour and marriage,
child labour and debt bondage.
We are committed to and promote adherence to
internationally recognised human rights principles including
the United Nations Guiding Principles on Business and
Human Rights. We strive to implement controls to ensure
that any of these do not occur within our business
operations and supply chains. We respect the human rights
of our employees, clients and those of our suppliers and
business partners. We aim to identify and manage risks
related to human rights across our business and through
our supply chain management. Our position is set out
in our Modern Slavery Policy, which is available on our
investor website.
Steadfast complies with relevant laws, community
expectations and ethical standards related to human rights
and modern slavery in respect of our employees and
business. Employees are encouraged to report genuine
concerns about modern slavery relating to our people,
business or supply chain.
We are committed to being an employer of choice for
our workforce.
34 Steadfast Group Annual Report 2024
Health, safety and wellbeing
We prioritise the health and safety of our employees and are
committed to high standards of health and safety. During
the financial year we had five reported work, health and
safety (WHS) incidents.
Reportable work, health and safety incidents1
FY21
2
FY22
0
FY23
0
FY24
5
1 Reportable WHS incidents include injury which requires medical treatment by a
professional; or an absence from work; or a workers compensation claim and lost
time injury.
Our Board receives regular WHS reports. We have a forum
for our people to suggest initiatives and raise any concerns.
Safety Australia Group conducted an audit of our WHS
management systems and arrangements in May 2023,
confirming Steadfast's compliance.
Steadfast continues to provide a comprehensive health and
wellbeing program. Some of our initiatives include:
Annual health assessments and flu shot.
Insurance and protection benefits.
A range of education and awareness activities on key
health and wellbeing issues including physical fitness,
nutrition, mental health and stress management.
Annual financial wellbeing health check.
Access to confidential external Employee Assistance
Programs (EAPs) for counselling to support mental health.
Training – 20 staff members have been trained as mental
health first aid officers.
Steadfast supports flexible workplace initiatives to
recognise and respond to people’s different needs at
different stages of their lives and to help our people balance
personal obligations with their careers. Currently 98% of our
workforce works within a hybrid working model.
During the financial year, Steadfast again maintained our
Family Friendly Workplace accreditation by Parents at Work
and UNICEF Australia. Family Friendly Workplaces strive to
reduce the tension that exists between work and family
by embedding and promoting policies and practices that
genuinely support employees to thrive at work and at home.
We offer paid parental leave at 12 weeks’ full pay. We engage
with our people when they are on parental leave, if they
wish, to maintain a sense of connectedness and ease the
transition back to work. Steadfast provides a parents’ room
in our head office as a practical support for the increasing
number of new parents in our team and to ease their
transition back to work.
Talent development
We continue to actively create a culture of learning
and invest in developing our people. Our formal
talent development strategy and dedicated training and
development team delivers in-house training programs
throughout the year at all levels. This financial year, our
people completed 2,645 hours of in-house learning and
training, an average of 4.09 hours per person.
Career growth
Our people participate in annual development planning
to ensure their continued technical and non-technical
development. During the financial year, 39 Steadfast
employees were promoted internally, of whom 24 were
female employees.
Developing female talent
During the financial year, 74 of our leaders from
across the business participated in our various leadership
training programmes, with 51% of the participants being
female employees.
Developing young talent
At Steadfast, we recognise the importance of developing
young talent. To demonstrate its success, Steadfast has
retained 77% of graduates who have participated in
our program.
Additionally, Steadfast’s Summer Intern Program continues
to offer six roles to school leavers each year. We are
delighted with the quality of people who have joined us,
and stayed, through these programs.
We are proud to be
an accredited Family
Friendly workplace.
Steadfast Group Annual Report 2024 35
OUR COMMITMENT:
Making a positive impact in our communities by
helping businesses and communities
Volunteer day program
Steadfast’s volunteer day program encourages our people
to donate their time by way of volunteering at a registered
charity of their choice. All of our people have the opportunity
to receive a day of paid leave to volunteer. This year
34 Steadfast employees donated a total of 255 hours
volunteer time.
Steadfast's Marketing and Investor Relations teams volunteer day
for Landcare Australia
Support for Aboriginal & Torres Strait Islander peoples
Indigenous talent program sponsorship
Underwriting Agencies of Australia (UAA), a Steadfast
business, has been instrumental in building a unique and
critically important Talent ID Program (ITID) for Indigenous
athletes, offered by the Regional Academies of Sport (RASi)
across NSW. In 2024, this program has identified over
1,000 talented Indigenous athletes, and UAA is proud to
have offered approximately 150 scholarships to outstanding
performers, granting them access to a comprehensive six-
week training program.
Stan Alexandropoulos, UAA Group Chief Executive Officer,
expressed the company's commitment to fostering
pathways for Aboriginal and Torres Strait Islander athletes:
"UAA is dedicated to supporting the development of
Indigenous talent, and sport provides a powerful avenue
for achieving this goal. We are thrilled to again partner with
RASi and offer this unique opportunity locally."
Reconciliation Action Plan
Steadfast continued working through our Innovate
Reconciliation Action Plan (RAP) and, in April 2024, we
launched a renewed Innovate RAP.
The RAP Committee has continued to expand its knowledge
and understanding of Aboriginal and Torres Strait Islander
history and culture by researching and identifying areas
where Steadfast can have a positive impact on the social
and economic wellbeing of Indigenous Australians.
Some of the initiatives we have implemented during
the year to raise awareness and encourage a deeper
understanding of Aboriginal and Torres Strait Islander
peoples include:
Appointment of Sean Gordon AM as our Indigenous RAP
Ambassador to help guide our reconciliation initiatives.
Sean is a proud Wangkumarra/Barkindji man, who
was appointed a Member of the Order of Australia
earlier this year in recognition of his service to
Indigenous communities.
In recognition of NAIDOC Week in July 2023, Drew
Roberts, an Arakwal, Bundjalung man from the Northern
Rivers, shared with our staff the cultural significance
of storytelling.
Creation of a Voice to Parliament Hub on our staff intranet
to share information about the referendum. We continue
to update our RAP Hub with news and latest updates on
our RAP progress.
Hosted private screenings of ‘The Final Quarter’ in Sydney
and Melbourne followed by Q&A sessions to promote
positive race relations.
Continued to offer staff the opportunity to attend Cultural
Walking Tours in Sydney and Melbourne to provide
a deeper and meaningful understanding of Aboriginal
cultures, histories, knowledge and rights through cultural
learning. Over 125 staff have attended the tours to date,
and we will continue this initiative in FY25.
Steadfast sourced over $7,600 worth of native superfood
bars from a 100% Indigenous owned business called BSKT
Wholefoods to include in the convention delegate bags.
Partnered with First Nations charity Bandu to help
more Aboriginal and Torres Strait Islander youth find a
meaningful career. Bandu has delivered three Cultural
Safety Training sessions to our staff, and we have placed
one Bandu participant as an intern in our People &
Culture team.
36 Steadfast Group Annual Report 2024
Continued our partnership with the EM-Power
Foundation, a not-for-profit company whose purpose
is to increase opportunities for First Nations people to
secure sustainable economic, health, cultural and social
benefits through participation in the native agriculture
and food sectors. We are exploring an engagement
plan to find how we can get our wider stakeholder
network involved.
Continued our partnership with RASi to assist with the
development of close to 3,000 young Academy athletes
and 500 coaches across NSW each year. Our three-year
partnership will focus on three main projects that kicked
off mid-2022 and came off the back of a highly successful
partnership that RASi initiated with the support of UAA.
Steadfast continued our Supply Nation membership to
increase our procurement efforts and supplier diversity.
To mark National Reconciliation Week in May-June 2024,
the Steadfast RAP Committee hosted a panel discussion
in our Sydney office, led by our Indigenous Advisor,
Sean Gordon AM. The panel members consisted of
representatives from our three key RAP partnerships,
Bandu, EM-Power and RASi. The focus was on sharing
collective success stories in relation to advancing First
Nations communities.
Steadfast also supports a number of Indigenous charities,
including the Indigenous Literacy Foundation and the
Earbus Foundation.
Our highly successful intern program included an
indigenous intern for the first time and we are committed to
exploring further employment opportunities for Aboriginal
and Torres Strait Islander people. We believe that supporting
graduate and internship opportunities, in addition to
implementing a cadetship program through our Network
brokers, will lead to further success.
Our RAP commitment lays the foundations for us to
establish meaningful and long-term relationships and
contribute to reconciliation in a structured, relevant and
respectful way. The Steadfast RAP is available on the
Environmental, Social and Governance page of our website,
and from our investor website.
Panel discussion led by our Indigenous Advisor, Sean Gordon AM,
to mark National Reconcilitation Week. Panel consisted of members
from Bandu, EM-Power and Regional Academies of Sport
Our Innovate RAP actions
Build
relationships
with Aboriginal
and Torres Strait
Islander peoples
and use sphere
of influence
B
u
i
l
d
r
e
l
a
t
i
o
n
s
h
i
p
s
R
e
s
p
e
c
t
O
p
p
o
r
t
u
n
i
t
i
e
s
G
o
v
e
r
n
a
n
c
e
Increase
understanding
and demonstrate
respect by
observing cultural
protocols
Expand
employment
pathways and
outcomes
through
recruitment and
retention
Accountability
and transparency
through
reporting RAP
achievements
Steadfast Group Annual Report 2024 37
OUR COMMITMENT:
Supporting our Network brokers in meeting and
exceeding the expectations of their clients and
broader communities they serve
Our brokers and their clients
We are committed to being a valued service provider
to our Network brokers, underwriting agencies and
complementary businesses. We prioritise what matters
to our brokers and strive to deliver an outstanding broker
service and support to enable Steadfast Network brokers
and their clients to thrive.
We are continously seeking to improve our governance
processes, controls, and monitoring including our policies
and proceedures, broker education, disclosure policies and
code of conduct awareness. Other examples of the support
provided include:
Risk services
Steadfast Risk Group provides our Network brokers with a
unique suite of risk management tools that can help them
detect, determine and monitor key strategic and operational
risks in a structured and manageable way. By thoroughly
evaluating and understanding potential risks, clients can
make informed decisions and take proactive measures
to protect their interests. With an ever-evolving threat
landscape, incorporating comprehensive risk assessments
into a broker's renewal process helps their client's resilience.
Aspire Women in Leadership Program
Although improving, there are still steps to be taken to
ensure that women are at least equally represented and
valued in management and executive positions in our
industry. Steadfast again joined Hollard Insurance to help
develop the next group of female leaders via the Aspire
Women Leaders Program in 2024.
The Aspire Women Leaders Program is a year-long
development program specifically tailored to Steadfast
female insurance intermediaries who are looking to become
future business leaders. It offers a curated program of
relevant and topical courses that are designed to provide
leadership skills and advance participants' careers within the
insurance broking industry.
Broker training
The Steadfast Learning hub provides training to our Network
brokers and has delivered 71,545 hours of training through
over 140 courses.
Hours of learning
Online learning modules
27,208
PD Day and Town Hall attendance
10,576
Webinar attendance
27,167
Convention attendance
6,594
Broker and customer advocacy
Key benefits to being a Steadfast Network broker include
improved policy wordings, broker services, exclusive access
to Steadfast’s technology and triage support for challenging
claims. Steadfast Group has a dedicated triage team
available to support brokers with the claims process by
ensuring their client’s claims are managed in line with
wording and service expectations. We provide support with
issues such as placement, ethics and natural disasters, and
assist brokers by escalating these issues when required.
Steadfast's triage team provided the following assistance to
Network brokers:
FY24
FY23
Claims support
562
669
Placement issues
144
220
Ethics issues
17
9
Further, the objective of the Steadfast Customer Advocacy
Program is to “Make every customer of a Steadfast broker,
or Steadfast business, the sole focus of each broking
transaction - to ensure your customer's interests always
come first." The Steadfast Customer Advocacy service was
established in October 2021 and has since assisted in 104
customer advocacy cases.
38 Steadfast Group Annual Report 2024
Responsible selling practices
The Steadfast Broker Code of Conduct includes the following drivers and behaviours, to support Australian brokers to meet
and exceed the expectations of their customers and the broader community.
Steadfast's Broker Code of Conduct
FY24 progress
1. Expansion of Steadfast's internal audit and risk resources.
Steadfast reviewed audit and risk
resource requirements.
2. Steadfast will continue to educate and encourage its Network brokers to no longer
engage in the practice of accepting volume-based incentives and/or soft dollar benefits.
Education and information has been
provided to our Network brokers through
our PD days and Town Hall events.
3. Steadfast encourages transparency of remuneration from all Network brokers in all
dealings with their clients. This will entail an undertaking from Network brokers that all
remuneration will be transparently documented in their transactions with their client base.
Communications referencing and
describing disclosure requirements were
distributed to our Network brokers in
October 2023. This aligns with the NIBA
Insurance Broker Code of Practice.
4. Steadfast will facilitate excellence in the services provided by its Network
brokers through:
Driving higher quality standards of training and education.
Meeting clients' and legislative expectations in a compliant approach with respect to
advice, conduct and ultimate outcome.
Maintaining an appropriate trail of the documentation and fact gathering that supports
the placement of any client insurance policies or claims handling. Steadfast's Licence and
Services Agreement requires our Network brokers to comply with:
insurance broker best practice standards
regulations
laws
relevant codes (including the Steadfast Broker Code of Conduct)
which are incorporated into conduct standards included in the Licence and
Services Agreement.
As a minimum standard to advise clients,
Steadfast has mandated the Diploma of
Insurance Broking. This is aligned with
NIBA. 27 students are currently enrolled
in the diploma.
Online learning module “Record Keeping"
provided by Goldseal’s Broker Best
Practice series is available on the Learning
Hub at no cost to our Network brokers. 734
hours of training were undertaken in FY24.
The revised Licence and Services
Agreement for our Network brokers has
been operational since September 2022.
5. The Steadfast Broker Code of Conduct clearly and emphatically focuses on the
best interests of Network brokers’ clients and, as such, we will review existing policies,
procedures and resources provided to ensure brokers receive all encouragement and
assistance they may need to meet expectations.
Completed an initial review of existing
policies and procedures to ensure
Steadfast's Broker Code of Conduct
principles are reflected in them. The review
is ongoing.
6. Steadfast is the public face for the Customer Advocacy function, providing the client with
an advocate to present any issues where a Network broker has not complied with the client's
reasonable expectation for the services provided.
Details of the Customer Advocacy
program have been provided to our
Network brokers through our PD days and
Town Hall events. It is also referenced
in our manuals and templates available
on the broker website, in the Legal and
Compliance Hub.
7. Steadfast has established a reference checking and information sharing standard to
identify individuals during the recruitment process who, by acting in contravention of
accepted industry ethical standards, do not uphold Steadfast’s high standards.
Details of this standard have been
published on the broker website and
provided through our PD days and Town
Hall events.
8. Steadfast will play a leadership role with NIBA to enhance the industry’s training and
qualification requirements and work with stakeholders to increase the recognition of the
Qualified Practising Insurance Broker (QPIB) designation.
QPIB designation has been promoted to
Network brokers through the newsletter
and Town Hall session. This promotion
is ongoing.
9. Steadfast will complete regular AFSL compliance and best practice audits of
Network brokers.
Completed 50 equity broker reviews
in FY24.
Our Network brokers are guided by regulation and comply with the financial services laws to deliver responsible selling
practices to meet their clients' requirements.
Steadfast Group Annual Report 2024 39
Governance
OUR COMMITMENT:
Implementing robust corporate governance that is
underpinned by our ethical and responsible culture
Steadfast is committed to strong corporate governance so
that our decisions and actions are based on transparency,
integrity and honesty, which promote the long-term
sustainability and ongoing success of our business.
We strive to maintain high ethical standards in our
business practices.
Sound compliance
The Steadfast Board of Directors follows sound corporate
governance and the ASX Corporate Governance Council
Principles and Recommendations. FY24 was another year
in which there were no material departures from our
governance and risk management frameworks.
Whistleblower policy
Steadfast Group’s whistleblower policy encourages people
to report or disclose corruption, fraud, tax evasion or
avoidance, misconduct and improper states of affairs within
the corporate sector and provides appropriate protections
to whistleblowers to facilitate the uncovering of corporate
crime and to combat poor compliance. There were no
material whistleblower incidents reported during the year.
Industry engagement and leadership
A number of our senior executives hold leadership roles
within the industry such as serving on the board of
industry bodies. Our executives contribute by speaking
at industry events and judging industry awards. Our
executives are recognised throughout the industry and
receive accolades for their leadership and contribution.
Working with the industry body, NIBA, Steadfast continues
to play a leading role in seeking to ensure that the insurance
broker industry stays strong, delivers excellent outcomes for
customers and meets its legal and ethical obligations from
a regulatory perspective.
Gender pay equity
At Steadfast, we take a strong position on promoting
the insurance industry as an inclusive workplace for all
our people, because it provides a better environment for
our people to work in and fosters a broader range of
skills. We actively promote gender equality by removing
barriers to career and pay equity, with a strong focus on
building gender diverse leadership bench strength within
our business and across the broader industry.
Whilst our 2023 median gender wage gap is 15.4%,
compared with an average 28.6% in the insurance
and financial sector, we recognise that continuous
improvement is essential. To achieve this, we have
implemented several strategies aligned with the six
indicators outlined by the Workplace Gender Equality
Agency (WGEA). Our Gender Pay Gap Statement available
on our investor website provides more information on
the work we are doing to support gender pay equity in
our workplace.
46%
of our leadership identifies as female
Cyber security
Cyber security is paramount within our data-driven
business. Steadfast has developed a Cybersecurity
Governance Framework to maintain a consistent and
robust approach. We continuously enhance cybersecurity
measures to comply with regulations and educate our
employees on best practices. In the event of a breach,
we will notify and support affected parties, reinforcing
our dedication to maintaining stakeholder trust and digital
security. Over the past 12 months, we have not experienced
any high or critical severity cyber incidents.
Data governance
At Steadfast, ensuring the confidentiality of data is one
of our highest priorities and we continue to improve our
information management processes including finalising the
Information Classification and Handling Policies, and the
Record Retention Policy. We also provide our employees
with ongoing data literacy education.
Artificial Intelligence
We recognise the potential impact Artificial Intelligence (AI)
can have and Steadfast is in the early stages of exploring
the responsible use of AI. As we expand our activities in
this area, governance of AI adoption and its associated
risks across Steadfast’s majority owned subsidiaries will be
reported to the Group Board starting in FY25. Education
of our employees, subsidiaries and distribution network is
ongoing and comprises webinars, white papers and working
groups. We are committed to improving our practices as we
continue to evaluate the risks and opportunities presented
by AI.
40 Steadfast Group Annual Report 2024
OUR COMMITMENT:
Acting as a good corporate citizen by focusing on
doing the right thing and behaving responsibly
We are committed to being a valued partner in our
communities. We aim to make a positive impact through our
long-standing practice of meaningful charitable support.
Steadfast Foundation
The Steadfast Foundation is in its 13th year and the New
Zealand Steadfast Foundation is in its seventh year.
Steadfast created the Steadfast Foundation to facilitate
grants and charitable contributions that support charities
helping people to overcome adversity, with almost
$700,000 donated during FY24 to charities. This
includes $356,000 raised at our annual Steadfast
Convention in Brisbane this year. Since its inception, the
Steadfast Foundation has donated over $8,500,000 to
registered charities.
The Steadfast Foundation portal is a workplace giving
platform that enables Steadfast staff to participate and
engage in the Foundation's mission. The portal enables all
staff to easily take part in regular workplace giving and make
pre-tax salary donations. For every dollar donated by staff,
Steadfast Group Limited will match contributions dollar for
dollar, capped at an annual total of $100,000.
Charities are often chosen based on the recommendations
of Steadfast brokers, and include cancer research and
support, mental health, children’s causes and charities
supporting victims of domestic violence, the homeless and
disadvantaged. This year, Steadfast Foundation supported
the charities set out below.
Steadfast Foundation
Steadfast Group Annual Report 2024 41
Our vision is to continually grow
shareholder value by running market
leading broker networks and underwriting
agencies in our chosen geographies.
42 Steadfast Group Annual Report 2024
2024 Annual Report
Contents
Directors’ Report
44
Operating and financial review
46
Remuneration Report
54
Lead Auditor's Independence Declaration
76
Consolidated statement of profit or loss and other comprehensive income
78
Consolidated statement of financial position
80
Consolidated statement of changes in equity
82
Consolidated statement of cash flows
84
Notes to the financial statements
86
Consolidated entity disclosure statement
130
Directors' declaration
141
Independent Auditor's Report
142
Shareholders' information
148
Glossary of terms
150
Corporate directory
152
Steadfast Group Annual Report 2024 43
Directors’ Report
The Directors present their report together with the consolidated financial statements of Steadfast Group Limited (Steadfast or the
Company), its subsidiaries and interests in associates and joint ventures (collectively Steadfast Group or the Group) for the financial
year ended 30 June 2024 (FY24) and the Independent Auditor’s Report thereon.
Directors
The Directors of the Company in office at any time during or since the end of the financial year are as follows:
Name
Date of appointment
Chair
Frank O’Halloran AM
21 October 2012
Managing Director & CEO
Robert Kelly AM
18 April 1996
Other Directors
David Liddy AM (Deputy Chair)
1 January 2013
Vicki Allen
18 March 2021
Andrew Bloore
15 November 2023
Joan Cleary
28 July 2022
Gai McGrath
1 June 2018
Greg Rynenberg
10 August 1998
Directorships of other listed companies
Directorships of other listed companies held by the Directors from 1 July 2021 to 28 August 2024 are as follows:
Name
Company
Period of directorship
Robert Kelly AM
Johns Lyng Group Limited
Since November 2017
David Liddy AM
EML Payments Limited
April 2012 to February 2023
Vicki Allen
Mortgage Choice Limited
June 2017 to July 2021
Andrew Bloore
Insignia Financial Ltd
Since September 2019
Simonds Group Limited
Since July 2021
Gai McGrath
Helia Group Limited
August 2016 to August 2024
Insignia Financial Ltd
Since March 2024
Waypoint REIT Limited
Since August 2024
Particulars of the Directors’ experience are set out under Board of Directors on pages 20 to 21.
44 Steadfast Group Annual Report 2024
Directors' meetings
The number of Directors’ meetings (including meetings of committees of the Board) and the number of meetings attended by each
of the Directors of the Company during the financial year were as follows:
Committee
Board
Audit & Risk
Nomination
Remuneration
& Performance
People, Culture
& Governance
Total number of
meetings held
13
4
3
4
3
Director1,2
H
A
H
A
H
A
H
A
H
A
Frank O’Halloran AM
13
13
-
-
3
3
4
4
-
-
David Liddy AM
13
13
2
2
3
3
-
-
-
-
Robert Kelly AM
13
13
-
-
2
2
-
-
3
3
Vicki Allen
13
13
-
-
3
3
4
4
-
-
Andrew Bloore
6
6
2
2
2
2
1
1
-
-
Joan Cleary
13
13
4
4
2
2
4
4
3
3
Gai McGrath
13
13
-
-
2
2
-
-
3
3
Greg Rynenberg
13
13
4
4
2
2
-
-
3
3
1 H Number of meetings held while a Board or Committee member.
2A Number of meetings attended while a Board or Committee member.
Details of the responsibilities of the members of the Board and the various committees are set out in the corporate
governance sections in this report, and in the corporate governance section of the Steadfast investor website (http://
investor.steadfast.com.au/investor-centre/).
Principal activities
The principal activities of the Group during the financial year were the provision of services to Steadfast Network brokers, the
distribution of insurance policies via insurance brokerages and underwriting agencies, and related services.
Significant changes in the state of affairs
There were no significant changes in the state of affairs of the Group. The Group continued to acquire businesses during the
financial year. Refer Note 10.
Steadfast Group Annual Report 2024 45
Directors’ Report continued
Operating and financial review
A. Operating results for the financial year
The trading results for the financial year are summarised as follows (refer Note 4 and Note 5):
2024
$'m
2023
$'m
Statutory NPAT attributable to owners of Steadfast Group Limited
228.0
189.2
Adjustments for non-trading items (net of tax and non-controlling interests):
Deferred/contingent consideration expense (where actual earnout was more than expected)
18.0
17.8
Deferred/contingent consideration income (where actual earnout was less than expected)
(3.4)
(1.4)
Impairment expense on investments in associates and joint ventures (refer to Note 12B)
1.4
1.9
Net adjustment relating to Sure Insurance acquisition (FY23: IBA) (refer to Note 7F)
(2.0)1
(0.5)2
Unwind of discount on fair value of deferred/contingent consideration
8.8
-
Mark-to-market (gains)/losses from revaluation of listed investments
(1.8)
1.7
Net loss/(gain) from change in value or sale of businesses and other movements
3.2
(1.7)
Underlying net profit after income tax (NPAT) attributable to owners of Steadfast Group Limited
252.2
207.0
Underlying diluted earnings per share (EPS) (cents per share)
23.4
20.2
Statutory diluted EPS (cents per share)
21.2
18.4
1 Includes deferred/contingent consideration income of $61.8 million and impairment expense of $61.2 million ($59.8 million net of tax) pertaining to the accounting for
the earnout of Sure Insurance.
2Includes deferred/contingent consideration income of $17.9 million and impairment expense of $17.8 million ($17.4 million net of tax) pertaining to the accounting for
the earnout of IBA.
Underlying NPAT was $252.2 million compared with $207.0 million in the year to 30 June 2023. The increase was mainly due to:
organic growth including revenue growth from price increases by insurers as well as volume increases;
the acquisition of Sure Insurance, ISU Group and interests in other Network brokers, including from the Trapped Capital
project; and
a full period contribution from Insurance Brands Australia (IBA) and other businesses acquired in the financial year ended 30 June
2023 (FY23).
Underlying NPAT reflects the basis upon which performance is measured and monitored by the Board and management.
Underlying NPAT has been disclosed in accordance with ASIC’s Regulatory Guide RG230. The adjustments to profit have been
extracted from the audited books and records. Underlying NPAT is disclosed to provide a more meaningful analysis of the Group’s
financial results from normal operating activities.
B. Review of financial condition
I. Financial position
During the financial year, total equity increased by $323.3 million, primarily due to a capital raise in November and December 2023
and the retention of profits in excess of dividends paid. These increases were partly offset by reductions in other reserves due
to changes in equity interests in subsidiaries ($71.3 million), predominantly relating to step-up transactions where the price paid
to acquire additional interests exceeded the original book value, driven by growth in the underlying businesses. There was also a
reduction in other reserves due to the issue of new put options and the revaluation of previous put options, which were granted to
the minority shareholders of certain subsidiaries over those subsidiaries' shares.
Capital raised and debt drawdowns were deployed on acquisitions throughout the year, which increased goodwill by $387.3 million
and identifiable intangibles by $101.4 million as detailed in Note 10 to the financial statements.
46 Steadfast Group Annual Report 2024
II. Cash from operations
Net cash inflows from operating activities of $314.9 million (excluding trust account and premium funding movements) reflected
continued full conversion of pre tax profits into cash flows. After funding dividends to shareholders, the remaining free cash flow
is available for corporate activities, including future acquisitions of business interests.
III. Capital management
At 30 June 2024, the Company had 1,106.3 million ordinary shares on issue, up from the 1,038.6 million ordinary shares on issue
at 30 June 2023, as a result of the institutional and retail share placement of 67.7 million shares ($348.1 million) in November and
December 2023 to fund acquisitions. The Company continues to acquire shares on market to provide for future share issues to
employees, including Key Management Personnel (KMP), under equity-based incentive schemes.
The Group leverages its equity, adopting a maximum 30.0% total gearing ratio (excluding premium funding borrowings). At 30 June
2024, the Group’s gearing ratio was 20.2% (2023: 19.0%). Refer Note 9C.
At 30 June 2024, the Group had an $860.0 million multibank syndicated facility with a combination of three year and five year
tranches, extending to 2026 and 2028 respectively, with the Group having an unutilised amount of $290.8 million within this facility.
At 30 June 2024, the Warehouse Trust limit for IQumulate Premium Funding Pty Ltd was $660.0 million (including a $60.0 million
overdraft facility) with an availability period to July 2024. In July 2024, the Warehouse Trust limit was increased by $60.0 million to
$720.0 million (including a $60.0 million overdraft facility) with an extended availability period to July 2025. The premium funding
borrowings, secured primarily by the premium funding receivables, have a one-year term (renewed on an annual basis) to attract a
lower cost of borrowing which is standard commercial practice for this sector. Whilst the contractual availability period ended in July
2024, the premium funding borrowings have been classified as non-current in the statement of financial position given the renewal
of the facility in July 2024 as well as the contractual maturity date includes an amortisation period giving the Group 12 months to
repay from the date of the last maturing premium funding loan in the Warehouse Trust.
The corporate debt and premium funding facilities are not cross collateralised.
Strategy and prospects
The Group's business strategy is to maintain its position as the largest intermediated insurance distribution network in Australasia
by continuing to grow shareholder value through expansion of the Steadfast insurance distribution and risk management services
model and related businesses, including provision of these services to Steadfast’s expanding international network.
The Group aims to increase value for all shareholders by delivering excellence in insurance services to all stakeholders including
Network brokers, customers, strategic partners, employees and our community. The Group's strategic plan provides a framework
for making decisions and planning the development of our strategic objectives, which include:
Maintaining and enhancing the premier service offering to Steadfast Network brokers
Realising the potential in our existing equity businesses to achieve strong organic growth and improve/maintain margins
Disciplined M&A strategy to drive focused execution of domestic/international opportunities
Developing cultural, organisational and leadership solutions that enhance employee engagement and drive
business performance
Maintaining strong insurer partnerships and industry stakeholder relationships
Technology strategy focused on delivering growth on core platforms and further strengthening overall governance including
cyber risk management
Steadfast Group Annual Report 2024 47
Directors’ Report continued
A. Steadfast Group
FY24 highlights
Underlying revenue growth of 18.9%
Underlying diluted EPS growth of 16.2%
Dividend per share growth of 14.0%
Completed a number of earnings accretive investments for a total outlay of $457.8 million, with the largest acquisition being
Sure Insurance
Steadfast Group grew underlying FY24 EBITA by 22.7% to $528.5 million. This result was driven by both organic growth of 12.5%
and acquisition growth of 10.2%.
As an industry leader, Steadfast continued to proactively review and implement new legislation applicable to the sector. This
included engagement with industry peers and industry bodies on the conflicted remuneration and quality of advice issues.
Steadfast has also implemented customer centric solutions including the Steadfast Client Trading Platform (SCTP) and our
Steadfast Broker Code of Conduct framework to support transparency.
Medium-term
Steadfast continues to evolve and strengthen our corporate governance foundation, including risk management framework
and culture, to enable sustainable growth over the long term. This positions the business well to continue to improve
operational efficiency through a culture of excellence and talent, seeking opportunities to promote entrepreneurship and improve
underlying margins.
B. Steadfast Broking
FY24 highlights
$13.0 billion Network GWP, up 12.1% on FY23
418 broker members in the Australasian Network
Steadfast has an equity stake in 68 brokers, reflecting several acquisitions made during the financial year offset by a number
of mergers
Acquired 100% of ISU Group, a network of independent agencies in the USA with 228 members across 40 states, generating
USD 7.0 billion of GWP
Underlying EBITA up 19.6%
During FY24, growth in the Steadfast Broker Network EBITA was driven by a combination of organic growth and acquisitions.
Organic growth of 11.7% in underlying EBITA was primarily a result of strategic partners further increasing insurance premiums.
Acquisitions provided a further 7.9% increase in underlying EBITA.
Medium-term
Steadfast is well positioned to respond to the current market conditions and will continue to build resilience within the business,
proceeding with caution to implement management buy-ins, hubbing and co-owner opportunities when its strict cultural, risk
and financial acquisition guidelines are met. Steadfast Group has an equity holding in 50% of the GWP and 16% of the number of
brokers within the Steadfast Australasian Network, which provides potential future acquisition growth for the Group. The Trapped
Capital initiative continues to execute on this strategy. The Trapped Capital initiative provides Steadfast Network brokers with the
opportunity to unlock trapped capital by partial or full sale to Steadfast.
48 Steadfast Group Annual Report 2024
C. Steadfast Underwriting Agencies
FY24 highlights
$2.3 billion GWP, up 13.4% on FY23
Steadfast has equity stakes in 29 agencies
Underlying EBITA up 18.9%
FY24 growth in Steadfast Underwriting Agencies EBITA was due to a combination of organic growth of 9.8%, primarily driven by
price and volume uplift, and acquisition growth of 9.1%, including Sure Insurance. Most agencies experienced strong EBITA growth
during FY24, particularly in property and professional lines. The division’s excellent performance was also due to the long-term
strategy of closely aligning capacity providers, technology and a strong service ethic with the agencies' niche product offerings.
By enhancing the partnerships between underwriting agencies and strategic insurer partners and working effectively together,
Steadfast Underwriting Agencies expanded its product range for the benefit of brokers and their clients. Continued development
of actuarial and data analytics capabilities have contributed significantly to improved portfolio management and performance
reporting. This will be a continued focus to ensure that we are managing our exposures and ultimately improving loss ratios. The
CHU binder with QBE was renewed for a period of five years with a further five year option.
Medium-term
Steadfast Underwriting Agencies is well positioned to maintain organic growth through a high retention of customers and
new business due to ever improving customer serivce, with the expectation of further price increases coming from strategic
partners. Brokers truly value the differentiated service they receive from Steadfast Underwriting Agencies, and this has been a key
competitive advantage of the business.
Steadfast Underwriting Agencies remains focused on seeking new opportunities with strategic partners to expand its product
range, as a number of insurers reposition their approach to distribution.
D. Steadfast Complementary Businesses
FY24 highlights
$1.4 billion GWP written through SCTP, up 20% on FY23
219 brokers live on INSIGHT (after merging of brokers) and over 7,100 INSIGHT users
The technology team continued the migration of Network brokers onto the Group's proprietary broking management system
(INSIGHT) and continued enhancing the offering on SCTP – increasing the number of strategic partners and product lines offered.
Steadfast continues to invest in further enhancements to the platform.
The Group continued to expand its complementary businesses with the further development of a range of risk management, claims
management and complementary offerings. The Group also holds a minority stake in Flame Security International, a company
which develops fire protection products and technologies.
Medium-term
As an industry leader in innovation, Steadfast continues to develop its technology platforms to improve broker and client experience
and support growth. Steadfast remains focused on further enhancing SCTP by adding more product lines, new insurers and
auto-rating capabilities, driving increased SCTP usage and more transparent alternative pricing and coverage for clients.
The Steadfast team will continue to support the migration of brokers onto the INSIGHT platform, with an additional 11
brokers committed to migrate and discussions ongoing with another 15 brokers. Focus will also remain on the development of
enhancements to the security and efficiency of INSIGHT, whilst continuing to provide Steadfast brokers and their clients with a
market leading, secure and efficient platform.
Steadfast Risk Group has established an array of complementary businesses which address major challenges of the Broker
Network, thereby differentiating its services and ultimately providing a more holistic solution around risk identification and
management. These services focus on risk identification, management and control as well as valuations, claims and alternative risk
transfer solutions, and extend to our insurer partners.
Steadfast Group Annual Report 2024 49
Directors’ Report continued
Principal risks and uncertainties
The principal risks and uncertainties outlined in this section reflect the risks that could materially affect Steadfast Group or its
ability to meet its strategic objectives, either directly or by triggering a succession of events that in aggregate become material to
the Group.
Set out below are the key risk categories used by Steadfast Group to manage risk, underpinned by a strong focus on risk culture.
The risks discussed should not be considered an exhaustive list of every possible risk associated with the Group.
Risk
Description
Managing the risk
Financial risk
The risk that the Group fails to
achieve its financial objectives as set
out within the Business Plan.
We work with management of the businesses in which Steadfast is invested
to optimise sustainable results. Regular reviews of operating businesses are
undertaken and action plans to improve performance agreed and monitored
as appropriate.
We actively manage our liquidity and funding positions and ensure appropriate
contingency arrangements are maintained. We maintain a strong liquidity
position to preserve financial flexibility. Corporate gearing ratios, as agreed
with the Board, and borrowing covenants are closely monitored and reported.
Impairment
risk
The risk that investments are subject
to a permanent decrease in value,
resulting in an expense for the Group.
We have a highly experienced mergers and acquisitions team that reviews the
performance of our investments on an ongoing basis, including agreeing
actions for improvement where appropriate. We have a due diligence
process to assess risk profile, with contractual representations and warranties.
Contingent consideration is used where appropriate to reduce uncertainty.
A formal impairment review is undertaken at least annually, or more frequently
if there are indications of impairment.
Strategic risk
The risk associated with the pursuit
of the Group’s strategic objectives,
including the risk that the Group
fails to execute its chosen strategy
effectively or in a timely manner.
We consider and manage strategic risks through our annual strategic planning
process led by management and overseen by the Board. The Board monitors
management’s progress in implementing key strategic initiatives and any
change in our key strategic risks is managed in accordance with our risk
management framework.
Operational
risk
The risk of loss from inadequate
or failed internal processes,
people and/or systems, or from
external events.
Operational risk can arise in
many forms such as fraud or
errors by employees, and business
interruptions caused by external
parties (e.g. cyber attacks) or a
breakdown in key internal business
or system processes.
Steadfast manages operational risk through policies and procedures that
include relevant internal controls, including authorisation and reconciliation
procedures, effective segregation of duties and information security.
We have a risk management process which identifies, assesses, evaluates and
manages the key business risks. We also have a risk appetite statement which
sets out the type and magnitude of risk that the Board is willing to accept in
order to achieve the organisation’s objectives. A risk appetite scorecard which
tracks performance against the risk appetite statement is presented to the
Audit and Risk Committee quarterly.
A program of work has commenced to further strengthen risk management
as an enabler to future growth.
Technology
& cyber
security risk
The risk of failure of critical
technology assets, infrastructure
and services and the risk of loss
from theft or unauthorised access to
systems including the compromise
of an IT asset’s confidentiality,
integrity or availability.
Our technology and information security strategy is underpinned by an
ongoing improvement program designed to support our infrastructure and a
strong cyber security posture.
Our approach to cyber security is constantly evolving in response to changes
in the threat landscape so that we can maintain system availability and
support ongoing business operations. Our dedicated technology teams
focus on migration, implementation, continued development and support
of our core platforms. We have a range of activities to continuously test
and assess the resilience and sustainability of our platforms, including
cyber awareness training, phishing simulation exercises, penetration tests,
vulnerability and patch management, and risk assessments. Business
continuity, disaster recovery and crisis management plans are in place, and
tested at least annually.
We have introduced additional cyber security controls to assess third-party
risk in our supply chain and vendor assessment process in response to an
increase globally in cyber attacks resulting from vulnerabilities in third-party
systems and applications.
50 Steadfast Group Annual Report 2024
Risk
Description
Managing the risk
People risk
The risk associated with ineffective
recruitment, retention and
engagement of skilled/key personnel
or failure to appropriately manage
work health and safety. These
risks may affect Steadfast’s assets,
reputation, financial performance
and its ability to operate efficiently or
successfully execute its strategy.
We manage people risk through a combination of controls including:
succession & development planning;
employee engagement & experience surveys and feedback;
workforce planning;
regular monitoring of skills gaps;
KPI setting and performance reviews;
employee training;
appropriate remuneration arrangements;
training staff in recruitment practices to reduce the risk of inappropriate
hiring; and
conducting background checks.
Legal and
regulatory risk
The risk of loss arising from a
change in law or regulation that
might affect the industry in which
Steadfast operates.
We have been actively engaged in addressing this risk, both within our
business and through stakeholder engagement. Activities undertaken include:
working with the National Insurance Brokers Association to identify and
assess the impact of changes plus liaising with regulators as appropriate;
providing a range of services including professional development days
and town hall meetings to help Group entities understand and embed
regulatory change; and
implementing Steadfast's Broker Code of Conduct that supports the
principles of clients’ best interest.
Compliance
risk
The risk of failure to act in
accordance with law, industry
standards and codes, internal
policies and procedures and
principles of good governance as
applicable to the Group’s businesses.
Key features of how we manage compliance risk as part of our operational risk
framework include:
embedding key obligations into our operations;
identifying changes in law and the business environment to enable us to
proactively assess emerging compliance obligations;
implementing robust reporting and certification processes;
identifying, reporting and managing incidents/breaches in a timely manner;
monitoring compliance through an ongoing internal audit program; and
a whistleblower policy, encouraging employees and contractors to
raise concerns relating to accounting, internal control, compliance,
audit and other matters. Confidentiality is assured and anonymous
submissions allowed.
Counterparty/
outsourcing
risk
The risk arising from a service
provider’s failure to meet their
contractual or statutory obligations
or termination of material contracts.
Steadfast manages counterparty/outsourcing risk through the
following activities:
a procurement process for selecting suppliers is performed by the relevant
business unit;
legal review of supplier contracts; and
monitoring of supplier performance by the relevant business unit.
Reputational
risk
The risk of loss that directly
or indirectly impacts earnings or
value that is caused by adverse
perceptions of the Group held by
brokers, customers, shareholders,
employees, regulators and the
broader community.
We manage reputation risk by maintaining a positive and dynamic culture that
emphasises the need to always act with integrity and which enables us to
build strong and trusted relationships with brokers, customers, shareholders,
employees, regulators and the broader community.
We have established decision-making frameworks and policies to ensure
our business decisions are guided by sound financial, social and
environmental standards.
We also have an active internal audit program to review each of the businesses
in which we have invested to assist in identifying potential reputational
exposures to the Group from individual business operations.
Annual 360 degree reviews of Group executives are performed to monitor
their adherence to Steadfast core values and 20% of the performance rating
for all staff is based on Steadfast core values.
Steadfast Group Annual Report 2024 51
Directors’ Report continued
Climate risk
Being a services-based business with operations in local communities, Steadfast has a relatively small environmental footprint.
Nonetheless, we recognise that climate change continues to be a global risk and a material issue for the insurance industry, including
insurers, customers, and the whole economy.
As part of our Environmental, Social and Governance focus, we have committed to pursuing a reduction in the intensity of our
operating emissions (Scope 1 & 2), with a target for our Australian controlled businesses to be carbon neutral by 2030. Details about
how we plan to achieve this target are included in our Carbon Neutral Transition Plan, published in December 2022. We are delivering
on our plan through the progressive adoption of green energy by our in-scope entities, further development of our ESG reporting
capacity, ESG engagement with our employees, Network brokers and underwriting agencies, and by establishing our ESG policy.
We understand that this plan needs to evolve and we will include Scope 3 targets as our capabilities in this area mature.
Dividends
Details of dividends paid or declared by the Company are set out in Note 6 to the financial statements.
During FY24, a final dividend for FY23 of 9.0 cents per share and an interim dividend for FY24 of 6.75 cents per share were declared
and paid, both fully franked.
Events after the reporting period
Final dividend
On 28 August 2024, the Board declared a final dividend for FY24 of 10.35 cents per share, fully franked. The dividend will be paid
on 24 September 2024.
IQumulate Premium Funding Warehouse Trust extension
At 30 June 2024, the Warehouse Trust limit for IQumulate Premium Funding Pty Ltd was $660.0 million (including a $60.0 million
overdraft facility). In July 2024, the Warehouse Trust limit was increased by $60.0 million to $720.0 million (including a $60.0 million
overdraft facility) with an extended availability period to July 2025.
Likely developments
The Group’s strategy is to grow shareholder value through maintaining and growing its market position both organically and through
acquisitions, with a core focus on general insurance intermediation. Details are provided in the strategy and prospects section of
the Directors’ Report.
The Board has provided the following FY25 guidance:
Underlying EBITA of $590.0 million to $600.0 million
Underlying NPAT of $290.0 million to $300.0 million
Underlying NPATA of $340.0 million to $350.0 million
Underlying diluted EPS (NPAT) growth of 12% to 16%
This is subject to the key risks set out on pages 50 to 51 and the following key assumptions:
insurance premium price increases of 7% to 9% by our strategic partners; and
$300.0 million of acquisitions throughout FY25.
52 Steadfast Group Annual Report 2024
Environmental regulation
The Group’s operations are not subject to any particular significant environmental regulations under a law of the Commonwealth
or under State or Territory legislation.
Indemnification and insurance of officers
In accordance with its Constitution, and where permitted under relevant legislation or regulation, the Company indemnifies
the Directors and Officers against all liabilities to another person that may arise from their position as Directors or Officers
of the Company and its subsidiaries, except for conduct involving a lack of good faith and other matters set out in the
Company’s Constitution.
In accordance with the provisions of the Corporations Act 2001, the Company has insured the Directors and Officers against
liabilities incurred in their role as Directors and Officers of the Company. The terms of the insurance policy, including the premium,
are subject to confidentiality clauses and therefore the Company is prohibited from disclosing the nature of the liabilities covered
and the premium paid.
Non-audit services
During the financial year, KPMG, the Group’s auditor, performed certain other services in addition to their statutory duties.
The Board has considered the non-audit services provided by the auditor and is satisfied that the provision of those non-audit
services is compatible with, and did not compromise, the auditor independence requirements of the Corporations Act 2001 for the
following reasons:
all non-audit services engagements were subject to the corporate governance procedures adopted by the Group, and have been
reviewed by the Audit & Risk Committee to ensure they do not affect the integrity and objectivity of the auditor; and
the non-audit services provided do not undermine the general principles relating to auditor independence as set out in APES
110 Code of Ethics for Professional Accountants, as they did not involve reviewing or auditing the auditor’s own work, acting in a
management or decision-making capacity for the Group, acting as an advocate for the Group or jointly sharing risks and rewards.
Details of the amounts paid to the auditor of the Group, KPMG, and its network firms, for audit and non-audit services provided
during the financial year are provided in Note 22 to the financial statements.
Lead Auditor's Independence Declaration
The Lead Auditor’s Independence Declaration is set out on page 76 and forms part of the Directors’ Report for the financial year
ended 30 June 2024.
Steadfast Group Annual Report 2024 53
Remuneration Report
Dear Shareholders,
On behalf of the Steadfast Group Board, I am pleased to present the Remuneration Report for the financial year ended 30 June
2024. The purpose of this report is to outline Steadfast Group’s approach to remuneration for Executives and Non-Executive
Directors and, in particular, the links between Steadfast Group’s remuneration framework and business strategy, performance
and reward.
The objectives of Steadfast Group’s remuneration framework are to:
maintain market competitive remuneration that enables the Group to attract and retain key talent;
align remuneration to the Group’s strategic and business objectives and the creation of shareholder value;
be fair, transparent and easily understood by all stakeholders; and
be acceptable to shareholders and aligned with community expectations.
FY24 performance
The Steadfast Group and the Executive Team have performed strongly and achieved record full year financial results, in excess of
the top end of the initial guidance announced on 16 August 2023. We believe that the results achieved by the Steadfast Group
reflect our focus on sustainable performance, our consideration of key stakeholders and the professionalism of our experienced
Executive Team.
The Group reported underlying earnings before interest, tax and amortisation (EBITA) of $528.5 million and underlying net profit
after tax (NPAT) of $252.2 million. This represents a 22.7% increase in underlying EBITA and a 21.8% increase in underlying NPAT over
the prior year. The Group’s underlying earnings per share (EPS) growth assessed for remuneration purposes was 16.2% and return
on capital (ROC) was 12.1%. for the financial year. The total shareholder return (TSR) since our listing has been 528%. In addition to
achievement of financial outcomes, the Board also assesses the Executives' demonstration of TOGETHER values as a gateway for
the awarding of at risk remuneration.
Annual remuneration review
The Board regularly reviews the Steadfast Group’s Executive remuneration arrangements to ensure that our framework is
fit-for-purpose and continues to support the delivery of our core business objectives. Pleasingly, we continue to receive strong
support from shareholders and other interested parties.
An independent benchmarking review of Executive remuneration arrangements was undertaken in 2024 by the Godfrey
Remuneration Group (GRG). Benchmarking was undertaken with reference to a comparator group of like companies listed on the
Australian Securities Exchange (ASX) in terms of market capitalisation, revenue, assets and operations. GRG recommended some
amendments and these changes are detailed in the report. The board is satisfied that the recommendations were made free from
undue influence by the KMPs to whom the recommendations relate, as the engagement was organised by me, as chair of the
Remuneration and Performance Committee, without involvement of any KMPs.
The independent advice noted that the Managing Director & Chief Executive Officer (MD & CEO) fixed remuneration was
significantly under benchmark. As a result, we have reviewed the MD & CEO remuneration structure and have made some changes
to the mix of fixed and at-risk remuneration for FY25. These changes are outlined in the report.
Non-Executive Director board fees will be increased in FY25 by 4.0%, committee fees are unchanged. There are no plans to increase
the current Non-Executive Director fee pool at the 2024 AGM.
Key to the remuneration framework are positive behaviours underpinned by our TOGETHER values, and individual assessment of
behaviours against these values remains part of the framework.
I invite you to read our Remuneration Report and welcome any feedback on our remuneration framework to ensure it meets the
needs and expectations of shareholders, employees and other key stakeholders. I am personally available to discuss any aspects of
our remuneration framework with our shareholders at our upcoming Annual General Meeting.
Sincerely,
Vicki Allen
Chair, Remuneration & Performance Committee
54 Steadfast Group Annual Report 2024
2024 Remuneration Report
1. Introduction
56
1.1. Remuneration framework
56
1.2. Remuneration governance
57
1.3. Key management personnel
58
2. Remuneration explained
58
2.1. STI for FY24 and FY25
58
2.2. LTI for FY24 and FY25
60
2.3. Maximum potential and actual STI and LTI outcomes
62
2.4. Link between Steadfast's performance and remuneration
63
2.5. Targeted maximum potential and actual remuneration mix for FY24
67
2.6. STI and LTI vesting information
68
2.7. Keeping Executives' and shareholders' interests aligned
68
2.8 Accounting treatment
68
3. Remuneration in detail
69
3.1. Statutory remuneration disclosure
69
3.2. Conditional rights
70
3.3. Executive service agreements
70
4. Non-Executive Director remuneration
71
4.1. Fee structure and policy
71
4.2. Minimum shareholding requirement
72
4.3. Remuneration details for Non-Executive Directors
72
5. Additional information
73
5.1. Use of remuneration consultant
73
5.2. Valuation of conditional rights
73
5.3. Shareholdings
74
5.4. Related party transactions
74
5.5. Hedging prohibition
74
Steadfast Group Annual Report 2024 55
Remuneration Report continued
1. Introduction
The Remuneration Report outlines Steadfast’s remuneration principles, framework and outcomes for FY24 for all key management
personnel (KMP), comprising all Non-Executive Directors and the Executive Team made up of the MD & CEO and certain direct
reports. KMP are those persons having authority and responsibility for planning, directing and controlling the activities of the
Company, directly and indirectly.
1.1. Remuneration framework
The objective of the Group’s Executive remuneration framework is to ensure reward for performance is competitive and appropriate
for the results delivered. The framework aligns Executive reward with achievement of strategic objectives and the creation of
sustainable long-term value for shareholders and conforms to market practice for delivery of remuneration. The incentive schemes
are designed to incentivise performance that is better than market.
The Group’s remuneration structure aligns with ASX Corporate Governance Council Principles & Recommendation (4th edition).
The Group aims to reward Executives with a level of remuneration commensurate with their responsibilities and position within
the Group.
Key Performance Indicators (KPIs), together with weightings, are established for each individual which are aligned to the Group’s
strategic objectives.
The key elements of Executive remuneration are:
fixed remuneration consisting of cash salary, superannuation and non-monetary benefits;
an annual short-term incentive (STI) plan (Section 2.1); and
a long-term incentive (LTI) plan (Section 2.2).
Refer to Section 2.5 for targeted maximum remuneration mix.
Remuneration principles
The remuneration framework embodies these remuneration principles:
Principle
Purpose
Competitive
Retain and attract talent
Alignment
Creation of shareholder value over time
Fair
Fair for all stakeholders
Strategic
Delivery of strategic plans within risk appetite
Culture
Meet TOGETHER values
Transparent
Able to be understood by all stakeholders
56 Steadfast Group Annual Report 2024
Remuneration structure
Fixed pay
Short-term incentive
Long-term incentive
Purpose
Attracts and retains talented Executives
Reflects individual roles and experience, based on
comparative remuneration in the market and total
organisation salary budget
Rewards achievement of
personal and Group goals
over a 12 month period
Rewards creation
of longer-term
shareholder value
Composition
Fixed remuneration (cash salary, superannuation,
and non-monetary benefits like car parking)
Fixed remuneration targeted at 25%-34% of total
remuneration, depending on the role
STI opportunity
comprising cash
and deferred equity
award (DEA)
LTI opportunity
comprising DEA
Performance
measures
Competitive benchmarking against listed
companies of similar size, revenue, assets
and operations
Strategic and
personal goals
ROC
Subject to gateway
condition of meeting
or exceeding TOGETHER
values assessment target
EPS
TSR
Subject to gateway
condition of meeting
or exceeding TOGETHER
values assessment target
1.2. Remuneration governance
This report meets the remuneration reporting requirements of the Corporations Act 2001 and Accounting Standard AASB 124
Related Party Disclosures. The term remuneration used in this report has the same meaning as compensation as prescribed in
AASB 124.
Role of the Remuneration & Performance Committee
The Remuneration & Performance Committee of the Board is responsible for reviewing and recommending to the Board
remuneration arrangements for the Non-Executive Directors and the Executive Team made up of the MD & CEO and his direct
reports listed in the KMP table in Section 1.3. The Board reviews and, as appropriate, approves the Remuneration & Performance
Committee recommendations. The Charter is available on the Company website.
The Board and committee structure is outlined below:
Steadfast Group Annual Report 2024 57
Remuneration Report continued
1.3. Key management personnel
The KMP of the Group for the financial year are as follows:
Name
Role
Date of appointment
Non-Executive Directors
Frank O’Halloran AM
Chair, Non-Executive Director
21 October 2012
David Liddy AM
Deputy Chair, Non-Executive Director
1 January 2013
Vicki Allen
Non-Executive Director
18 March 2021
Andrew Bloore
Non-Executive Director
15 November 2023
Joan Cleary
Non-Executive Director
28 July 2022
Gai McGrath
Non-Executive Director
1 June 2018
Greg Rynenberg
Non-Executive Director
10 August 1998
Executive Director
Robert Kelly AM
Managing Director & CEO
18 April 1996
Other key management personnel
Nigel Fitzgerald
Chief Operating Officer
4 April 2023
Samantha Hollman
Chief Executive Officer – International
4 January 2000
Stephen Humphrys
Chief Financial Officer
2 January 2013
Allan Reynolds1
Executive General Manager – Direct, New Zealand & Asia
5 December 2002
1 Allan Reynolds retired on 31 August 2023.
2. Remuneration explained
2.1. STI for FY24 and FY25
The table below outlines the key details of the STI plan.
Component
Details
Purpose and link
to strategy
Rewards the achievements of the Group's business plan and individual goals over a 12 month period.
Composition
STI plan consisting of cash and DEA.
Potential reward
STI awards are performance-based, at-risk reward arrangements subject to Board discretion .
The total of at-risk remuneration for STI is targeted at 33%-50% of total remuneration, depending on the role.
58 Steadfast Group Annual Report 2024
Component
Details
Performance measures
Financial measure:
ROC, being underlying NPAT divided by opening equity attributable to owners of Steadfast Group Limited,
is the key metric upon which the STI is calculated. An STI award is made if the ROC target is met or exceeded,
and non-financial performance measures are achieved. 70% of STI allocation is based on financial measures.
The ROC hurdles are set out in the table below on page 60 and are calculated with reference to the
shareholders' equity at the start of the financial year and, in the current financial year, underlying NPAT used
in the calculation of ROC for FY24 excludes the Sure Insurance acquisition completed in the financial year.
Non-financial measures:
The Board sets the individual objectives for the MD & CEO. Refer to section 2.3 for the MD & CEO's FY24
non-financial objectives with weightings and achievements. Participants must meet or exceed expectation
in both strategic and personal KPIs to be eligible for this component of the STI plan. 30% of STI allocation
is based on non-financial measures.
Gateway measure:
Meeting or exceeding TOGETHER values assessment target.
Rationale for choosing
performance measures
The financial measure of ROC is chosen to ensure long-term shareholder value is increased.
The non-financial measures are chosen to ensure each member of the Executive Team delivers outcomes
that support the success of Steadfast.
Potential maximum STI
(including
outperformance)
The MD & CEO can earn an STI up to 200% of his annual fixed remuneration, including outperformance
incentive for FY24. For FY25 the MD & CEO can earn an STI up to 125% and the outperformance incentive
has been removed.
The other members of the Executive Team can earn up to 100% of their annual fixed remuneration; however,
they are not eligible for outperformance incentives.
Approval of the STI
The MD & CEO’s STI is recommended by the Remuneration & Performance Committee based on the Group’s
financial and his non-financial performance outcomes and approved by the Board.
The STI of other members of the Executive Team is recommended by the MD & CEO to the Remuneration
& Performance Committee, based on the Group’s financial and their non-financial performance outcomes.
It is recommended by the Remuneration & Performance Committee and approved by the Board.
Forms of the STI
reward elements
60% is paid as cash, normally in September following the end of the financial year.
40% is granted as a DEA of conditional rights (rights) to Steadfast ordinary shares, which vest over a one-year
tenure performance hurdle period from the grant date.
Key terms of DEA
A DEA is normally granted on the date the audited financial results are announced. These rights are granted
to the participants at no cost.
The number of rights granted is calculated by dividing the dollar value of the DEA award by the volume
weighted average price (VWAP) of shares over the five trading days before the grant date.
The participants in the STI plan become eligible to receive one Steadfast ordinary share per right, subject
to their continuing employment with the Group over the vesting period post grant date, and no material
adverse change to the reported results. The Remuneration & Performance Committee noted there had not
been any material subsequent deterioration in reported results due to any prior year adjustments for the year
of the grant.
These rights will accrue notional dividends and may accrue, subject to Board discretion, any bonus element
inherent in any rights issue, which will be paid as additional shares upon vesting.
Forfeiture conditions
The Board retains the discretion to adjust any unpaid or unvested performance-related remuneration (such
as STI – cash, STI – DEA) downwards if it is appropriate to do so. Malus provisions also apply.
The rights will be forfeited if the Executive resigns before the vesting date.
When an Executive ceases employment as a "good leaver", such as genuine retirement, death, redundancy
or ill health, any unvested rights may be paid in cash and/or Steadfast ordinary shares, subject to
Board discretion.
Change of control
The rights vest upon a change of control event.
Vesting conditions
Continued employment to date of vesting, being one year from the grant date.
No adverse change to the FY24 result (causing a material overstatement of NPAT for that year).
Steadfast Group Annual Report 2024 59
Remuneration Report continued
Financial metrics for the calculation of STI are detailed in the below table.
Financial year ended 30 June 2024
Financial year ending 30 June 2025
Return on capital
Award outcome
Return on capital
Award outcome
Below 11.55%
0%
Below 12.68%
0%
11.55% to 11.95%
50% vesting to maximum
award on a straight line basis
12.68% to 12.98%
75% vesting to maximum
award on a straight line basis
11.95%
Maximum award
12.98%
Maximum award
11.95% to 12.45%
Outperformance award on a
straight line basis
The maximum outperformance award for Robert Kelly AM for FY24 is 50%, while for FY25 it has been removed.
2.2. LTI for FY24 and FY25
The table below outlines the key details of the LTI plan.
Component
Details
Purpose and link
to strategy
Rewards the creation of long-term shareholder value through equity acquisition opportunity.
Composition
LTI plan consisting of DEA.
Potential reward
LTI awards are discretionary, performance-based, at-risk reward arrangements.
The total of at-risk remuneration for LTI is targeted at 25%-33% of total remuneration, depending on the role.
Performance measures
Financial measures:
50% is based on average underlying diluted EPS growth, and the remaining 50% is based on TSR. Hurdles
for each of these measures are set out in the table below on page 61.
Non-financial measures:
The Board sets the individual objectives for the MD & CEO on an annual basis. Each participant in the plan
may be entitled to a DEA subject to a three year tenure hurdle and the participant's performance must meet
or exceed expectations during each year of the three year tenure period.
Rationale for choosing
performance measures
The financial measures of EPS growth and TSR are chosen to ensure long-term shareholder value
is increased.
The non-financial measures are chosen to ensure each member of the Executive Team delivers outcomes
that support the success of Steadfast.
Potential maximum LTI
The MD & CEO and other members of the Executive Team can earn 75% to 100% of their annual
fixed remuneration.
Approval of the LTI
The Board approves the LTI based on the financial and non-financial performance outcomes as
recommended by the Remuneration & Performance Committee.
Forms of LTI reward
DEA of rights to Steadfast ordinary shares which vest after the achievement of three-year future
performance and tenure hurdles.
60 Steadfast Group Annual Report 2024
Component
Details
Key terms of DEA
A DEA is normally granted on the date the audited financial results are announced. These rights are granted
to the participants at no cost.
The number of rights granted is calculated by dividing the dollar value of the DEA award by the VWAP of
shares over the five trading days before the grant date.
The participants in the LTI plan become eligible to receive one Steadfast ordinary share per right, subject
to their continuing employment with the Group for the three-year period from the grant date and meeting
performance hurdles, subject to Board discretion.
These rights will not accrue notional dividends and may accrue, subject to Board discretion, any bonus
element inherent in any rights issue, which will be paid as additional shares upon vesting.
Forfeiture conditions
The Board retains the discretion to adjust any unpaid or unvested LTI downwards if it is appropriate to do so.
Malus provisions also apply.
The rights will be forfeited if the Executive resigns before the vesting date.
When an Executive ceases employment as a "good leaver", such as genuine retirement, death, redundancy
or ill health, any unvested rights may be paid in cash and/or Steadfast shares subject to Board discretion.
Change of control
The rights will vest upon change of control; however, the Board has discretion for them to immediately vest
or to vest over the vesting period.
Vesting conditions
Continued employment to date of vesting, being three years from the grant date.
No adverse change to the FY24 result (causing a material overstatement of EPS or TSR for that year).
Financial metrics for the calculation of LTI are detailed in the below table.
Financial year ended 30 June 2024
Financial year ending 30 June 2025
50% based on underlying diluted EPS.
Straight line underlying
diluted EPS growth
Vesting outcome
Straight line underlying
diluted EPS growth
Vesting outcome
Below 10.0%
0%
Below 10.0%
0%
At 10.0%
25%
At 10.0%
25%
10.0% to 13.0%
Straight line between 25%
to 100%
10.0% to 13.0%
Straight line between 25%
to 100%
13.0% or higher
100%
13.0% or higher
100%
50% based on TSR measured against Top 200 ASX companies excluding those in the mining industry (peer group).
TSR
TSR
Equal to or less than 50th
percentile of peer group
0%
Equal to or less than 50th
percentile of peer group
0%
Greater than 50th but less than
75th percentile of peer group
Straight line between 50%
to 100%
Greater than 50th but less than
75th percentile of peer group
Straight line between 50%
to 100%
Equal to or exceeding 75th
percentile of peer group
100%
Equal to or exceeding 75th
percentile of peer group
100%
LTIs granted in August 2021 (vesting August 2024), August 2022 (vesting August 2025) and August 2023 (vesting August 2026)
will be awarded and vested based on underlying diluted EPS growth, there being no TSR hurdle for these periods.
Steadfast Group Annual Report 2024 61
Remuneration Report continued
2.3. Maximum potential and actual STI and LTI outcomes
The table below provides details of maximum potential STI and LTI and actual STI and LTI awarded to KMP in relation to the FY24 year.
Fixed pay
$
Maximum
STI
potential
(% of fixed
pay)
Actual STI
outcome(a)
(% of fixed
pay)
STI – cash
out-
come
(60% of
outcome)
$
STI – DEA
outcome
(40% of
outcome)
$
Maximum
LTI
potential
(% of fixed
pay)
Actual LTI
outcome(a)
(% of fixed
pay)
LTI – DEA
outcome
$
Robert Kelly AM
1,304,100
200%(b)
169%
1,318,778
879,186
100%
100%
1,304,100
Nigel Fitzgerald
927,500
100%
100%
556,500
371,000
100%
100%
927,500
Samantha Hollman
650,000
100%
100%
390,000
260,000
100%
100%
650,000
Stephen Humphrys
787,500
100%
100%
472,500
315,000
100%
100%
787,500
Allan Reynolds(c)
510,000
100%
0%
-
-
75%
0%
-
Table notes
a. All participants in the FY24 STI and LTI plans exceeded the non-financial performance hurdle and were awarded all of the
STI pertaining to the achievement of strategic and individual personal goals, with the exception of Robert Kelly and his
outperformance portion.
b. Maximum STI potential for Robert Kelly AM includes the outperformance potential.
c. Allan Reynolds retired on 31 August 2023 and his fixed pay relates to annual remmuneration. He was not eligible for FY24 STI
and LTI.
The MD & CEO’s performance against his annual KPIs set at the beginning of FY24 is set out below. Achievement of TOGETHER
values assessment target is required to be eligible for participation in the plans.
FY24 performance measures
Weighting %
Achieved % Comments
Achievement of ROC target
70%
70%
Achieved
Identification of margin improvement initiatives
beyond budget and commence delivery of
these initiatives
15%
11%
Margin improvement plan scope identified
Successful completion of US acquisition, in
accordance with timelines and achieve budget
15%
15%
Achieved
100%
96%
62 Steadfast Group Annual Report 2024
2.4. Link between Steadfast's performance and remuneration
A. Reconciliation of underlying NPAT and EPS
The reconciliation of reported NPAT to underlying NPAT used to calculate EPS for LTI is as follows:
2020
$'m
2021
$'m
2022
$'m
2023
$'m
2024
$'m
Reported NPAT attributable to owners of the Company
(55.2)
143.0
171.6
189.2
228.0
Adjustments for non-trading items:
Non-trading income
(18.0)
(24.2)
(9.1)
(24.1)
(50.2)1
Non-trading expenses
190.9
5.3
3.9
24.1
78.51
Non-trading tax effect
(10.9)
5.1
1.5
17.0
(2.7)
Non-controlling interests in non-trading items (net of tax)
5.1
1.5
1.1
0.8
(1.4)
Underlying NPAT attributable to owners of the Company
111.9
130.7
169.0
207.0
252.2
Less: adjustments for Executive incentives
(5.4)
(4.0)2
-
-
-
Underlying NPAT attributable to owners of the Company for
Executive incentives
106.5
126.7
169.0
207.0
252.2
Adjusted underlying diluted EPS (cents per share) for
Executive incentives
12.7
14.6
17.6
20.2
23.4
EPS growth from prior financial year (%)
10.5%
15.2%
16.5%3
14.6%
16.2%
EPS growth required for minimum STI (%)
5.0%
7.5%
N/A
N/A
N/A
EPS growth required for maximum STI (%)
10.0%
12.5%
N/A
N/A
N/A
EPS growth required for maximum outperformance STI (%)
N/A
15.0%
N/A
N/A
N/A
ROC required for minimum STI (%)
N/A
N/A
12.20%
11.35%
11.55%
ROC required for maximum STI (%)
N/A
N/A
12.40%
11.75%
11.95%
ROC required for maximum outperformance STI (%)
N/A
N/A
12.70%
12.25%
12.45%
Opening equity4
N/A
1,120.1
1,158.9
1,684.5
2,041.4
Underlying NPAT attributable to owners of the Company for
calculating ROC4
N/A
130.7
153.0
205.1
247.7
ROC for calculating Executive incentives4
N/A
11.70%
13.20%
12.17%
12.13%
Opening share price ($)
3.51
3.36
4.40
5.02
6.00
Closing share price ($)
3.36
4.40
5.02
6.00
6.18
Change in share price (cents per share)
(15.0)
104.0
62.0
98.0
18.0
Dividend declared per share (cents per share)
9.6
11.4
13.0
15.0
17.1
TSR for the financial year (cents per share)
(5.4)
115.4
75.0
113.0
35.1
TSR for the financial year (%)
(1.5%)
34.3%
17.0%
22.5%
5.9%
Dividends paid for the financial year ($'m)
73.1
90.0
111.8
138.6
168.1
1 Non trading income includes a gain on the reassessment of deferred / contingent consideration of $61.8m and non-trading expenses includes impairment of $61.2m
($59.8m net of tax), both relating to the acquisition of Sure Insurance. Refer Note 7F.
2This includes the impact of Jobkeeper ($1.5m) which has been deducted from FY21 earnings to calculate executive incentives.
3The FY21 base EPS for assessing FY22 incentives was 15.09 cents per share.
4In August 2021, August 2022 and November 2023, the Company raised capital to acquire Coverforce, IBA and Sure Insurance respectively. The capital raised and the
profits in the first year of acquisition of these investees were removed from the ROC calculations to ensure that incentives were not biased by these acquisitions.
Steadfast Group Annual Report 2024 63
Remuneration Report continued
B. Return on capital
The graph below shows the actual ROC used for determining STI for FY24.
Return on capital (underlying NPAT divided by opening equity attributable to owners of Steadfast Group Limited)
8.47%
8.84%
10.64%
11.70%
13.20%
10.41%
12.17%
10.14%
12.13%
FY18
FY19
FY20
FY21
FY22¹
FY22
Pro-forma*
FY23²
FY23
Pro-forma*
FY24³
0
5
10
15
1 Excludes Coverforce and associated capital raise
2Excludes IBA and associated capital raise
3Excludes Sure Insurance and associated capital raise
* The pro-forma FY23 and FY22 results shown above adjusts the ROC calculations to show the actual impact of the acquisitions of
Insurance Brands Australia and Coverforce, respectively, for the years together with the capital raised to fund these acquisitions.
This provides the appropriate "like for like" base upon which the FY24 ROC performance can be measured.
Outcome
The STI awarded in August 2024 is determined against the hurdles set out in the table below:
ROC hurdle
ROC (%)
FY24 ROC to achieve minimum STI
11.55
FY24 ROC to achieve maximum STI
11.95
FY24 ROC to achieve maximum STI
with outperformance
12.45
Actual FY24 ROC
12.13
Outcome
The ROC in FY24 was 12.13%, meaning maximum STI was awarded and 37% of the
outperformance STI was awarded.
64 Steadfast Group Annual Report 2024
C. Underlying diluted EPS
The graph below shows actual underlying diluted EPS used for determining LTI for FY15 through to FY24. The underlying diluted EPS
for the prior financial year is the base used for calculating growth for the following financial year.
Underlying diluted EPS for incentives (cents per share)
7.2
8.1
8.9
9.7
11.3
12.7
14.6
17.6
20.2
23.4
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY24
0
5
10
15
20
25
Outcome
The underlying diluted EPS growth accounts for 50% weighting of FY24 LTI awards (FY23: 50%), and is not payable unless at least
10.0% (FY23: 8.0%) average annual growth is achieved over the three-year vesting period. 75% of the LTI that will vest in August
2024 is referenced against the three year EPS performance since FY21. The below table outlines the requirements and outcome in
relation to EPS growth:
EPS hurdle
EPS (cents per share)
FY21 Base EPS
14.6
FY24 EPS to achieve minimum LTI
16.8
FY24 EPS to achieve maximum LTI
19.0
Actual FY24 EPS
23.4
Outcome
The straight line growth between FY21 and FY24 exceeded the required growth of 10% per
annum. Therefore maximum EPS LTI was awarded.
Steadfast Group Annual Report 2024 65
Remuneration Report continued
D. Total shareholder return
TSR is calculated as the change in share price plus dividends declared and any capital returns measured over the financial year. The
graph below shows the Company’s cumulative TSR since FY21, compared against the median TSR of top 200 ASX listed companies
excluding those in the mining industry (peer group).
Total shareholder return for incentives (%)
6.2
30.4
55.7
u 50th percentile (%)
u 75th percentile (%)
u Actual (%)
Peer Group TSR
Steadfast TSR
0
20
40
60
Outcome
TSR accounts for 50% of the FY24 LTI award, which is not payable unless equal to or above the 50th percentile of the peer group,
over the three-year vesting period. Maximum award occurs if TSR is equal to or above the 75th percentile of the peer group.
25% of the LTI that will vest in August 2024 is determined with reference to the three year TSR performance since FY21. The below
table outlines the requirements and outcome in relation to TSR:
TSR hurdle
TSR percentile (%)
FY21-FY24 TSR to achieve minimum LTI
50th percentile (6.2%)
FY21-FY24 TSR to achieve maximum LTI
75th percentile (36.6%)
Actual FY21-FY24 TSR
Top Quartile (55.7%)
Outcome
The TSR over the three years since FY21 exceeded the maximum LTI benchmark. Therefore
the maximum TSR LTI was awarded.
66 Steadfast Group Annual Report 2024
2.5. Targeted maximum potential and actual remuneration mix for FY24
Total remuneration includes both fixed elements and at-risk or performance related elements. The Board views at-risk incentives
as a key driver of both short-term and long-term performance for shareholders. The target remuneration mix and actual outcomes
against target are outlined below.
The targeted remuneration mix for the MD & CEO will change for FY25 as a result of the independent benchmarking undertaken
by GRG. Benchmarking was undertaken for all KMPs with reference to a comparator group of like companies listed on the ASX in
terms of market capitalisation, revenue, assets and operations. GRG fees for this advice was $26,400.
GRG analysis showed that the fixed remuneration for the MD & CEO was significantly under benchmark and the remuneration
mix was more heavily skewed to variable reward than benchmark. For FY25, to accomodate an uplift in fixed remuneration, the
outperformance award was removed to more closely align the MD & CEO remuneration mix to that of other KMPs.
100%
100%
34%
34%
34%
34%
34%
34%
34%
34%
34%
34%
34%
34%
34%
34%
28%
28%
25%
25%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
27%
27%
30%
30%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
18%
18%
20%
20%
33%
33%
33%
33%
33%
33%
33%
33%
33%
33%
33%
33%
33%
33%
27%
27%
25%
25%
u Fixed remuneration
u At risk – STI cash
u At risk – STI deferred
u At risk – LTI
Actual
Allan Reynolds targeted maximum¹
Actual
Stephen Humphrys targeted maximum
Actual
Samantha Hollman targeted maximum
Actual
Nigel Fitzgerald targeted maximum
Actual
Robert Kelly AM targeted maximum
0
20
40
60
80
100
1 Allan Reynolds retired on 31 August 2023 and was not eligible for the FY24 STI and LTI plans.
Steadfast Group Annual Report 2024 67
Remuneration Report continued
2.6. STI and LTI vesting information
The current vesting schedule for the DEA of rights to convert to Steadfast ordinary shares during the financial year or granted since is
set out below, subject at all times to the vesting conditions being met. Refer Section 5.2 for the vesting date of the STI and LTI rights:
DEA awarded
Vesting date
August 2023
August 2024
August 2025
August 2026
August 2027
August 2020
STI
LTI
August 2021
STI
LTI
August 2022
STI
LTI
August 2023
STI
LTI
August 2024
STI
LTI
Vesting occurs in three equal tranches after one, two and three years from grant date
Vesting occurs three years from grant date
Vesting occurs one year from grant date
Details of the Steadfast ordinary shares transferred to the relevant Executive Team members (at nil cost to them) for the DEAs that
vested during the current financial year are set out in Section 5.3.
2.7. Keeping Executives' and shareholders' interests aligned
The Executive Team holds Steadfast's ordinary shares, which helps align Executives' and shareholders' interests. The table below
details how Executives have acquired Steadfast's ordinary shares:
Component
Details
Executive
shareholdings
The Executive Team has acquired Steadfast’s ordinary shares through the following means:
shares allocated at IPO to three Executives either directly or through loans, which have since been fully repaid by
the Executives;
subscription for ordinary shares as part of the Company’s IPO and subsequent rights issues;
participation in the Company’s DRP;
vesting of DEAs granted through the STI and LTI plans from FY14 onwards (refer Sections 2.1 and 2.2 for further
details of the STI and LTI plans); and
purchase of shares on market within trading windows.
2.8 Accounting treatment
The fair value of each DEA is recognised over the service period ending on the vesting date.
68 Steadfast Group Annual Report 2024
3. Remuneration in detail
3.1. Statutory remuneration disclosure
The table below provides remuneration details for KMP.
Short-term employment benefits
Post-
employ-
ment
benefits
Other
long-term
employ-
ment
benefits
Subtotal
(excluding
share-
based
payments)
Share-based
payments
Total
(1)
(2)
(3)
(4)
(5)
(6)
Cash salary
and leave
accruals
$
Cash STI
$
Non-
monetary
benefits
$
Super-
annuation
$
Long
service
leave
accruals
$
$
$
$
Robert Kelly AM, Managing Director & CEO
2024
1,301,635
1,318,778
135,902
27,399
36,932
2,820,646
1,550,000
4,370,646
2023
1,229,940
1,433,131
127,398
25,292
41,030
2,856,791
2,352,000
5,208,791
Nigel Fitzgerald, Chief Operating Officer(7)
2024
964,237
556,500
51,518
27,399
15,036
1,614,690
1,354,000
2,968,690
2023
241,979
185,500
4,658
6,323
3,608
442,068
567,000
1,009,068
Samantha Hollman, Chief Executive Officer – International
2024
625,277
390,000
34,048
27,399
17,745
1,094,469
515,000
1,609,469
2023
540,891
339,000
37,600
25,292
13,511
956,294
676,000
1,632,294
Stephen Humphrys, Chief Financial Officer
2024
790,615
472,500
65,357
27,399
18,907
1,374,778
720,000
2,094,778
2023
769,760
450,000
58,530
25,292
30,860
1,334,442
958,000
2,292,442
Allan Reynolds, Executive General Manager – Direct, New Zealand & Singapore(8)
2024
92,201
-
28,027
6,850
1,417
128,495
26,000
154,495
2023
456,608
306,000
22,105
25,292
15,684
825,689
577,000
1,402,689
Table notes
1. Cash salary includes amounts paid in cash plus any salary sacrifice items. Annual leave accruals are determined in accordance
with Accounting Standard AASB 119 Employee Benefits.
2. The 2024 STI represents 60% of the total STI awarded and approved by the Board and will be paid in cash in September 2024.
3. KMP are provided with non-monetary benefits such as car parking, income protection and life insurances.
4. Superannuation contributions are paid in line with legislative requirements.
5. Long service leave accruals are determined in accordance with AASB 119 Employee Benefits.
6. Share-based payments reflect the expense accrued in the financial year for DEA (both STI and LTI).
7. Nigel Fitzgerald commenced as Chief Operating Officer on 4 April 2023.
8. Allan Reynolds retired as Executive General Manager - Direct, New Zealand & Singapore on 31 August 2023.
Steadfast Group Annual Report 2024 69
Remuneration Report continued
3.2. Conditional rights
The table below provides the number of rights held by KMP as at 30 June 2023 and 30 June 2024. These are aggregate holdings
of unvested DEAs from the various grants that remain on foot (see chart in section 2.6).
Balance
30 June
2023
STI granted
during FY24
LTI granted
during FY24
Dividends
reinvested
STI/LTI
vested
during FY241
STI/LTI
forfeited
during FY24
Balance
30 June
2024
Robert Kelly AM
1,137,765
162,456
211,185
6,380
(622,694)
-
895,092
Nigel Fitzgerald
400,000
21,028
52,570
14,416
(136,878)
-
351,136
Samantha Hollman
367,818
38,428
96,070
1,597
(195,970)
-
307,943
Stephen Humphrys
545,315
51,011
127,527
2,053
(277,843)
-
448,063
Allan Reynolds2
318,007
34,687
65,039
-
(256,736)
(160,997)
-
1 The third tranche of the STI DEAs granted in August 2020, the second tranche of the STI DEAs granted in August 2021, the STI DEAs granted in August 2022 and the
LTI DEAs granted in August 2020 vested in the current financial year. In accordance with the terms of the STI and LTI plans, eligible participants of the plans received
one Steadfast ordinary share per conditional right at nil cost to them upon vesting.
2Allan Reynolds retired on 31 August 2023, as a result, some rights were forfeited.
Refer Section 5.2 for the fair value of the rights awarded in August 2023.
3.3. Executive service agreements
Steadfast has ongoing executive service agreements with each KMP. These agreements may be terminated by written notice from
either party or by the Company making a payment in lieu of notice.
The agreements outline the components of remuneration paid to Executives and require the remuneration of Executives to be
reviewed annually. The agreements do not require the Company to increase base salary, pay a short-term incentive or offer a
long-term incentive in any given year.
The table below contains the key terms of the agreements. The agreements do not provide for any termination payments, other
than payment in lieu of notice by the Company.
Name
Notice period from
the Company
Notice period from
the employee
Termination provisions in relation to
payment in lieu of notice
Robert Kelly AM
12 months
12 months
12 months fixed remuneration
Nigel Fitzgerald
12 months
12 months
12 months fixed remuneration
Samantha Hollman
6 months
6 months
6 months fixed remuneration
Stephen Humphrys
6 months
6 months
6 months fixed remuneration
In accordance with the requirements of the Corporations Act 2001, termination provisions include the payment of unused annual
leave and long service leave accruals where applicable.
3.3.1. Retrenchment entitlements
In the event of redundancy, death or ill health, Mr Kelly AM will be paid an amount equal to 12 months fixed remuneration.
3.3.2. Termination under other situations
In the event of gross negligence or gross misconduct, the Company may terminate the executive agreement immediately by notice
in writing and without payment in lieu of notice.
70 Steadfast Group Annual Report 2024
4. Non-Executive Director remuneration
4.1. Fee structure and policy
Non-Executive Directors’ fees are determined within an aggregate fee pool, which is reviewed periodically and recommended for
approval by shareholders.
The fee structure is designed to provide the Group with the ability to attract and retain Directors of the highest calibre.
The aggregate amount of remuneration sought to be approved by shareholders and the manner in which it is paid to Directors
is reviewed annually. The Board considers advice from external consultants as well as fees paid to Non-Executive Directors of
comparable companies when undertaking the review process.
Independent Non-Executive Director remuneration consists of three elements:
Board fees;
committee fees; and
superannuation, which is paid in line with legislative requirements.
Directors do not receive retirement benefits beyond superannuation contributions and do not participate in any incentive plans.
Directors may also be reimbursed for travel and other expenses incurred in attending to the Company’s affairs.
At the Annual General Meeting held on 22 October 2021, shareholders approved the maximum aggregate Directors’ fee pool of
$2,000,000 per annum for each financial year effective from and including the financial year commencing 1 July 2021.
The remuneration for the Steadfast Board and committees was determined and paid in accordance with the table below which was
the committee structure as at 30 June 2024.
Role
Audit & Risk
Committee
Nomination
Committee
Remuneration &
Performance
Committee
People, Culture &
Governance
Committee
Chair
Joan Cleary
Frank O'Halloran AM
Vicki Allen
Gai McGrath
Members
David Liddy AM
Andrew Bloore
Greg Rynenberg
Robert Kelly AM
David Liddy AM
Vicki Allen
Andrew Bloore
Joan Cleary
Gai McGrath
Greg Rynenberg
Frank O'Halloran AM
Andrew Bloore
Joan Cleary
Robert Kelly AM
Joan Cleary
Greg Rynenberg
The table below contains the annual fee structure for the Steadfast Board and committees (inclusive of superannuation). The
remuneration details are set out in Section 4.3.
Board
$
Audit & Risk
Committee
$
Nomination
Committee
$
Remuneration &
Performance
Committee
$
People, Culture &
Governance
Committee
$
Chair
2024
330,000
40,000
-
40,000
40,000
2023
305,000
40,000
-
40,000
30,000
Deputy Chair
2024
260,000
-
-
-
-
2023
230,000
-
-
-
-
Members
2024
185,000
15,000
-
15,000
15,000
2023
170,000
7,500
-
7,500
7,500
The Directors have determined that Board fees will increase by 4.0% in FY25. Committee fees are unchanged.
Steadfast Group Annual Report 2024 71
Remuneration Report continued
No additional remuneration will be paid to the Chair and members of the Nomination Committee nor for any directorships
of subsidiaries.
Board members are allocated to different Committees based on the requirements of the Committee. All Directors are invited to
attend all Committee meetings.
4.2. Minimum shareholding requirement
Non-Executive Directors are not required under the Company’s constitution to hold any Steadfast ordinary shares; however,
contained in each Director’s letter of appointment from the Company is a requirement that the Non-Executive Directors must hold
an amount equal to 50% of their annual remuneration in the Company’s ordinary shares by the end of their second year in office.
Refer Section 5.3 for details of Steadfast’s ordinary shares held by the Non-Executive Directors.
4.3. Remuneration details for Non-Executive Directors
The table below provides remuneration details of the Non-Executive Directors.
Short-term employment benefits
Post-
employment benefits
Total
Board fees
$
Committee fees
$
Superannuation
$
$
Frank O’Halloran AM
2024
302,601
-
27,399
330,000
2023
279,708
-
25,292
305,000
David Liddy AM
2024
234,234
-
25,766
260,000
2023
208,145
-
21,855
230,000
Vicki Allen
2024
166,667
36,036
22,297
225,000
2023
153,846
36,199
19,955
210,000
Andrew Bloore1
2024
109,531
16,892
7,994
134,417
2023
-
-
-
-
Joan Cleary2
2024
177,815
36,036
11,149
225,000
2023
141,026
20,456
16,956
178,438
Gai McGrath
2024
185,000
40,000
-
225,000
2023
170,000
30,000
-
200,000
Greg Rynenberg
2024
166,667
27,027
21,306
215,000
2023
153,846
13,575
17,579
185,000
Former Non-Executive Director
Anne O'Driscoll3
2024
-
-
-
-
2023
115,385
27,149
14,966
157,500
1 2024 fees for Andrew Bloore are from 15 November 2023 being his appointment date.
22023 fees for Joan Cleary are from 28 July 2022 being her appointment date.
32023 fees for Anne O'Driscoll are until 15 March 2023 being her retirement date.
72 Steadfast Group Annual Report 2024
5. Additional information
5.1. Use of remuneration consultant
The Remuneration & Performance Committee directly engages with and considers market remuneration data from remuneration
consultants as required as a guide for remuneration decisions with respect to the Executive Team. Remuneration consultants are
engaged no less than every three years to provide information on fixed remuneration packages and incentives to the Remuneration
& Performance Committee.
An external remuneration consultant, GRG, was engaged during the financial year to conduct remuneration benchmarking of the
Executive Teams fixed remuneration packages and incentives.
5.2. Valuation of conditional rights
The table below details the fair value of rights issued affecting remuneration of KMP in the previous, current or future
reporting periods:
Description of
conditional rights
Recipient
Grant date
Vesting date
ROC / EPS
fair value at
grant date
$1
TSR
fair value at
grant date
$1
Volume
weighted
average share
price
$2
October 2023 STI
MD & CEO
27-Oct-23
16-Aug-24
5.3479
N/A
5.8811
August 2023 STI
Other Executives
17-Aug-23
16-Aug-24
5.5679
N/A
5.8811
October 2022 STI
MD & CEO
20-Oct-22
16-Aug-23
4.7378
N/A
5.3864
August 2022 STI
Other Executives
17-Aug-22
16-Aug-23
5.3810
N/A
5.3864
October 2021 STI
MD & CEO
22-Oct-21
16-Aug-22
4.7884
N/A
4.6856
October 2021 STI
MD & CEO
22-Oct-21
16-Aug-23
4.7783
N/A
4.6856
October 2021 STI
MD & CEO
22-Oct-21
16-Aug-24
4.7635
N/A
4.6856
August 2021 STI
Other Executives
16-Aug-21
16-Aug-22
4.6832
N/A
4.6856
August 2021 STI
Other Executives
16-Aug-21
16-Aug-23
4.6678
N/A
4.6856
August 2021 STI
Other Executives
16-Aug-21
16-Aug-24
4.6450
N/A
4.6856
October 2020 STI3
MD & CEO
28-Oct-20
25-Aug-22
3.5496
N/A
3.5146
October 2020 STI3
MD & CEO
28-Oct-20
25-Aug-23
3.5338
N/A
3.5146
August 2020 STI3
Other Executives
25-Aug-20
25-Aug-22
3.5018
N/A
3.5146
August 2020 STI3
Other Executives
25-Aug-20
25-Aug-23
3.4830
N/A
3.5146
October 2023 LTI
MD & CEO
27-Oct-23
16-Aug-26
4.8932
2.8347
5.8811
August 2023 LTI
Other Executives
17-Aug-23
16-Aug-26
5.1210
2.6563
5.8811
October 2022 LTI
MD & CEO
20-Oct-22
16-Aug-25
4.4177
2.6609
5.3864
August 2022 LTI
Other Executives
17-Aug-22
16-Aug-25
5.0011
3.1011
5.3864
October 2021 LTI
MD & CEO
22-Oct-21
16-Aug-24
4.5686
3.2020
4.6856
August 2021 LTI
Other Executives
16-Aug-21
16-Aug-24
4.3561
3.0680
4.6856
October 2020 LTI
MD & CEO
28-Oct-20
25-Aug-23
3.3398
2.2547
3.5146
August 2020 LTI
Other Executives
25-Aug-20
25-Aug-23
3.2525
2.2468
3.5146
1 The fair value at grant date is determined in accordance with Accounting Standard AASB 2 Share-based Payment. STI rights use EPS fair value, while LTI rights use EPS
and TSR fair values. The fair value of EPS rights is calculated without reference to the probability of vesting whilst the fair value of TSR rights includes consideration of
the probability of vesting.
2To calculate the number of conditional rights to be granted, the award value is divided by the VWAP of Steadfast shares over the five trading days on the ASX prior to
Steadfast announcing its full year results.
3The STI rights vest in three equal tranches after one, two and three years from the grant date.
Steadfast Group Annual Report 2024 73
Remuneration Report continued
5.3. Shareholdings
The table below summarises the movement in holdings of ordinary shares during the financial year and the balance at the end of
the financial year both in total and held nominally by related parties of KMP.
Total shares
held at
1 July 2023
Purchases
Share
purchase
plan
allocation
Shares
transferred
upon vesting
of DEA
DRP
Sales
Total shares
held at
30 June
2024
Shares held
nominally at
30 June
20241
Frank O’Halloran, AM2
978,173
112,511
5,837
-
-
(20,000)
1,076,521
1,007,184
David Liddy, AM2
100,000
-
5,837
-
-
-
105,837
105,837
Robert Kelly, AM2
2,789,878
-
5,837
622,694
-
(400,000)
3,018,409
-
Vicki Allen2
45,000
5,000
5,837
-
-
-
55,837
55,837
Andrew Bloore2
-3
-
-
-
-
-
-
-
Joan Cleary2
26,729
10,000
5,837
-
931
-
43,497
-
Gai McGrath2
62,142
-
5,837
-
-
-
67,979
67,979
Greg Rynenberg2
1,030,775
85,000
-
-
26,428
(100,000)
1,042,203
1,042,203
Nigel Fitzgerald
-4
-
-
136,878
-
-
136,878
-
Samantha Hollman
360,430
5,837
5,837
195,970
-
(123,502)
444,572
168,257
Stephen Humphrys
400,000
-
5,837
277,843
-
-
683,680
-
Allan Reynolds
669,568
-
-
163,072
-
-
832,6405
58,6125
1 Shares held nominally are included in the column headed ‘Total shares held at 30 June 2024’. Total shares are held directly by the KMP and indirectly by the KMP’s related
parties, inclusive of domestic partner, dependants and entities controlled, jointly controlled or significantly influenced by the KMP.
2For the Directors, total shares held directly and nominally also represented the relevant interest in the listed securities, being ordinary shares of the Company, as notified
by the Directors to the ASX in accordance with section 205G(1) of the Corporations Act 2001.
3Andrew Bloore commenced as a Non-Executive Director on 15 November 2023
4Nigel Fitzgerald commenced as KMP on 4 April 2023.
5Allan Reynolds retired on 31 August 2023. Allan's Total shares held and Shares held nominally are as at 31 August 2023.
5.4. Related party transactions
The following transactions occurred with Directors’ (Robert Kelly AM and Greg Rynenberg) related parties which are part of
Steadfast Network but are not part of Steadfast Group:
2024
$
2023
$
i. Sale of goods and services
Professional service fees received from Directors' related entities on normal commercial terms
37,000
22,000
The following balances are outstanding at the reporting date in relation to transactions with
related parties:
ii. Current receivable from related parties
Trade receivables from Directors' related entities
20,350
8,800
5.5. Hedging prohibition
All DEAs must remain at risk until they have fully vested. Accordingly, Executives must not enter into any scheme that specifically
hedges the value of equity allocated.
74 Steadfast Group Annual Report 2024
Directors’ Report continued
Rounding
The Group is of the kind referred to in the ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191 issued
by the Australian Securities & Investments Commission. In accordance with that Instrument, amounts in the Directors’ Report and
financial report have been rounded to the nearest hundred thousand dollars, unless otherwise stated.
Signed at Sydney on 28 August 2024 in accordance with a resolution of the Directors.
Frank O’Halloran AM
Chair
Robert Kelly AM
Managing Director & CEO
Steadfast Group Annual Report 2024 75
KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated
with KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and
logo are trademarks used under license by the independent member firms of the KPMG global organisation. Liability limited by
a scheme approved under Professional Standards Legislation.
Lead Auditor’s Independence Declaration under
Section 307C of the Corporations Act 2001
To the Directors of Steadfast Group Limited
I declare that, to the best of my knowledge and belief, in relation to the audit of Steadfast Group
Limited for the financial year ended 30 June 2024 there have been:
i.
no contraventions of the auditor independence requirements as set out in the
Corporations Act 2001 in relation to the audit; and
ii.
no contraventions of any applicable code of professional conduct in relation to the audit.
KPMG
David Kells
Partner
Sydney
28 August 2024
76 Steadfast Group Annual Report 2024
FY24 continues our year-on-year
record accretive growth since listing
in August 2013. These results are the
consequence of the strategic execution
of our proven business model.
Steadfast Group Annual Report 2024 77
Steadfast Group Limited
Consolidated statement of profit or loss
and other comprehensive income
For the financial year ended 30 June 2024
Notes
2024
$'m
2023
$'m
Fee and commission income
1,496.8
1,292.0
Less: brokerage commission paid
(296.0)
(283.6)
Net fee and commission income
1,200.8
1,008.4
Premium funding interest income
114.9
92.9
Share of profits of associates and joint ventures
12
35.3
30.7
Fair value gain/(loss) on listed investment
2.6
(2.4)
Net gain from change in ownership in equity businesses and deferred/
contingent consideration
51.6
23.4
Interest income
49.4
23.4
Other income
8.8
3.6
Total income net of brokerage commission paid
1,463.4
1,180.0
Employment expense
(601.4)
(484.0)
Operating, brokers’ support service and other expenses
(189.8)
(158.7)
Selling expense
(73.6)
(60.7)
Amortisation expense
7
(69.6)
(62.9)
Depreciation expense
(27.9)
(25.4)
Impairment expense
7,12
(62.6)
(19.7)
Finance cost
(53.7)
(31.0)
Total expenses
(1,078.6)
(842.4)
Profit before income tax expense
384.8
337.6
Income tax expense
18
(111.1)
(109.8)
Profit after income tax expense for the financial year
273.7
227.8
PROFIT FOR THE FINANCIAL YEAR IS ATTRIBUTABLE TO:
Non-controlling interests
45.7
38.6
Owners of Steadfast Group Limited
4
228.0
189.2
273.7
227.8
78 Steadfast Group Annual Report 2024
Notes
2024
$'m
2023
$'m
OTHER COMPREHENSIVE (LOSS)/INCOME
Items that may be reclassified subsequently to profit or loss
Net movement in foreign currency translation reserve
(4.3)
1.9
Cash flow hedge effective portion of change in fair value
(2.3)
4.3
Income tax benefit/(expense) on other comprehensive income/(loss)
0.7
(1.3)
Total other comprehensive (loss)/income for the financial year, net of tax
(5.9)
4.9
Total comprehensive income for the financial year, net of tax
267.8
232.7
TOTAL COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR IS
ATTRIBUTABLE TO:
Non-controlling interests
45.7
38.6
Owners of Steadfast Group Limited
222.1
194.1
267.8
232.7
EARNINGS PER SHARE
Basic earnings per share (cents per share)
5
21.2
18.4
Diluted earnings per share (cents per share)
5
21.2
18.4
The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the notes
to the financial statements.
Steadfast Group Annual Report 2024 79
Steadfast Group Limited
Consolidated statement of financial position
As at 30 June 2024
Notes
2024
$'m
2023
$'m
ASSETS
Current assets
Cash and cash equivalents
19
300.4
259.2
Cash held on trust
19
1,026.0
879.3
Trade and other receivables
13
339.5
261.3
Premium funding receivables
13
775.6
662.2
Other
22.4
19.5
Total current assets
2,463.9
2,081.5
Non-current assets
Goodwill
7
2,303.1
1,985.7
Intangible assets
7
387.1
346.6
Investments in associates and joint ventures
12
238.2
222.6
Property, plant and equipment
66.9
64.0
Right-of-use assets
73.1
58.7
External shareholder loans
14C
43.7
36.1
Loans to associates and joint ventures
20
6.0
5.9
Other financial assets
48.5
41.9
Deferred tax assets
18
51.7
41.2
Other
23.6
6.6
Total non-current assets
3,241.9
2,809.3
Total assets
5,705.8
4,890.8
80 Steadfast Group Annual Report 2024
Notes
2024
$'m
2023
$'m
LIABILITIES
Current liabilities
Payables on broking/underwriting agency operations
1,005.5
868.3
Trade and other liabilities
193.5
161.8
Premium funding payables
188.6
206.4
Corporate and subsidiary borrowings
8
4.9
4.3
Premium funding borrowings
8
46.3
45.7
Bank overdrafts
8
-
0.5
Lease liabilities
20.0
19.4
Deferred/contingent consideration
10
121.2
86.5
Provisions
70.8
57.8
Income tax payable
22.6
47.5
Total current liabilities
1,673.4
1,498.2
Non-current liabilities
Corporate and subsidiary borrowings
8
634.2
514.5
Premium funding borrowings
8
530.3
406.5
Deferred tax liabilities
18
164.1
140.0
Lease liabilities
60.8
46.5
Provisions
14.0
14.0
Deferred/contingent consideration
10
60.4
25.8
Other
0.4
0.4
Total non-current liabilities
1,464.2
1,147.7
Total liabilities
3,137.6
2,645.9
Net assets
2,568.2
2,244.9
EQUITY
Share capital
9
2,293.3
1,949.0
Treasury shares held in trust
9
(16.9)
(15.9)
Revaluation reserve
12.1
12.1
Other reserves
9D
(161.2)
(46.5)
Retained earnings
202.6
142.7
Equity attributable to the owners of Steadfast Group Limited
2,329.9
2,041.4
Non-controlling interests
238.3
203.5
Total equity
2,568.2
2,244.9
The above consolidated statement of financial position should be read in conjunction with the notes to the financial statements.
Steadfast Group Annual Report 2024 81
Steadfast Group Limited
Consolidated statement of changes in equity
For the financial year ended 30 June 2024
Equity attributable to owners of Steadfast Group Limited
2024
Share
capital
$'m
Treasury
shares
held in
trust
$’m
Reval-
uation
reserve
$'m
Other
reserves
$’m
Retained
earnings
$’m
Total
$’m
Non-
controlling
interests
$’m
Total
equity
$’m
Balance at 1 July 2023
1,949.0
(15.9)
12.1
(46.5)
142.7
2,041.4
203.5
2,244.9
Profit after income tax expense
-
-
-
-
228.0
228.0
45.7
273.7
Other comprehensive loss, net of tax
-
-
-
(5.9)
-
(5.9)
-
(5.9)
Total comprehensive income
-
-
-
(5.9)
228.0
222.1
45.7
267.8
TRANSACTIONS WITH OWNERS IN THEIR
CAPACITY AS OWNERS:
Issue of share capital (Note 9)
344.3
-
-
-
-
344.3
-
344.3
Shares acquired and held in trust (Note 9)
-
(9.9)
-
-
-
(9.9)
-
(9.9)
Share-based payments
-
-
-
7.7
-
7.7
-
7.7
Shares allocated/(allotted) (Note 9)
-
8.9
-
(9.2)
-
(0.3)
-
(0.3)
Non-controlling interests of acquired entities
(Note 10)
-
-
-
-
-
-
13.7
13.7
Additions to/revaluations of put options over
non-controlling interests (Note 10G)
-
-
-
(36.0)
-
(36.0)
-
(36.0)
Change in equity interests in subsidiaries
without loss of control
-
-
-
(71.3)
-
(71.3)
20.1
(51.2)
Dividends declared and paid (Note 6)
-
-
-
-
(168.1)
(168.1)
(44.7)
(212.8)
Balance at 30 June 2024
2,293.3
(16.9)
12.1
(161.2)
202.6
2,329.9
238.3
2,568.2
82 Steadfast Group Annual Report 2024
Equity attributable to owners of Steadfast Group Limited
2023
Share
capital
$'m
Treasury
shares
held in
trust
$’m
Reval-
uation
reserve
$'m
Other
reserves
$’m
Retained
earnings
$’m
Total
$’m
Non-
controlling
interests
$’m
Total
equity
$’m
Balance at 1 July 2022
1,638.9
(15.9)
12.1
(42.7)
92.1
1,684.5
129.4
1,813.9
Profit after income tax expense
-
-
-
-
189.2
189.2
38.6
227.8
Other comprehensive income, net of tax
-
-
-
4.9
-
4.9
-
4.9
Total comprehensive income
-
-
-
4.9
189.2
194.1
38.6
232.7
TRANSACTIONS WITH OWNERS IN THEIR
CAPACITY AS OWNERS:
-
Issue of share capital (Note 9)
310.1
-
-
-
-
310.1
-
310.1
Shares acquired and held in trust (Note 9)
(5.4)
-
-
-
(5.4)
-
(5.4)
Share-based payments
-
-
-
7.8
-
7.8
-
7.8
Shares allocated/(allotted) (Note 9)
-
5.4
-
(5.7)
-
(0.3)
-
(0.3)
Non-controlling interests of acquired entities
(Note 10)
-
-
-
-
-
-
5.9
5.9
Additions to/revaluations of put options over
non-controlling interests (Note 10G)
-
-
-
(1.1)
-
(1.1)
-
(1.1)
Change in equity interests in subsidiaries
without loss of control
-
-
-
(9.7)
-
(9.7)
63.7
54.0
Dividends declared and paid (Note 6)
-
-
-
-
(138.6)
(138.6)
(34.1)
(172.7)
Balance at 30 June 2023
1,949.0
(15.9)
12.1
(46.5)
142.7
2,041.4
203.5
2,244.9
The above consolidated statement of changes in equity should be read in conjunction with the notes to the financial statements.
Steadfast Group Annual Report 2024 83
Steadfast Group Limited
Consolidated statement of cash flows
For the financial year ended 30 June 2024
Notes
2024
$'m
2023
$'m
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers
1,435.6
1,229.3
Payments to suppliers and employees, and Network broker rebates
(1,001.7)
(829.1)
Dividends received from associates and joint ventures
30.9
27.3
Interest received
48.0
22.8
Interest and other finance cost paid
(52.7)
(26.5)
Net cash from operating activities before tax, customer trust account and premium
funding movements
460.1
423.8
Income taxes paid
(145.2)
(105.6)
Net cash from operating activities before customer trust account and premium
funding movements
314.9
318.2
Net cash outflow from premium funding customers
(137.6)
(22.3)
Net movement in customer trust accounts (net cash receipts/payments on behalf
of customers)
121.4
128.7
Net cash from operating activities
19
298.7
424.6
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for acquisitions of subsidiaries and business assets
(311.7)
(405.9)
Cash acquired from acquisitions of subsidiaries and business assets
10
39.5
106.3
Payments for investments in associates and joint ventures
12
(18.7)
(13.1)
Payments for step-up investment in subsidiaries and restructures
(116.1)
(16.6)
Dividends received from listed investment
0.7
0.6
Payments for additional shares in other financial assets
(5.4)
(5.8)
Payments of deferred/contingent consideration for subsidiaries, associates and
business assets
10
(75.1)
(33.7)
Proceeds from disposal of investment in subsidiaries, net of cash disposed
11.2
-
Proceeds from part disposal of investment in subsidiaries and restructures
43.4
30.0
Proceeds from disposal of investment in associates
2.3
6.2
Payments for property, plant and equipment
(10.7)
(11.2)
Payments for intangible assets
(0.6)
(5.0)
Net cash used in investing activities
(441.2)
(348.2)
84 Steadfast Group Annual Report 2024
Notes
2024
$'m
2023
$'m
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of shares
348.1
233.4
Payments for transaction costs on issue of shares
(5.4)
(4.7)
Dividends paid to owners of Steadfast
(168.1)
(131.4)
Dividends paid to non-controlling interests
(44.7)
(34.1)
Proceeds from borrowings (excluding premium funding)
8
638.3
207.9
Repayment of borrowings (excluding premium funding)
8
(514.4)
(110.5)
Net cash inflow from premium funding borrowings
8
124.4
(14.7)
Payments for purchase of treasury shares
9
(9.9)
(5.4)
Proceeds from repayment of related party loans
6.4
13.6
Payments for related party loans
(12.2)
(12.4)
Proceeds from repayment of non-related party loans
8.3
1.1
Payments for non-related party loans
(16.9)
(6.7)
Payment of lease liabilities
(22.6)
(18.5)
Net cash from financing activities
331.3
117.6
Net increase in cash and cash equivalents
188.8
194.0
Cash and cash equivalents at the beginning of the financial year
1,138.5
945.0
Effect of movements in exchange rates on cash held
(0.9)
(0.5)
Cash and cash equivalents at the end of the financial year
19
1,326.4
1,138.5
The above consolidated statement of cash flows should be read in conjunction with the notes to the financial statements.
Steadfast Group Annual Report 2024 85
Steadfast Group Limited
Notes to the financial statements
For the financial year ended 30 June 2024
Note 1. General information
This general purpose financial report is for the financial year ended 30 June 2024 and comprises the consolidated financial
statements for Steadfast Group Limited (Steadfast or the Company) and its subsidiaries and the Group’s interests in associates and
joint ventures (Steadfast Group or the Group). These financial statements are presented in Australian dollars, which is Steadfast’s
functional and presentation currency.
The Company is a for-profit listed public company limited by shares, which is incorporated and domiciled in Australia. Its registered
office and principal place of business is Level 4, 99 Bathurst Street, Sydney NSW 2000.
A description of the nature of the Group's operations and its principal activities is included in the Directors' Report, which is not part
of this financial report.
This general purpose financial report was authorised for issue by the Board on 28 August 2024.
Note 2. Material accounting policies
A. Statement of compliance
This financial report has been prepared in accordance with the Corporations Act 2001, Australian Accounting Standards and
other authoritative pronouncements of the Australian Accounting Standards Board as appropriate for for-profit entities, and the
Australian Securities Exchange (ASX) Listing Rules.
International Financial Reporting Standards (IFRS) refer to the overall framework of standards and pronouncements approved by
the International Accounting Standards Board. IFRS forms the basis of the Australian Accounting Standards. This financial report
of the Group complies with IFRS.
B. Basis of preparation of the financial report
The material accounting policies adopted in the preparation of this financial report have been applied consistently by all entities in
the Group and are the same as those applied for the previous reporting period unless otherwise noted. These financial statements
have been prepared under the historical cost convention, modified, where applicable, by the measurement at fair value of certain
non-current assets, financial assets and financial liabilities.
I. Rounding
The Group is of the kind referred to in the ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191 issued
by the Australian Securities and Investments Commission. In accordance with that Instrument, amounts in this financial report have
been rounded to the nearest hundred thousand dollars, unless otherwise stated.
C. Principles of consolidation
I. Business combinations
The Group accounts for business combinations using the acquisition method when control is transferred to the Group. The
consideration transferred in the acquisition is measured at fair value, as are the identifiable net assets acquired. The excess of the
consideration transferred over the fair value of identifiable net assets acquired and non-controlling interests (NCI) is recorded
as goodwill. If the consideration transferred is less than the fair value of identifiable net assets acquired and NCI, the difference
is recognised directly in the consolidated statement of profit or loss and other comprehensive income. Costs of acquisition are
expensed as incurred, except if they relate to the issue of debt or equity securities.
II. Subsidiaries
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns
from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial
statements of subsidiaries are included in the consolidated financial statements of the Group from the date on which control
commences until the date on which control ceases.
III. Non-controlling interests
NCI are measured at their proportionate share of the acquired subsidiaries’ identifiable net assets at the date of acquisition. For
operations and businesses being put into a business hub, NCI represent the fair value at the hubbing date. Changes in the Group’s
interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions.
86 Steadfast Group Annual Report 2024
IV. Loss of control
When the Group ceases control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any related NCI
and other components of equity. Any resulting gain or loss is recognised in the consolidated statement of profit or loss and other
comprehensive income. Any interest retained in the former subsidiary is measured at fair value when control is lost.
V. Transactions eliminated on consolidation
Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are
eliminated in full.
VI. Investments in associates and joint ventures
Associates are those entities where the Group has significant influence, but not control or joint control, over the financial and
operating policies. Joint ventures are arrangements in which the Group has joint control, whereby the Group has rights to the net
assets of the arrangement, rather than rights to its assets and obligations for its liabilities.
Interests in associates and joint ventures are accounted for using the equity method. They are initially recognised at cost, which
includes transaction costs. Subsequent to initial recognition, the Group’s share of the profit or loss of associates and joint ventures
is included in the Group’s consolidated statement of profit or loss and other comprehensive income.
D. Revenue recognition
Revenue is recognised as the Group provides services. Revenue is recognised to the extent there is no future performance
obligation. Where there is a future performance obligation, a portion is deferred over the expected service period.
Revenue is measured based on the consideration to which the Group expects to be entitled in a contract. The Group's revenue
does not have a significant financing component so, for the purposes of determining the transaction price, there is no difference
between the promised consideration and the cash selling (invoice) price.
The Group’s revenue is disaggregated by reportable segment as disclosed in Note 4.
The Group recognises revenue on contracts when the service is provided, which is generally at the point in time when the invoice
is raised resulting in the recognition of a receivable. In circumstances where revenue earned but not invoiced is deemed material,
revenue is recognised on an accrual basis providing the relevant performance obligations have been satisfied.
I. Fee and commission income
The Group retains a portion of policy premiums as fee and commission income. Premiums are typically collected on an annual basis,
at or near invoice date (which could be up to 90 days from contract inception). In some cases, customers are given the option to
pay by instalments or are directed to a premium credit provider.
Commission, brokerage and fees are recognised when the related service has been provided (that is, when the quote has been
accepted and the policy is placed and bound by the insurer) and it is probable that the Group will be compensated for services
rendered, and the amount of consideration for such services can be reliably measured. This is deemed to be the invoice date. Where
there is a future obligation to provide claims handling services, a portion of the fee income is deferred over the expected service
period. The Group calculates the portion to be deferred by applying a cost plus margin approach to determine the stand-alone
selling price given this cost is unobservable.
The Group receives professional services fees from strategic partners such as insurers, premium funders and underwriting agencies
for services provided.
The Group utilises the practical expedient in AASB 15 to recognise the incremental costs of obtaining a contract as an expense when
incurred if the amortisation period of the asset that the entity would have recognised is one year or less.
The Group may receive a claims experience benefit payment or payments in respect of certain types of insurance purchased for
the benefit of Steadfast Network brokers. Revenue is recognised for a claims experience benefit for a particular policy year when
it is likely that a claims experience benefit is receivable and the amount can be reliably measured.
Factors taken into account in recognising a claims experience benefit include the number of years that have passed since the end
of a policy year and whether various claims have been closed or can be reliably measured.
Steadfast Group Annual Report 2024 87
Notes to the financial statements continued
II. Premium funding income
Premium funding interest income is brought to account at amortised cost using the effective interest method. The effective
interest method calculates the amortised cost of a financial instrument and allocates the interest income or expense and any
application fee income that is considered an integral part of the effective interest rate over the relevant period. The effective
interest rate is that rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial
instrument, or, when appropriate, a shorter period, to the net carrying amount of the financial asset or liability.
III. Other income
Other income is recognised when the right to receive payment is established.
E. Taxation
The Company (the head entity) and its wholly-owned Australian subsidiaries have formed an income tax consolidated group under
the tax consolidation regime. Consequently, these entities are taxed as a single entity and the deferred tax assets and liabilities of
these entities are offset in the consolidated financial statements.
In addition, certain controlled subsidiaries and their wholly-owned Australian subsidiaries have formed income tax consolidated
groups under the tax consolidation regime. These entities are also taxed as a single entity and the deferred tax assets and liabilities
of these tax consolidated groups are offset in the consolidated financial statements.
The Group has applied the temporary mandatory relief from deferred tax accounting related to Pillar Two income tax legislation,
in accordance with AASB 112 Income Taxes as amended by AASB 2023-2 Amendments to Australian Accounting Standards –
International Tax Reform – Pillar Two Model Rules, and accounts for Pillar Two income taxes as a current tax when it is incurred.
The Group operates in New Zealand, United Kingdom and Germany, being jurisdictions which have enacted or substantively
enacted new legislation to implement Pillar Two income tax legislation. Under the Pillar Two rules, the Group is expected to be liable
to pay a top-up tax for the differences between the effective tax rate calculated in accordance with Pillar Two and a 15% minimum
tax rate.
As at the Group’s balance date, there should not be any current tax impact as a result of the Pillar Two rules for the year ended
30 June 2024. This is due to the effective start date of the Pillar Two rules being income years starting 1 January 2024 and onwards.
Notwithstanding the above, the Group’s exposure to Pillar Two income taxes is not expected to be material based on the Group’s
assessment to date and, accordingly, there would not otherwise be any current tax impact for the Group had the Pillar Two rules
been in effect for the year ended 30 June 2024.
The Group will continue to monitor the development and finalisation of Pillar Two rules across the jurisdictions in which the
Group operates.
F. Cash and cash equivalents
Cash and cash equivalents includes cash at bank, deposits held at call with financial institutions and other short-term, highly liquid
investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
This includes cash held by the subsidiaries for business operation/operating expense purposes.
Cash held on trust includes cash at bank and other short-term, highly liquid investments, consistent with the definition of cash
above. Cash held on trust is cash held for insurance premiums received from policyholders, which will ultimately be paid to
underwriters or insurers. Cash held on trust cannot be used to meet business operations/operating expenses other than payments
to underwriters, insurers and/or refunds to policyholders.
G. Trade and other receivables
Trade and other receivables includes fee and commission receivables recognised at amoritised cost, net of the associated expected
credit loss (ECL) provision, as well as other receivables. Refer to Note 3E for additional information on the calculation of the
ECL provision.
88 Steadfast Group Annual Report 2024
H. Premium funding receivables
Premium funding receivables represent the amounts due from clients in the Group’s premium funding businesses and are
recognised at amortised cost, net of the associated ECL provision. Funds are collected on a monthly instalment basis and generally
within 12 months of the loan issuance date. Refer to Note 3E for additional information on the calculation of the ECL provision.
I. Property, plant and equipment
Items of plant and equipment are measured at cost, less accumulated depreciation and any accumulated impairment losses. The
carrying value of plant and equipment is periodically reviewed for impairment when events or changes in circumstances indicate
that the carrying value may not be recoverable.
Any gain or loss on disposal of an item of plant and equipment is recognised in the consolidated statement of profit or loss and
other comprehensive income.
I. Land and buildings
The Group recognises land and buildings at fair value, which is based on an independent appraisal. The Group obtains regular
independent appraisals to ensure that the carrying amount of land and buildings reported does not differ materially from its
fair value.
Any surplus arising on the revaluation of land and buildings is accumulated in equity in the revaluation reserve. Any deficit on
revaluation is recognised in profit or loss except to the extent that it reverses a previous revaluation surplus on the same asset, in
which case the deficit is recognised as a reduction in the revaluation reserve within equity.
J. Intangible assets
Intangible assets acquired separately or in a business combination (mainly goodwill, customer relationships and capitalised
software) are initially measured at cost. The cost of an intangible asset acquired in a business combination is its fair value at the date
of acquisition. The useful lives of these intangible assets are assessed on acquisition.
Internally developed software costs are capitalised once the project is assessed to be feasible. The costs capitalised include
licensing and direct labour costs. The useful lives of capitalised software assets are assessed when the projects are completed and
available for use.
Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and provision for impairment.
Intangible assets with finite lives are amortised over their useful lives, currently estimated to be up to 10 years, and their useful lives
are reviewed annually.
Software-as-a-Service (SaaS) arrangements are service contracts that provide the Group with the right to access the cloud
provider's application software over the contract period. As no intangible asset is created at the contract commencement date, the
costs incurred in relation to SaaS arrangements are treated as follows:
Fee for use of application software and customisation costs - recognised as an expense over the term of the service contract.
Configuration, migration, testing and training costs - recognised as an expense as the service is received.
K. Loans and borrowings
Loans and borrowings are initially recognised at the value of the consideration received, less any directly attributable transaction
costs. Subsequent measurement is at amortised cost using the effective interest method.
L. Premium funding borrowings
The Group’s premium funding borrowings are loans from third party financial institutions to finance the premium funding
businesses. These loans have recourse to the assets of the premium funding businesses only and are not cross-collateralised with
other borrowings in the Group.
They are initially recognised at the value of the consideration received, less any directly attributable transaction costs. Subsequent
measurement is at amortised cost using the effective interest method.
Steadfast Group Annual Report 2024 89
Notes to the financial statements continued
M. Payables on broking/underwriting agency operations
These amounts represent insurance premiums payable to insurers for broking/underwriting agency operations on amounts
received from customers (policyholders) prior to the end of the financial year.
N. Hedge accounting
Hedge accounting is applied when the Group designates certain derivatives to be part of a hedging relationship and they meet the
criteria for hedge accounting.
The Group uses cash flow hedges to mitigate the risk of variability of future cash flows attributable to interest rate fluctuations
associated with the corporate debt facility. For cash flow hedges, the portion of the gain or loss on the hedge instrument that
is effective is recognised in other comprehensive income, while the ineffective portion is recognised in profit or loss. Amounts
deferred in equity are transferred to profit or loss in the same period the hedged item is recognised in profit or loss.
O. Australian Accounting Standards issued and not yet effective
There are no new, revised or amending Australian Accounting Standards and Interpretations that are not yet mandatory for the
financial year ended 30 June 2024 that have been early adopted or are expected to have a material impact when adopted.
Note 3. Critical accounting judgements, estimates and assumptions
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect
the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to
assets, liabilities, contingent liabilities, revenues and expenses. Management bases its judgements, estimates and assumptions on
historical experience and on various other factors, including expectations of future events management believes to be reasonable
under the circumstances. The resulting accounting judgements and estimates may differ from the actual results. The judgements,
estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and
liabilities (refer to the respective notes) subsequent to the financial year ended 30 June 2024 are discussed below.
The Group has considered the impact of economic conditions such as inflation and the higher interest rate environment when
preparing the consolidated financial statements and related note disclosures, including the impact on the Group's forecast cash
flows and liquidity. While the effects of these uncertainties do not change the significant estimates, judgements and assumptions
considered by management in the preparation of the consolidated financial statements, they increase the level of estimation
uncertainty and the application of further judgement within these identified areas.
A. Goodwill
Goodwill is not amortised but assessed for impairment annually or more frequently when there are indicators of impairment.
The recoverable amount of goodwill is estimated using the higher of fair value or the value in use of the relevant cash-generating
unit (CGU) deducting the carrying amount of the identifiable net assets of the CGU. Key assumptions used in the calculation of
recoverable amounts are the discount rates, terminal value growth rates and inputs to revenue and expense growth assumptions.
B. Intangible assets
The carrying amounts of intangible assets with finite lives are reviewed at each reporting date to determine whether there is any
indication of impairment. If any such indication exists, the asset’s recoverable amount is estimated on the same basis as goodwill
above. An impairment loss is recognised if the carrying amount of the intangible asset exceeds its recoverable amount.
90 Steadfast Group Annual Report 2024
C. Investments in associates and joint ventures
Investments in associates and joint ventures are carried at the lower of the equity-accounted amount and the recoverable amount.
The carrying amounts of investments in associates and joint ventures are reviewed at each reporting date to determine whether
there is any indication of impairment. If any such indication exists, the asset’s recoverable amount is estimated on the same basis
as goodwill above.
An impairment loss is recognised if the carrying amount of the investment in associates and joint ventures exceeds its
recoverable amount.
D. Fair value of assets acquired
The Group measures the net assets acquired in a business combination at their fair value at the date of acquisition. If new
information obtained within one year from the acquisition date about facts and circumstances that existed at the acquisition date
identifies adjustments to the fair value, then the amounts recognised at the acquisition date will be retrospectively revised.
Fair value is estimated with reference to market transactions for similar assets or discounted cash flow analysis.
E. Expected credit loss provision
The ECL provision is estimated based on the analysis of aged receivables, as the Group assumes that the credit risk on fee and
commission receivables increases significantly if it is more than 90 days past due, as well as based on assumptions made on
forward-looking information. For the premium funding businesses, the ECL provision is based on historical analysis of credit losses
for loans in arrears, having considered whether this remains appropriate.
F Fair value of assets and liabilities
The Group’s assets and liabilities are measured at fair value at balance date. The following table gives information about how the fair
value of assets and liabilities is determined, including the valuation techniques and inputs used. For the Group’s assets and liabilities
where a fair value methodology is not noted below, their carrying amounts provide a reasonable approximation of their fair values.
Fair values are categorised into different levels in a fair value hierarchy, based on the inputs used in the valuation techniques,
as follows:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices)
or indirectly (i.e. derived from prices).
Level 3: inputs for the asset or liability that are not based on observable market data.
Steadfast Group Annual Report 2024 91
Notes to the financial statements continued
Asset or liability
Fair value
hierarchy
Valuation technique
Significant
unobservable inputs
Relationship of unobservable
inputs to fair value
Deferred/contingent
consideration
Level 3
The fair value is calculated
based on a contracted multiple,
typically of forecast EBITA
or fees and commissions,
discounted to present value
where appropriate.
Forecast EBITA or fees
and commissions
Discount rate
The estimated fair value would
increase/decrease if the forecast
EBITA or fees and commissions
were higher/lower
The estimated fair value would
decrease/increase if the discount
rate used was higher/lower
Land and buildings
Level 3
The fair value is determined
using an independent appraisal
by qualfied property valuers.
An appraisal was performed
for the year ended 30 June
2023, which formed the basis
for management's valuation in
FY24. The valuation is based on
the capitalisation of net income
(discounted cash flow) and
direct comparison approaches.
Forecast cash flows
and market value are
driven largely by market
yield. Yield is impacted
by numerous factors
including rental growth,
occupancy rates and
rental incentives which are
all driven by supply and
demand. Forecast cash
flows are discounted to
present value at current
risk-free rates.
The estimated fair value would
decrease/increase if market
yields were higher/lower
The estimated fair value would
decrease/increase if the discount
rate used was higher/lower
Interest rate swaps
(other assets)
Level 2
The fair value is determined
with reference to the
estimated future cash flows,
discounted to present value
by application of observable
discount rates derived from
relevant yield curves.
Not applicable
Not applicable
Foreign currency
forward contract
(other assets)
Level 2
The fair value is determined
with reference to the estimated
future cash flows, discounted
to present value by application
of observable discount rates
derived from relevant yield
curves and forward rates.
Not applicable
Not applicable
Investment in
listed shares (other
financial assets)
Level 1
The fair value is calculated
based on the number of shares
multiplied by the quoted price
on the ASX at balance date.
Not applicable
Not applicable
Investment in unlisted
equities (other assets)
Level 3
The fair value is calculated
based on a contracted multiple,
typically of current year EBITA or
fees and commissions.
Forecast EBITA or fees
and commissions
Discount rate
The estimated fair value would
increase/decrease if the forecast
EBITA or fees and commissions
were higher/lower
The estimated fair value would
decrease/increase if the discount
rate used was higher/lower
92 Steadfast Group Annual Report 2024
G Hedge accounting
The Group may utilise derivative financial instruments such as forward currency contracts to mitigate its exposure to foreign
currency risk. The Group designates and documents the hedge relationship at its inception and the intial recognition on the date
of entering into a derivative contract is measured at fair value, followed by subsequent remeasurement at fair value. Derivatives are
categorised as other assets or other liabilities based on whether their fair value is positive or negative, respectively. In the cash flow
hedge reserve, the gain or loss on the hedging instrument is recognised as other comprehensive income for the effective portion,
while the ineffective portion is recognised directly in profit or loss.
H Climate change
Climate change is a global risk that is material for the insurance industry including insurers’ operations, customers and the whole
economy. Climate change may increase the frequency and severity of acute weather-related events such as floods, bushfire and
storms, as well as giving rise to changes such as rising sea levels, increased heat waves and droughts.
The principal activities of the Group are the provision of services to Steadfast Network brokers, the distribution of insurance policies
via insurance brokerages and underwriting agencies, and related services. As such the Group is not exposed to climate change
risk to the same extent as insurers that underwrite the risk of an insurance policy. Whilst the potential risks (including availability
of insurance coverage for clients) and related opportunities from climate change are considered as part of the Group's asset
impairment review methodology and processes, based on what is currently known, it is not expected that climate risks will have a
significant adverse impact on the Group's principal activities, particularly from an asset impairment standpoint.
Note 4. Operating segments
The Group’s corporate structure includes equity investments in insurance intermediary entities (insurance broking and underwriting
agencies), premium funders and complementary businesses. Discrete financial information about each of these service lines
is reported to management on a regular basis and, accordingly, management considers each service line to be a discrete
business operation.
The Group distributes insurance and issues premium funding products primarily in Australia and New Zealand. The Group is also
expanding its footprint in the United States of America (USA), United Kingdom and Singapore, and has a controlling interest in ISU
Group and UnisonSteadfast, networks headquartered in the USA and Germany respectively. The revenue and non-current assets
attributed to geographies outside of Australia are not sufficiently significant to require separate geographical disclosures.
The financial performance of the Group’s operating segments is regularly provided to the Chief Operating Decision Maker
(considered to be the Managing Director & CEO) for each discrete business operation. The table below presents the financial
performance for the Group's insurance intermediaries and premium funders on an aggregated basis as each discrete business
operation within these operating segments is considered to have similar economic characteristics. The financial performance of
each of these operating segments is presented on an unconsolidated basis, that is, gross of transactions between reportable
segments. Intercompany eliminations between insurance intermediaries and premium funders are disclosed separately below.
Steadfast Group Annual Report 2024 93
Notes to the financial statements continued
2024
Insurance
intermediary
$'m
Premium
funding
$’m
Other
$’m
Intercompany
eliminations
$’m
Total
underlying
$’m
Re-
classifications
$’m1
Non-
trading
items
$’m2
Total
statutory
$’m
Total revenue
1,549.8
113.0
24.3
(10.9)
1,676.2
(264.1)
51.3
1,463.43
Total expenses
(1,164.5)
(100.4)
(39.1)
10.9
(1,293.1)
293.0
(78.5)
(1,078.6)
Share of EBITA
from associates and
joint ventures
45.8
0.1
0.9
-
46.8
(45.3)
(1.5)
-
Finance cost - associates
(2.6)
-
(0.1)
-
(2.7)
2.7
-
-
Amortisation expense
- associates
(1.5)
-
(0.7)
-
(2.2)
2.2
-
-
Net profit/(loss) before
income tax
427.0
12.7
(14.7)
-
425.0
(11.5)
(28.7)
384.8
Income tax
(expense)/benefit
(121.8)
(3.8)
(0.1)
-
(125.7)
11.5
3.1
(111.1)
Net profit/(loss) after
income tax
305.2
8.9
(14.8)
-
299.3
-
(25.6)
273.7
Non-controlling interests
(46.7)
(0.7)
0.3
-
(47.1)
-
1.4
(45.7)
Net profit/(loss) after
income tax attributable
to owners of Steadfast
Group Limited
258.5
8.2
(14.5)
-
252.2
-
(24.2)
228.0
1 Much of the reclassification relates to commissions paid by the Group's underwriting agencies. Such commissions are netted off against fee and commission income
in the statutory numbers, and are disclosed as expenses in the underlying numbers.
2Refer Note 5B for a breakdown of non-trading item adjustments.
3Total statutory revenue includes all income net of brokerage commission, as set out in the statement of profit or loss and other comprehensive income.
94 Steadfast Group Annual Report 2024
2023
Insurance
intermediary
$’m
Premium
funding
$’m
Other
$’m
Intercompany
eliminations
$'m
Total
underlying
$’m
Re-
classifications
$’m
Non-
trading
items
$’m
Total
statutory
$’m
Total revenue
1,292.5
91.1
35.3
(9.4)
1,409.5
(253.3)
23.8
1,180.0
Total expenses
(985.3)
(81.2)
(39.2)
9.4
(1,096.3)
278.0
(24.1)
(842.4)
Share of EBITA
from associates and
joint ventures
37.7
0.1
1.2
-
39.0
(39.2)
0.3
0.1
Finance cost - associates
(1.9)
-
(0.1)
-
(2.0)
1.9
-
(0.1)
Amortisation expense
- associates
(1.4)
-
(0.7)
-
(2.1)
2.1
-
-
Net profit/(loss) before
income tax
341.6
10.0
(3.5)
-
348.1
(10.5)
-
337.6
Income tax
(expense)/benefit
(101.0)
(2.7)
0.4
-
(103.3)
10.5
(17.0)
(109.8)
Net profit/(loss) after
income tax
240.6
7.3
(3.1)
-
244.8
-
(17.0)
227.8
Non-controlling interests
(37.5)
(0.3)
-
-
(37.8)
-
(0.8)
(38.6)
Net profit/(loss) after
income tax attributable
to owners of Steadfast
Group Limited
203.1
7.0
(3.1)
-
207.0
-
(17.8)
189.2
Note 5. Earnings per share
A. Reporting period value
2024
Cents
2023
Cents
Basic earnings per share
21.2
18.4
Diluted earnings per share
21.2
18.4
Excluding non-trading items, the underlying earnings per share would be as follows:
Basic earnings per share
23.5
20.2
Diluted earnings per share
23.4
20.2
Steadfast Group Annual Report 2024 95
Notes to the financial statements continued
B. Reconciliation of earnings used in calculating earnings per share
2024
$'m
2023
$'m
Profit after income tax
273.7
227.8
Non-controlling interests
(45.7)
(38.6)
Profit after income tax attributable to the owners of Steadfast Group Limited for calculation of
statutory basic and diluted earnings per share
228.0
189.2
Adjustments for non-trading items (net of tax and non-controlling interest):
Deferred/contingent consideration expense (where actual earnout was more than expected)
18.0
17.8
Deferred/contingent consideration income (where actual earnout was less than expected)
(3.4)
(1.4)
Impairment expense on investments in associates and joint ventures (refer to Note 12B)
1.4
1.9
Net adjustment relating to Sure Insurance acquisition (FY23: IBA) (refer to Note 7F)
(2.0)1
(0.5)2
Unwind of discount on fair value of deferred/contingent consideration
8.8
-
Mark-to-market (gains)/losses from revaluation of listed investments
(1.8)
1.7
Net loss/(gain) from change in value or sale of businesses and other movements
3.2
(1.7)
Underlying net profit after income tax attributable to the owners of Steadfast Group Limited for
calculation of underlying basic and diluted earnings per share
252.2
207.0
1 Includes deferred/contingent consideration income of $61.8 million and impairment expense of $61.2 million ($59.8 million net of tax) pertaining to the accounting for
the earnout of Sure Insurance.
2Includes deferred/contingent consideration income of $17.9 million and impairment expense of $17.8 million ($17.4 million net of tax) pertaining to the accounting for
the earnout of IBA.
C. Reconciliation of weighted average number of shares used in calculating earnings per share
2024
Number in
'm
2023
Number in
'm
I. Weighted average number of ordinary shares issued
Weighted average number of ordinary shares issued
1,078.4
1,028.5
Weighted average number of treasury shares held in trust
(3.0)
(3.4)
Weighted average number of ordinary shares used in calculating basic earnings per share
1,075.4
1,025.1
II. Weighted average number of dilutive potential ordinary shares
Weighted average number of ordinary shares
1,075.4
1,025.1
Dilutive potential ordinary shares issuable under share-based payments arrangements
1.6
2.0
Weighted average number of ordinary shares used in calculating diluted earnings per share
1,077.0
1,027.1
The weighted average number of ordinary shares or dilutive potential ordinary shares is calculated by taking into account the period
from the issue date of the shares to the reporting date.
Steadfast operates share-based payment arrangements (being an employee rights scheme, a short-term incentive plan and a
long-term incentive plan) where eligible employees may receive conditional rights (rights) instead of cash. One right will convert to
one ordinary share subject to vesting conditions being met. These share-based payment arrangements are granted to employees
free of cost and no consideration is payable on conversion to Steadfast’s ordinary shares. These arrangements have a dilutive effect
on the basic EPS.
96 Steadfast Group Annual Report 2024
Note 6. Dividends
A. Dividends on ordinary shares
Cents per share
Total amount
$'m
Payment date
Tax rate for
franking credit
Percentage
franked
2024
2024 interim dividend
6.75
74.6
28 March 2024
30%
100%
2023 final dividend
9.00
93.5
21 September 2023
30%
100%
2023
2023 interim dividend
6.00
62.3
22 March 2023
30%
100%
2022 final dividend
7.80
76.3
9 September 2022
30%
100%
It is standard practice that the Board declares the dividend for a period after the relevant reporting date. A dividend is not accrued
until it is declared and so the dividends for a period are generally recognised and measured in the financial reporting period following
the period to which the dividends relate.
The dividends recognised in the current reporting period include $0.3 million (2023: $0.4 million) paid in relation to treasury shares
held in a trust controlled by the Group. All the treasury shares participate in the DRP.
B. Dividend policy
The Company targets a dividend payout ratio in the range of 65% to 85% of underlying NPAT attributable to shareholders of the
Company with a minimum dividend payout ratio of 50% of net profit after tax and before amortisation, impairment and other
non-trading items (NPATA).
C. Dividend Reinvestment Plan
A DRP allows equity holders to elect to receive their dividend entitlement in the form of the Company’s ordinary shares. The price of
DRP shares is the average share market price calculated over the pricing period (which is at least five trading days) less any discount
as determined by the Board for each dividend payment date.
D. Dividend not recognised at reporting date
On 28 August 2024, the Board resolved to pay the following dividend. As this occurred after the reporting date, the dividends
declared have not been recognised in this financial report.
Cents per share
Total amount
$'m
Expected
payment date
Tax rate for
franking credit
Percentage
franked
2024 final dividend
10.35
114.5
24 September 2024
30%
100%
The Company’s DRP will operate by the on-market purchase of shares. No discount will be applied. The last election notice for
participation in the DRP in relation to this final dividend is 5 September 2024.
Steadfast Group Annual Report 2024 97
Notes to the financial statements continued
E. Franking credits
2024
$'m
2023
$'m
Franking account balance at reporting date at 30%
174.0
112.8
Franking credits to arise from (refund)/payment of income tax payable
(12.3)
26.3
Franking credits available for future reporting periods
161.7
139.1
Franking account impact of dividends declared before issuance of financial report but not
recognised at reporting date
(49.1)
(40.1)
Franking credits available for subsequent financial year based on a tax rate of 30%
112.6
99.0
Note 7. Intangible assets
A. Composition
30 Jun 2024
Customer
relationships
$'m
Capitalised
software
$'m
Other intangible
assets
$'m
Total
$'m
Goodwill
$'m
At cost
666.6
108.5
5.2
780.3
2,426.4
Accumulated amortisation and impairment
(323.4)
(64.7)
(5.1)
(393.2)
(123.3)
Balance at the end of the financial year
343.2
43.8
0.1
387.1
2,303.1
B. Movements
Identifiable intangible assets
30 Jun 2024
Customer
relationships
$'m
Capitalised
software
$'m
Other intangible
assets
$'m
Total
$'m
Goodwill
$'m
Balance at the beginning of the financial year
303.9
41.8
0.9
346.6
1,985.7
Additions
0.5
15.91
0.2
16.6
-
Additions through business combinations
101.4
-
-
101.4
387.3
Reduction upon loss of control
(2.4)
(0.1)
(0.6)
(3.1)
(13.2)
Amortisation expense
(55.4)
(13.8)
(0.4)
(69.6)
-
Impairment expense
(4.6)
-
-
(4.6)
(56.6)
Net foreign currency exchange difference
(0.2)
-
-
(0.2)
(0.1)
Balance at the end of the financial year
343.2
43.8
0.1
387.1
2,303.1
1 Comprises $15.1 million of internally developed software and $0.8 million of acquired software.
98 Steadfast Group Annual Report 2024
C. Composition
30 Jun 2023
Customer
relationships
$'m
Capitalised
software
$'m
Other intangible
assets
$'m
Total
$'m
Goodwill
$'m
At cost
568.7
93.1
5.0
666.8
2,052.5
Accumulated amortisation and impairment
(264.8)
(51.3)
(4.1)
(320.2)
(66.8)
Balance at the end of the financial year
303.9
41.8
0.9
346.6
1,985.7
D. Movements
30 Jun 2023
Customer
relationships
$'m
Capitalised
software
$'m
Other intangible
assets
$'m
Total
$'m
Goodwill
$'m
Balance at the beginning of the financial year
225.9
38.8
0.8
265.5
1,494.1
Additions
3.5
13.51
0.1
17.1
-
Additions through business combinations
126.7
2.6
-
129.3
515.3
Reduction upon loss of control
(0.9)
(0.3)
(0.1)
(1.3)
(8.3)
Amortisation expense
(49.9)
(13.0)
-
(62.9)
-
Impairment expense
(1.6)
-
-
(1.6)
(16.2)
Net foreign currency exchange difference
0.2
0.2
0.1
0.5
0.8
Balance at the end of the financial year
303.9
41.8
0.9
346.6
1,985.7
1 Comprises $13.0 million of internally developed software and $0.5 million of acquired software.
E. Amortisation rates per annum
30 Jun 2024
Customer
relationships
Capitalised
software
Other intangible
assets
Goodwill
Amortisation rates per annum
10.0% - 12.5%
12.5% - 33.3%
20.0% - 33.3%
-
F. Impairment testing
On an annual basis the Group performs impairment testing of goodwill and any identifiable intangibles and investments in
associates and joint ventures. In performing impairment testing, each business acquired or portfolio of businesses acquired is
considered a separate CGU or grouped into one CGU where operations are interdependent. Goodwill and identifiable intangible
assets are allocated across each of the Group’s CGUs, the majority of which operate in the insurance intermediary segment. The
goodwill and identifiable intangible assets allocated to each individual CGU outside the insurance intermediary segment are not
considered significant in comparison to the Group’s total carrying value of these assets.
For FY24, the Group recognised an impairment expense of $62.6 million mainly relating to Sure Insurance ($61.2 million, or
$59.8 million net of tax) and a gain on reassessment of deferred/contingent consideration of $61.8 million. At acquisition, it was
anticipated that the EBITA projected by Sure Insurance's management would be achieved. The FY24 underlying EBITA and FY25
projected EBITA are less than the original projections, largely due to the impact of two cyclones post acquisition. This reduced the
earnout for the deferred/contingent consideration as well as the carrying value of the asset.
For FY23, the impairment expense of $19.7 million mainly related to IBA ($17.8 million, or $17.4 million net of tax) and was materially
offset by a gain of $17.9 million on the reassessment of contingent consideration on the acquisition of this entity.
Steadfast Group Annual Report 2024 99
Notes to the financial statements continued
The carrying value of assets was reviewed against a number of potential scenarios to consider the potential impact of higher interest
rates and the volatile inflation environment.
Impairment losses for each category of intangible assets and investment in associates and joint ventures are shown in Section B
and D above and Note 12 respectively. When assessing the recoverable amount of customer relationships, the Group considers
client retention rates and current market conditions to determine both fair value and value in use of each CGU. Flame Security
International Pty Ltd is assessed using a bespoke discounted cash flow model due to the unique nature and circumstances of
the business.
To conduct impairment testing, the Group compares the carrying value with the recoverable amount of each asset. The recoverable
amount is the higher of:
value in use – determined by reference to a discounted cash flow model, based on a five-year projection of the FY25 approved
budget of the tested CGUs with a terminal value; and
fair value less costs of disposal – based on the Group’s estimates of sustainable EBITA for each CGU multiplied by an earnings
multiple appropriate for similar businesses less costs to sell.
The following table outlines the key assumptions applied in the value in use and fair value less costs of disposal models:
2024
2023
Post-tax discount rates1
8.5% to 12.2%
9.1% to 12.9%
Pre-tax discount rates
11.9% to 15.1%
12.4% to 16.1%
Revenue growth rate – year two to five extrapolation2
2.0% to 7.0% per annum
2.0% to 5.0% per annum
Long-term revenue growth rate3
3.0% per annum
3.0% per annum
Earnings multiple4
10-14.2x EBITA
10-14.2x EBITA
1 Post tax discount rates reflect the Group’s weighted average cost of capital (WACC), adjusted for additional risks specific to each CGU. The WACC takes into account
market risks, size of the business, current borrowing interest rates, borrowing capacity of the businesses and the risk-free rate. External advice has been sought in relation
to the determination of the appropriate WACC.
2Year one FY25 approved budget applied
3The Group considers that a long-term revenue growth rate of 3.0% is appropriate, based on the current market conditions and historical GWP trends.
4The Group applies an earnings multiple of 10 for all CGUs with the following exceptions: (1) CGUs where goodwill has been allocated for business combinations
performed within the last 12 months. For these CGUs, the Group applies the acquisition earnings multiple when determining the recoverable amount unless sources of
information suggest otherwise. (2) Large brokers and agencies where market trends indicate a higher multiple is appropriate.
Given the economic outlook with regard to higher interest rates and inflation, and the associated impact on asset valuation, the
Group ran a number of scenarios and took a probability weighted approach to estimate value in use. The growth rate assumptions
utilised in the value in use model are shown above.
A reasonable change in individual assumptions would result in the following impairments:
WACC rate increased by 100 bps: an additional $31.5 million impairment
Revenue growth rate in years two to five decreased by 0.5%: an additional $1.5 million impairment
Long-term revenue growth rate decreased by 0.5%: an additional $10.6 million impairment
Earnings multiple decreased by 1x: an additional $20.1 million impairment
The Group has also considered the impact of climate change from an asset impairment standpoint. The Group has incorporated the
potential risks and opportunities of climate change in the current asset impairment review methodology and processes. The Group
operates a decentralised business model with diversified service lines and product offerings, and is not exposed to concentration
risk with respect to industry or location. On that basis, it is not expected that climate risks will have a significant impact on the
Group's principal activities.
Note 8. Borrowings
The Group has two types of borrowings, as follows:
I. Corporate and subsidiary borrowings - Bank loans and lines of credit in corporate and subsidiaries for the purpose of carrying
out the Group’s principal activities including the distribution of insurance policies through insurance brokerages and underwriting
agencies and related services, as well as acquisitions and bolt-ons. These loans are secured against the Group’s assets, excluding
IQumulate Premium Funding Pty Ltd (IQumulate).
100 Steadfast Group Annual Report 2024
II. Premium funding borrowings - Borrowings and issuance of notes to finance only the premium funding businesses
(predominantly IQumulate). These loans have recourse only to the assets of that premium funding business.
These two types of borrowings are not cross-collateralised, and therefore are shown separately.
The Group complied with all debt covenants during the financial year.
A. Corporate and subsidiary borrowings
I. Bank loans
2024
$'m
2023
$'m
Proceeds from loans and borrowings
Current
4.9
4.3
Non-current
637.0
513.7
Net proceeds
641.9
518.0
Interest (recoverable)/accrued
(1.0)
2.6
Capitalised transaction costs
(1.8)
(1.8)
Carrying amount of liability at end of financial year
639.1
518.8
II. Bank facilities available
2024
$'m
2023
$'m
a. Bank facilities drawn down or applied
Bank loans - corporate facility
562.0
437.0
Bank loans - subsidiaries
79.9
81.0
Total bank loans
641.9
518.0
Lines of credit - corporate facility1
7.2
6.4
Lines of credit - subsidiaries2
-
0.5
649.1
524.9
b. Bank facilities not drawn down or applied
Bank loans - corporate facility
288.0
213.0
Bank loans - subsidiaries
11.8
10.0
Lines of credit - corporate facility
2.8
3.6
Lines of credit - subsidiaries
-
1.5
302.6
228.1
c. Total bank facilities available
Bank loans
941.7
741.0
Lines of credit
10.0
72.0
951.7
813.0
1 Lines of credit represent bank guarantees granted by the Company on behalf of controlled entities, principally in respect of their contractual obligations on commercial
leases. They are contingent liabilities and therefore sit outside the Group balance sheet.
2Lines of credit represent bank overdrafts for subsidiaries.
Steadfast Group Annual Report 2024 101
Notes to the financial statements continued
III. Corporate facility details
At 30 June 2024:
the Company had an $860.0 million multibank syndicated facility (corporate facility) (2023: $660.0 million); and
$562.0 million of the $860.0 million facility had been drawn down which, together with $7.2 million for bonds and rental
guarantees, leaves $290.8 million available in the corporate facility for future drawdowns (2023: $216.6 million).
IV. Key terms and conditions of corporate facility
The $860.0 million corporate facility includes the following tranches:
two revolving tranches totalling $385.0 million, maturing August 2026;
two fixed-term tranches totalling $175.0 million, maturing August 2026;
a $200.0 million fixed-term tranche, maturing November 2026; and
a $100.0 million fixed-term tranche, maturing August 2028.
Other key terms of the corporate facility are:
variable interest rate – based on BBSY plus an applicable margin for all tranches of the corporate facility; and
the facility is guaranteed by certain wholly-owned subsidiaries and is secured over all of the present and future acquired property
of the Company and the guarantors (other than certain excluded property), which is standard in facilities of this nature.
The Company has an interest rate swap with a face value of $62.5 million, where the Company swaps the floating rate payment
into fixed rate payments, which will mature in January 2025. Refer Note 14B for further details of the interest rate swap. The swap
is designed to hedge interest costs associated with the underlying corporate debt obligations.
B. Premium funding borrowings
2024
$'m
2023
$'m
I. Premium funding borrowings
Current
46.3
45.7
Non-current
530.3
406.5
576.6
452.2
II. Premium funding borrowings available
Premium funding borrowings drawn down or applied
576.6
452.2
Premium funding borrowings not drawn down or applied
34.9
130.7
611.5
582.9
The Group's premium funding subsidiary, IQumulate, has a Warehouse Trust to finance its Australian lending operation through the
issuance of notes. The Warehouse Trust is a secured lending facility whereby the collateral is a pool of insurance premium loans
receivable rather than an individual property or asset. During the financial year, the Warehouse Trust limit increased to $660.0 million
(including a $60.0 million overdraft facility) from $570.0 million with an availability period to July 2024. Whilst the contractual
availability period ends in July 2024, the premium funding borrowings have been classified as non-current in the statement of
financial position as the contractual maturity date includes an amortisation period giving the Group 12 months to repay from the
date of the last maturing premium funding in the Warehouse Trust.
IQumulate continues to hold trade credit insurance coverage, and recourse to the assets is limited to IQumulate only and is not
cross-collateralised with other borrowings in the Group.
102 Steadfast Group Annual Report 2024
C. Reconciliation of movements of liabilities and cash flows arising from financing activities
Bank loans -
corporate
facility
$'m1
Bank loans -
subsidiaries
$'m
Bank loans -
corporate
facility and
subsidiaries
$'m
Premium
funding
borrowings
$'m
Total
borrowings
$'m
2024
Balance at the beginning of the financial year
437.8
81.0
518.8
452.2
971.0
Proceeds from borrowings
626.4
11.9
638.3
124.7
763.0
Repayment of borrowings
(501.4)
(13.0)
(514.4)
(0.3)
(514.7)
Accrued interest
(3.6)
-
(3.6)
-
(3.6)
Balance at the end of the financial year
559.2
79.9
639.1
576.6
1,215.7
1 The opening balance comprises $437.0 million drawn down less capitalised transaction costs of $1.8 million plus interest accrued of $2.6 million. The closing balance
comprises $562.0 million drawn down less capitalised transaction costs of $1.8 million less interest recoverable of $ 1.0 million.
D. Borrowings by associates and joint ventures
At 30 June 2024, the Group’s associates and joint ventures had a total of $114.6 million (2023: $96.1 million) of bank borrowings
(including bank overdrafts and loans).
As the associates and joint ventures are equity-accounted, these borrowings are not included in the Group's consolidated
statement of financial position. The Group’s proportionate share of the associates’ and joint ventures’ bank borrowings is
$49.1 million (2023: $40.7 million). Refer Note 12C for summarised financial information of associates and joint ventures.
Note 9. Notes to the statement of changes in equity
A. Share capital
2024
2023
2024
2023
Number of
shares
'm
Number of
shares
'm
$'m
$'m
Balance at the beginning of the financial year
1,038.6
977.6
1,949.0
1,638.9
Shares issued for:
Institutional and retail share placement
67.7
45.5
348.1
233.4
Scrip issued to vendors for acquisitions
-
14.1
-
72.8
Dividend Reinvestment Plan
-
1.4
-
7.2
Less: Transaction costs, net of income tax
-
-
(3.8)
(3.3)
Balance at the end of the financial year
1,106.3
1,038.6
2,293.3
1,949.0
The following ordinary shares were issued during the financial year as a result of the capital raise:
54.4 million ordinary shares were issued under the institutional placement.
13.3 million ordinary shares were issued under the Share Purchase Plan.
Ordinary shares in the Company have no par value and entitle the holder to participate in dividends as declared from time to time.
All ordinary shares rank equally with regard to the Company’s residual assets.
Steadfast Group Annual Report 2024 103
Notes to the financial statements continued
B. Treasury shares held in Trust
2024
2023
2024
2023
Number of
shares
'm
Number of
shares
'm
$'m
$'m
Balance at the beginning of the financial year
3.3
3.9
15.9
15.9
Shares acquired
1.8
1.0
9.9
5.4
Shares allocated to employees
(2.1)
(1.6)
(9.2)
(5.8)
Shares allotted through the Dividend Reinvestment Plan
0.1
-
0.3
0.4
Balance at the end of the financial year
3.1
3.3
16.9
15.9
Treasury shares are ordinary shares of the Company bought on market by the trustee (a wholly-owned subsidiary of the Group) of
an employee share plan to meet future obligations under that plan when rights vest and shares are allocated to participants.
C. Capital risk management
The Group’s objectives when managing capital are to safeguard its ability to continue as a going concern, so that it can provide
returns for shareholders and benefits for other stakeholders, maintain an optimal capital structure to minimise the cost of capital
and continue its listing on the ASX, within the risk appetite approved by the Board.
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return
capital to shareholders, issue new shares, take on borrowings or sell assets to reduce debt.
The Group monitors capital on the basis of its total gearing ratio excluding premium funding borrowings, as these borrowings are
secured only against the assets of the premium funder. The total gearing ratio is calculated as total borrowings of the Company
and its subsidiaries (excluding premium funding borrowings) divided by total equity and total borrowings of the Company and its
subsidiaries (excluding premium funding borrowings). Currently the total gearing ratio excluding premium funding borrowings is
20.2% compared with the maximum gearing ratio determined by the Board of 30.0%.
The total gearing ratio has been calculated both including and excluding the premium funding borrowings as follows:
Note
2024
$'m
2023
$'m
Maximum
Board
approved
Total borrowings of the Company and its subsidiaries (excluding
premium funding borrowings)
8
649.1
524.9
Total Group equity
2,568.2
2,244.9
Total Group equity and total borrowings of the Company and
its subsidiaries
3,217.3
2,769.8
Total gearing ratio excluding premium funding borrowings
20.2%
19.0%
30.0%
Total borrowings of the Company and its subsidiaries (including
premium funding borrowings)
8
1,225.7
977.1
Total Group equity
2,568.2
2,244.9
Total Group equity and total borrowings of the Company and
its subsidiaries
3,793.9
3,222.0
Total gearing ratio including premium funding borrowings
32.3%
30.3%
104 Steadfast Group Annual Report 2024
D. Nature and purpose of reserves
I. Other reserves
Other reserves includes three components as follows:
Foreign currency translation reserve: records the foreign currency differences from the translation of the financial information
of foreign operations that have a functional currency other than Australian dollars.
Share-based payments reserve: used to recognise the fair value at grant date of equity settled share-based remuneration
provided to employees.
Other reserves: used to recognise other movements in equity including cumulative net change in fair value of hedging
instruments; the present value of liabilities in respect of put options issued to the minority shareholders of certain subsidiaries
over those subsidiaries' shares; and the net effect on disposal of partial equity ownership in subsidiaries without loss of control.
Cash flow hedge reserve: used to record the effective gain or loss on cash flow hedges. Cash flow hedges are used to manage
the variability in future cash flows due to interest rate fluctuations associated with the corporate debt facility.
II. Revaluation reserve
The revaluation reserve is used to record the movement in the fair value of the Group’s property following valuation based on
independent appraisal.
Note 10. Business combinations
Acquisitions
During the financial year ended 30 June 2024, the Group completed a number of acquisitions in accordance with its strategy. The
following disclosures provide the financial impact to the Group at the acquisition date. Only significant acquisitions are disclosed
separately. Other acquisitions are disclosed in aggregate.
Acquisition of subsidiaries
The following tables provide:
detailed information on the acquisition of Combined Agency Group Pty Ltd and its subsidiaries (Sure Insurance) on 16 November
2023; and
aggregated information for 23 other acquisitions (Other acquisitions).
A. Consideration paid/payable
Year to 30 Jun 2024
Year to
30 Jun 2023
Sure Insurance
$'m
Other
acquisitions
$'m
Total
$'m
$'m
Cash
148.8
148.8
297.6
417.2
Consideration shares
-
7.0(iv)
7.0
105.6
Deemed consideration(i)
-
15.0
15.0
31.5
Deferred/contingent consideration(ii)
104.8(iii)
25.8
130.6
65.1
253.6
196.6
450.2
619.4
Table notes
i. This amount represents the fair value of the original investments at the date the Group gained control of an entity which was
previously an associate of the Group.
ii. Pursuant to the Share Purchase Agreements, some of the consideration will be settled based on future years’ actual
financial performance and thus was recognised as deferred/contingent consideration by the Group. The deferred/contingent
consideration is estimated based on a multiple of forecast revenue and/or earnings and discounted to present value where
appropriate. Any variations at the time of settlement will be recognised as an expense or income in the consolidated statement
of profit or loss and other comprehensive income. The deferred/contingent consideration shown above represents:
Steadfast Group Annual Report 2024 105
Notes to the financial statements continued
- $124.2 million of deferred/contingent consideration for which the maximum payment is variable and not capped; and
- $6.4 million of deferred/contingent consideration which is fixed.
iii.The FY24 and FY25 earnouts for Sure Insurance are subject to their future performance and will be calculated based on their
FY24 and FY25 EBITA respectively, less all acquisition payments already made, with a clawback of the FY24 tranche applicable
if the earn out calculation is negative in FY25. Refer to Note 7F for further details on FY24 earnout reassessment and associated
impairment expense.
iv.Some acquisitions made through existing subsidiaries of the Group have been partially completed on a scrip for scrip basis (using
the subsidiaries' scrip). The share capital issued by the subsidiary is eliminated on consolidation.
v. The non-controlling interests in Sure Insurance also hold a put option over 20% of Sure Insurance, exercisable between
1 September 2026 and 31 October 2026, which will be satisfied with Steadfast scrip if exercised. Steadfast holds a call option
over the same portion of the non-controlling interests. The options are recognised at fair value based on the accounting policy
choice available in accordance with AASB 132 Financial Instruments: Presentation.
B. Identifiable assets and liabilities acquired
Year to 30 Jun 2024
Year to
30 Jun 2023
Sure Insurance
$'m
Other
acquisitions
$'m
Total
$'m
$'m
Cash and cash equivalents1
18.7
20.8
39.5
106.3
Trade and other receivables2
7.6
3.7
11.3
32.3
Identifiable intangibles3
58.5
42.9
101.4
129.3
Investment in associates and joint ventures
-
-
-
1.0
Property, plant and equipment
0.1
0.8
0.9
1.0
Right-of-use assets
0.4
2.4
2.8
8.1
Deferred tax assets
1.2
1.2
2.4
4.6
Other assets
0.1
2.7
2.8
3.8
Trade and other payables
(17.3)
(16.1)
(33.4)
(92.8)
Lease liabilities
(0.4)
(2.4)
(2.8)
(8.7)
Provisions
(0.5)
(2.3)
(2.8)
(13.7)
Income tax payable
(3.2)
(1.7)
(4.9)
(2.4)
Deferred tax liabilities
(19.2)
(12.3)
(31.5)
(44.0)
Other liabilities
(2.2)
(6.9)
(9.1)
(14.8)
Total identifiable net assets acquired
43.8
32.8
76.6
110.0
1 Includes cash held on trust.
2Trade receivables comprise contractual amounts and are expected to be fully recoverable.
3Identifiable intangibles are measured at fair value by reference to a discounted cash flow model.
If new information obtained within one year from the acquisition date about facts and circumstances that existed at the acquisition
date identifies adjustments to the above amounts, then the acquisition accounting will be revised. In the current financial period,
there were no revisions relating to prior year acquisitions.
106 Steadfast Group Annual Report 2024
C. Goodwill on acquisition
Year to 30 Jun 2024
Year to
30 Jun 2023
Sure Insurance
$'m
Other
acquisitions
$'m
Total
$'m
$'m
Total consideration paid/payable
253.6
196.6
450.2
619.4
Total identifiable net assets acquired
(43.8)
(32.8)
(76.6)
(110.0)
Non-controlling interests
13.1
0.6
13.7
5.9
Goodwill on acquisition1
222.9
164.4
387.3
515.3
1 The majority of goodwill relates to acquired subsidiaries' ability to generate future profits with the skills and technical talent of their work force as well as the benefits
from the combination of synergies. None of the goodwill recognised is expected to be deductible for tax purposes.
D. Financial performance of acquired subsidiaries
The contribution to the financial performance of the Group by acquired subsidiaries for the period since acquisition is outlined in
the table below.
Year to 30 Jun 2024
Sure Insurance
$'m
Other acquisitions
$'m
Total
$'m
Revenue
26.7
30.9
57.6
EBITA1
15.1
11.6
26.7
NPAT
8.7
8.2
16.9
1 The average EBITA multiple paid for all acquisitions in FY24 was 10.1x.
If the acquisitions of subsidiaries occurred on 1 July 2023, the Group’s underlying revenue from acquisitions for the financial
year ended 30 June 2024 would have further increased by $29.2 million to $1,705.4 million, underlying EBITA would have further
increased by $11.9 million to $540.4 million and underlying NPAT would have further increased by $6.1 million to $258.3 million.
E. Acquisition-related costs
The Group incurred acquisition-related costs of $2.2 million on legal, accounting and consulting with respect to acquisitions in the
financial period. These costs have been included in 'Operating, brokers' support service and other expenses'.
Steadfast Group Annual Report 2024 107
Notes to the financial statements continued
F. Subsidiaries acquired
The table below outlines subsidiaries acquired during the financial year ended 30 June 2024. Some acquisitions represent portfolio
or business purchases by subsidiaries and are therefore not included in this table.
Ownership interest
Name of subsidiaries acquired
Table note
30 Jun 2024
%
30 Jun 2023
%
A.I.S. Coverforce Pty Ltd
(i), (iii)
100.00
30.00
Ausure Protect Pty Ltd
(i), (iii)
77.03
25.04
BRM Risk Management Pty Ltd
(iii)
100.00
-
Cerebros Brokers Pty Ltd
(iii)
100.00
-
CIIG (VIC) Pty Ltd
(iii)
100.00
-
Collective Insurance Holdings Pty Ltd
(i), (iii)
100.00
49.00
Combined Agency Group Pty Ltd and its subsidiaries (Sure Insurance)
70.00
-
Don Hutton Insurance Brokers Pty Ltd
100.00
-
GSI Insurance Brokers (Auckland) Limited
100.00
-
GSI Insurance Brokers (Christchurch) Limited
100.00
-
GYB Insurance Brokers Limited
60.91
-
IFS Insurance Solutions Pty Ltd
(ii)
75.00
-
ISU Group, Inc.
100.00
-
Quantaco Insurance Pty Ltd
(iii)
58.82
-
Riskcom Pty Ltd
(iii)
100.00
-
Table note
i. During the year, the Group acquired additional shares in A.I.S. Coverforce Pty Ltd (AIS), Ausure Protect Pty Ltd (Ausure Protect)
and Collective Insurance Holdings Pty Ltd (Collective). As a result, AIS, Collective and Ausure Protect, which were previously
associates and joint ventures, became subsidiaries of the Group.
ii. In July 2023, the Group acquired 100.00% of IFS Insurance Solutions Pty Ltd. The Group sold 25% of its interest in IFS Insurance
Solutions Pty Ltd immediately thereafter, resulting in an ownership interest of 75%. The consideration paid/payable disclosed in
section A relates to the initial purchase of 100%.
iii.These entities were acquired through existing Steadfast subsidiaries. Please refer to the Consolidated Entity Disclosure
Statement for the relevant ownership structure.
108 Steadfast Group Annual Report 2024
G. Deferred consideration reconciliation
The following table shows a reconciliation of movements in deferred consideration.
30 Jun 2024
$'m
30 Jun 2023
$'m
Balance at the beginning of the financial year
112.3
67.6
Settlement of deferred/contingent consideration
(75.1)
(33.7)
Net gain in profit or loss on settlement or reassessment
(43.3)
(1.0)
Unwind of discount on fair value of deferred/contingent consideration
8.8
-
Additions from acquisitions in business combinations
130.6
65.1
Additions from subsidiary business combinations and step up investments
1.6
1.2
Additions/revaluations of put options over non-controlling interests
36.0
1.1
Additions from acquisitions of associates and joint ventures
4.7
11.5
Additions from acquisitions of identifiable intangibles and other assets
6.0
0.5
Balance at the end of the financial year
181.6
112.3
Comprises:
Deferred/contingent consideration current:
Put options over non-controlling interests (cash)1
62.9
26.9
Other
58.3
59.6
121.2
86.5
Deferred/contingent consideration non-current:
Other
60.4
25.8
60.4
25.8
Balance at the end of the financial year
181.6
112.3
1 This deferred/contingent consideration will only be payable if the put option is exercised by the minority shareholder. If the option remains unexercised, the financial
liability will be derecognised against equity through other reserves at the expiry date.
The balance of deferred consideration at the end of the financial year represents:
30 Jun 2024
$'m
30 Jun 2023
$'m
Amount payable is variable and capped
2.1
8.7
Amount payable is variable and not capped
163.5
91.9
Amount payable is fixed
16.0
11.7
181.6
112.3
Steadfast Group Annual Report 2024 109
Notes to the financial statements continued
Note 11. Subsidiaries
The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries.
Ownership interest
Name
Country of
incorporation
2024
%
2023
%
A. Parent entity
Steadfast Group Limited
Australia
B. Subsidiaries - operating entities
I. Insurance broking businesses
Steadfast Insurance Brokers Pty Limited
Australia
100.00
100.00
Steadfast Insurance Brokers (New Zealand) Pty Ltd
New Zealand
100.00
100.00
Steadfast Group (UK) Ltd
United Kingdom
100.00
100.00
Steadfast Group (USA) LLC
United States
100.00
-
Abbott NZ Holdings Limited and its subsidiaries
New Zealand
97.66
71.31
AFA Insurance Brokers Pty. Ltd.1
Australia
-
71.00
Austinsure Limited2
New Zealand
-
100.00
Ausure Group Pty Ltd and its subsidiaries
Australia
77.03
50.07
Baileys Insurance Limited
New Zealand
65.61
58.50
Ballyglisheen Pty Ltd3
Australia
-
59.63
Body Corporate Brokers Pty Ltd and its subsidiaries
Australia
100.00
100.00
Bruce Group Australia Pty Ltd and its subsidiaries
Australia
90.00
90.00
Centrewest Holdings Pty Limited and its subsidiaries
Australia
71.03
79.96
CIIG (VIC) Pty Ltd
Australia
100.00
-
Clear Insurance Pty Ltd
Australia
64.96
64.96
Community Broker Network Pty Ltd and its subsidiaries
Australia
100.00
100.00
Consolidated Insurance Agencies Pty. Ltd. and its subsidiary
Australia
55.00
55.00
Consult Insurance Solutions Pty. Ltd.
Australia
100.00
100.00
Corporate Insurance Brokers Ballina (NSW) Pty Ltd
Australia
100.00
100.00
Coverforce Holdco Pty Ltd and its subsidiaries
Australia
100.00
100.00
Domina Group Pty Ltd and its subsidiary
Australia
70.00
70.00
Don Hutton Insurance Brokers Pty Ltd and its subsidiary
Australia
100.00
100.00
Edgewise Insurance Brokers Pty Ltd and its subsidiaries
Australia
78.50
100.00
Fenchurch Insurance Brokers Pty Ltd
Australia
82.50
72.50
Galaxy Insurance Consultants Pte. Ltd.
Singapore
55.00
60.00
Ginn & Penny Pty Ltd
Australia
70.00
70.00
Great Wall Insurance Services Pty. Ltd.
Australia
67.50
67.50
GSA Insurance Brokers Pty Ltd
Australia
58.82
58.82
GSI Insurance Brokers (Auckland) Limited
New Zealand
100.00
-
GSI Insurance Brokers (Christchurch) Limited
New Zealand
100.00
-
GYB Insurance Brokers Limited
New Zealand
60.91
-
Holdfast Insurance Brokers Pty. Ltd.
Australia
70.00
70.00
Ian Bell Insurance Brokers Pty Ltd
Australia
75.05
75.05
110 Steadfast Group Annual Report 2024
Ownership interest
Name
Country of
incorporation
2024
%
2023
%
ICF (Australia) Pty Ltd and its subsidiary
Australia
100.00
100.00
IFS Insurance Solutions Pty Ltd
Australia
75.00
-
Insurance Brands Australia Pty Ltd and its subsidiaries
Australia
100.00
100.00
Insurance Investment Corporation Pty Ltd
Australia
70.00
-
ISU Group, Inc and its subsidiary
United States
100.00
-
Mega Capital Holdings Pty. Limited
Australia
100.00
100.00
Melbourne Insurance Brokers Pty Ltd
Australia
100.00
61.00
Miller Avenue Pty Ltd
Australia
100.00
100.00
National Credit Insurance (Brokers) Pty Ltd and its subsidiaries
Australia
84.00
83.75
Network Insurance Group Pty Ltd and its subsidiaries
Australia
64.94
64.94
Newmarket Grandwest Pty Ltd and its subsidiaries
Australia
100.00
100.00
Newsure Insurance Brokers Pty Ltd
Australia
62.42
67.41
onefocus Consolidated Pty Ltd and its subsidiaries
Australia
97.56
97.56
Paramount Insurance Brokers Pty Ltd and its subsidiaries
Australia
62.50
62.50
Phoenix Insurance Brokers Pty Ltd
Australia
80.00
80.00
PID Holdings Pty Limited and its subsidiary
Australia
100.00
100.00
Primassure (Australia) Pty. Ltd.4
Australia
-
100.00
QIB Group Holdings Pty Limited and its subsidiaries
Australia
82.51
78.34
Resolute Property Protect Pty Ltd
Australia
76.00
78.50
Risk Broking Pty Ltd and its subsidiary
Australia
100.00
60.00
Risk Partners Pty Limited
Australia
60.00
100.00
Scott & Broad Pty Ltd and its subsidiaries
Australia
65.00
65.00
Scott Winton Nominees Pty Ltd
Australia
74.00
74.00
Simplex Insurance Solutions Pty Ltd
Australia
75.00
60.00
SRB Management Pty Limited and its subsidiaries
Australia
50.00
50.00
Steadfast Distribution Services Pte Ltd
Singapore
100.00
100.00
Steadfast NZ Holdings Limited
New Zealand
100.00
100.00
Steadfast Taswide Insurance Brokers Pty Ltd and its subsidiary
Australia
62.14
60.14
Steadfast Workplace Risk Pty Ltd
Australia
57.00
57.00
Surefire Insurance Brokers Pty Ltd and its subsidiaries
Australia
50.00
50.00
Timjamway Pty Ltd
Australia
90.00
90.00
Trans-West Insurance Brokers (NSW) Pty Ltd
Australia
100.00
100.00
Trident Insurance Group Pty Ltd
Australia
78.00
83.00
Tudor Insurance Australia (Insurance Brokers) Pty Ltd
Australia
74.00
74.00
Webmere Pty Ltd and its subsidiaries5
Australia
-
76.00
Whitbread Holdings Pty Ltd and its subsidiary
Australia
100.00
100.00
Whitbread Life Pty Ltd
Australia
100.00
100.00
Woodleigh Fields Pty. Ltd.
Australia
100.00
100.00
II. Underwriting agency businesses
Steadfast Underwriting Agencies Holdings Pty Limited
Australia
100.00
100.00
Steadfast Group Annual Report 2024 111
Notes to the financial statements continued
Ownership interest
Name
Country of
incorporation
2024
%
2023
%
Armada Underwriting Pty Ltd
Australia
100.00
100.00
Axis Underwriting Services Pty Ltd
Australia
90.00
90.00
Calliden Group Pty Ltd and its subsidiaries
Australia
100.00
100.00
CHU Underwriting Agencies Pty Ltd and its subsidiaries
Australia
98.00
100.00
Coast Insurance Pty Ltd
Australia
51.00
51.00
Combined Agency Group Pty Ltd and its subsidiary
Australia
70.00
-
Emergence Insurance Group Pty Ltd and its subsidiaries
Australia
50.00
50.00
HMIA Pty Ltd
Australia
70.00
70.80
JMT Insurance Holdings Pty Ltd and its subsidiary
Australia
79.99
79.99
Miramar Underwriting Agency Pty Limited
Australia
100.00
100.00
NM Insurance Pty Ltd and its subsidiaries
Australia
90.00
90.00
Platinum Placement Solutions Pty Ltd
Australia
100.00
100.00
Procover Underwriting Agency Pty Ltd
Australia
100.00
100.00
Professional Risk Underwriting Pty Ltd
Australia
100.00
100.00
Quanta Insurance Group Pty Ltd
Australia
100.00
100.00
Sports Underwriting Australia Pty Ltd
Australia
100.00
100.00
Steadfast Placement Solutions (UK) Ltd
United Kingdom
100.00
100.00
Steadfast Placement Solutions Pty Ltd
Australia
100.00
100.00
SUA Services Pty Ltd
Australia
100.00
100.00
Underwriting Agencies of Australia Pty Ltd and its subsidiaries
Australia
88.91
88.33
WM Amalgamated Pty Ltd and its subsidiary
Australia
100.00
100.00
III. Complementary businesses
Entegre ERM Pty Ltd
Australia
100.00
100.00
Gold Seal I.P. Pty Ltd
Australia
100.00
100.00
Gold Seal Practice Management Pty Ltd
Australia
100.00
100.00
Insurance Finance Group Pty Ltd
Australia
100.00
100.00
IQumulate Premium Funding Pty Ltd and its subsidiaries
Australia
90.00
90.00
Steadfast Business Solutions Pty Ltd
Australia
100.00
100.00
Steadfast Convention Pty Limited
Australia
100.00
100.00
Steadfast INSIGHT Holdings Pty Ltd
Australia
100.00
100.00
Steadfast NZ Limited
New Zealand
100.00
100.00
Steadfast Risk Group Pty Ltd and its subsidiaries
Australia
100.00
100.00
Steadfast Share Plan Nominee Pty Ltd
Australia
100.00
100.00
Steadfast Shared Services Pty Ltd
Australia
100.00
100.00
Steadfast Technologies Group Holdings Pty Ltd
Australia
100.00
100.00
Steadfast Technologies NZ Limited
New Zealand
100.00
100.00
Steadfast Technologies Pty Ltd
Australia
100.00
100.00
Steadfast Technologies Shared Services Pty Ltd
Australia
100.00
100.00
Steadfast Technology Services NZ Limited
New Zealand
100.00
100.00
Steadfast Technology Services Pty Ltd
Australia
100.00
100.00
112 Steadfast Group Annual Report 2024
Ownership interest
Name
Country of
incorporation
2024
%
2023
%
Steadfast Virtual Underwriter Holdings Pty Ltd
Australia
100.00
100.00
UnisonSteadfast AG
Germany
60.00
60.00
1 AFA Insurance Brokers Pty. Ltd. was acquired by QIB Group Holdings Pty Limited.
2Austinsure Limited was sold to Rothbury Group Limited, which is an associate of the Group.
3Ballyglisheen Pty Ltd was disposed outside the Group.
4Primassure (Australia) Pty. Ltd. was acquired by Newmarket Grandwest Pty Ltd.
5Steadfast NSG Pty Ltd (formerly Webmere Pty Ltd) and its subsidiaries were acquired by QIB Group Holdings Pty Limited.
Note 12. Investments in associates and joint ventures
A. Details of associates and joint ventures
Interests in associates and joint ventures are accounted for using the equity method of accounting. Information relating to
associates is set out below.
Ownership interest
Equity-accounted
Name
2024
%
2023
%
2024
$'m
2023
$'m
I. Insurance broking businesses
Ausure Group Pty Ltd – associates thereof
23.26
20.82
13.8
12.8
Baileys Premium Funding Limited
40.00
40.00
1.2
1.2
Blackburn (Insurance Brokers) Pty Ltd and Liability Brokers
Pty Ltd
40.00
40.00
2.9
3.0
Collective Insurance Brokers Pty Ltd1
-
49.00
-
0.3
Covercorp Pty Ltd
49.00
49.00
1.1
1.0
Coverforce HoldCo Pty Ltd - associates thereof
30.00
24.58
33.0
35.8
Insurance Brands Australia Pty Ltd – associates thereof
22.38
20.00
1.0
1.1
J.D.I. (Young) Pty. Limited
25.00
25.00
1.1
1.1
Johansen Insurance Brokers Pty. Ltd.
48.35
48.35
4.0
4.0
Listsure Pty Ltd & its subsidiaries2
-
29.80
-
-
McKillops Insurance Brokers Pty. Ltd.
49.00
49.00
4.5
4.5
McLardy McShane Partners Pty Ltd and McLardy McShane
Insurance Brokers Pty Ltd
37.00
37.00
4.6
3.9
Origin Insurance Brokers Pty Ltd
49.00
49.00
0.1
-
Rothbury Group Limited and its subsidiaries
44.15
43.39
41.0
32.6
RSM Build Pty Ltd
49.00
49.00
1.0
0.8
RSM Group Pty Ltd
49.00
49.00
1.9
2.4
RSM Tasmania Pty Ltd
49.00
49.00
0.6
0.5
Sapphire Star Pty Ltd
30.00
30.00
0.7
0.8
Seneca Insurance Brokers Limited
40.00
-
1.0
-
Southside Insurance Brokers Pty Ltd
49.00
49.00
0.6
0.6
Steadfast Life Pty Ltd and its subsidiary
50.00
50.00
4.9
4.6
Transport Plus Insurance Brokers Pty Ltd
49.00
49.00
1.1
0.8
Watkins Insurance Brokers Pty Limited and its subsidiary
35.00
35.00
1.2
1.2
Steadfast Group Annual Report 2024 113
Notes to the financial statements continued
Ownership interest
Equity-accounted
Name
2024
%
2023
%
2024
$'m
2023
$'m
II. Underwriting agency businesses
Calliden Group Pty Ltd - associates thereof
45.00
45.00
0.5
0.4
Community Broker Network Pty Ltd - associates thereof
36.00
41.06
16.1
2.9
Sterling Insurance Pty Limited
39.50
39.50
5.0
5.0
III. Complementary businesses
Flame Security International Pty Ltd and its subsidiaries
26.30
26.30
22.4
23.8
HJS Unit Trust
33.33
33.33
2.1
2.0
Meridian Lawyers Limited
25.00
25.00
3.8
2.5
UnisonSteadfast AG - associates thereof
30.00
30.00
-
-
IV. Joint ventures
Abbott NZ Holdings Limited - joint ventures thereof
50.00
50.00
0.4
0.4
Ausure Group Pty Ltd - joint ventures thereof
34.39
22.36
5.1
5.2
BAC Insurance Brokers Pty Ltd and its subsidiary
50.00
50.00
12.3
11.9
Blend Insurance Solutions Pty Ltd and its subsidiary
50.00
50.00
1.0
0.9
Coverforce HoldCo Pty Ltd - joint ventures thereof
49.26
35.34
47.5
52.0
Network Insurance Group Pty Ltd - joint ventures thereof
32.47
32.50
-
2.2
Steadfast Risk Group Pty Ltd - joint ventures thereof
50.00
50.00
0.4
0.1
Steadfast Technologies Group Holdings Pty Ltd - joint
ventures thereof
50.00
50.00
0.3
0.2
1 Collective Insurance Brokers Pty Ltd was acquired by a subsidiary of the Group during FY24. No direct interest has been retained.
2Listsure Pty Ltd and its subsidiaries were disposed outside the Group.
114 Steadfast Group Annual Report 2024
B. Reconciliation of movements of associates and joint ventures
2024
$'m
2023
$'m
Balance at the beginning of the financial year
222.6
210.3
Additions - cash
18.7
13.1
Additions - deferred/contingent consideration
4.7
11.5
Additions - non-cash
8.4
5.4
Step-up investment to subsidiaries
(13.1)
(13.2)
Disposals
(6.1)
(3.3)
Other adjustments
-
(3.0)
235.2
220.8
Share of EBITA from associates and joint ventures
50.5
43.6
Less share of:
Finance cost
(2.7)
(2.0)
Amortisation expense
(2.8)
(2.4)
Income tax expense
(9.7)
(8.5)
Share of associates and joint ventures' profit after income tax
35.3
30.7
Dividends received/receivable
(30.9)
(27.3)
Impairment expense
(1.4)
(1.9)
Net foreign exchange movements
-
0.3
Balance at the end of the financial year
238.2
222.6
Steadfast Group Annual Report 2024 115
Notes to the financial statements continued
C. Summarised financial information of associates and joint ventures
These disclosures relate to the investment in all associates and joint ventures in aggregate. The figures below represent the financial
position and performance of the associates and joint ventures as a whole and not just the Group’s share.
2024
$'m
2023
$'m
Current assets
483.7
451.0
Non-current assets
225.3
191.7
Current liabilities
(431.8)
(425.3)
Non-current liabilities
(118.3)
(99.2)
Net assets
158.9
118.2
Revenue
379.1
311.7
EBITA
97.0
74.6
Profit after income tax
60.5
46.8
Total comprehensive income
59.7
46.8
Note 13. Trade and other receivables
Trade and other receivables
2024
$'m
2023
$'m
Fee and commission receivable
208.6
183.0
Less: ECL (refer Note 14C)
(6.0)
(4.9)
Net fee and commission receivable
202.6
178.1
Other receivables and accrued income
136.9
83.2
339.5
261.3
Premium funding receivables
2024
$'m
2023
$'m
Premium funding receivables
777.0
663.4
Less: ECL (refer Note 14C)
(1.4)
(1.2)
775.6
662.2
116 Steadfast Group Annual Report 2024
Note 14. Financial instruments
A. Financial risk management
The Group's activities expose it to a variety of financial risks: interest rate risk, credit risk and liquidity risk. The Group's overall risk
management framework focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on
the financial performance of the Group. The Group uses various methods to measure different types of risk to which it is exposed.
These methods include sensitivity analysis in the case of interest rate risk and ageing analysis for credit risk.
Financial risk management is carried out by senior finance executives (Finance) under policies approved by the Board. These policies
include identification and analysis of the risk exposure of the Group and appropriate procedures, controls and risk limits. Finance
identifies, evaluates and may hedge financial risks within the Group's operating units. Finance reports to the Board on a regular basis.
B. Market risk
Interest rate risk
As at the reporting date, the Group had the following variable rate bank accounts and borrowings:
2024
Weighted
average
interest rate
%
2024
Balance
$'m
2023
Weighted
average
interest rate
%
2023
Balance
$'m
Non-derivatives
Cash and cash equivalents
3.52
1,326.4
2.72
1,138.5
Bank overdrafts
-
-
-
(0.5)
Bank loans1
6.062
(639.1)
5.682
(518.8)
Premium funding borrowings
6.422
(576.6)
6.172
(452.2)
110.7
167.0
Derivatives
Interest rate swaps3
2.80
(62.5)
2.80
(62.5)
1 Balances include principal and outstanding interest payable at the balance date.
2Weighted average interest rate excludes any applicable line fee paid to lenders.
3The Group entered into an interest rate swap with a face value of $62.5 million, where BBSY indexed floating rate payments were swapped for 2.2988% fixed rate
payments. The $62.5 million swap will mature in January 2025. The Group entered into the interest rate swap to minimise the Group’s exposure to interest rate risk by
the Group agreeing to exchange the difference between fixed and variable rate interest amounts calculated by reference to an agreed-upon face value. The swap is
designed to hedge interest costs associated with the underlying corporate debt obligations. At 30 June 2024, after taking into account the effect of the interest rate
swaps, approximately 88.8% of the Group’s corporate debt is exposed to variable rates (2023: 85.7%).
An increase/decrease in interest rates of 100 (2023: 100) basis points would have the following effect on profit/(loss) after tax:
Increase of 100 basis points: $1.2 million favourable per annum (2023: $1.6 million favourable)
Decrease of 100 basis points: $1.2 million unfavourable per annum (2023: $1.6 million unfavourable).
The basis point change is based on the expected volatility of interest rates using market data, historical trends over prior years and
the Group's ongoing relationships with financial institutions.
C. Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group.
The Group obtains guarantees where appropriate to mitigate credit risk. The maximum exposure to credit risk at the reporting
date to recognised financial assets is the carrying amount (net of any provisions for impairment of those assets) as disclosed in
the statement of financial position and notes to the financial statements. The Group does not hold any collateral, except for the
collateral specified in relation to loans to facilitate management buy-ins as described below.
Credit risk of the Group mainly arises from cash and cash equivalents, and trade and other receivables.
Steadfast Group Annual Report 2024 117
Notes to the financial statements continued
The Group has funded $43.7 million (2023: $36.1 million) of loans to facilitate management buy-ins to certain businesses under
the Group’s owner-driven business model. These loans are disclosed as external shareholder loans in the consolidated statement
of financial position. These loans attract commercial interest rates, with dividends from these businesses used to fund interest and
loan repayments. The shares held by management in those businesses are provided as loan collateral.
The Group’s exposure to credit risk is concentrated in the financial services industry with parties that are considered to be of
sufficiently high credit quality (including cash held with major Australian banks) to minimise credit risk losses. Receivables include
amounts due from policyholders in respect of insurances arranged by controlled entities. The Group assumes that the credit risk on
fee and commission receivable increases significantly if outstanding 90 days past credit due terms. An ECL provision is recognised
in respect of fee and commission receivable.
The Group also has exposure to credit risk from premium funding loans. The ECL provision for premium funding loans is based on
historical data as a percentage of total loans written, after expected recoveries from trade credit policies.
The following table shows the movement in ECL that has been recognised for fee and commission receivable and premium funding
receivables in accordance with the simplified approach set out in AASB 9:
ECL - Fee & commission receivables
2024
$'m
2023
$'m
Balance at the beginning of the financial year
4.9
3.6
Increase in ECL
0.1
0.6
Additions through business combinations
1.0
0.7
Balance at the end of the financial year
6.0
4.9
ECL - Premium funding receivables
2024
$'m
2023
$'m
Balance at the beginning of the financial year
1.2
1.2
Increase in ECL
0.2
-
Balance at the end of the financial year
1.4
1.2
D. Liquidity risk
Vigilant liquidity risk management requires that the Group maintains sufficient liquid assets to be able to pay debts as and when they
become due and payable and satisfy each AFSL holders' requirements. For both the Group’s insurance intermediaries and premium
funders, this is largely achieved by maintaining sufficient cash reserves in the forms of cash and cash equivalents and available
borrowing facilities.
The Group manages liquidity risk by maintaining adequate cash reserves and available borrowing facilities, continuously monitoring
actual and forecast cash flows, and by matching the maturity profiles of financial assets and liabilities.
For the Group’s premium funders, liquidity risk is mitigated by allocating premium funding to a diverse range of corporate and SME
businesses, limiting the majority of premium funding loans to no more than 11 monthly instalments, minimising the life cycle of
funds in use, retaining adequate levels of available funds to safeguard against exceeding facility limits, and by matching the maturity
profile of current and prospective financial assets against available funding limits.
The following tables detail the Group's remaining contractual maturity for its financial liabilities. The tables have been drawn up
based on the undiscounted cash flows of financial liabilities based on the earliest date on which the financial liabilities are required
to be paid.
118 Steadfast Group Annual Report 2024
Weighted
average interest
rate
%
1 year or less
$'m
1 to 2 years
$'m
2 to 5 years
$'m
Over 5 years
$'m
Total
contractual
maturities
$'m
2024
Non-derivatives
I. Non-interest bearing
Payables on
broking/underwriting
agency operations
1,005.5
-
-
-
1,005.5
Trade and other payables
193.5
-
-
-
193.5
Premium funding payables
188.6
-
-
-
188.6
Deferred /
contingent consideration
121.2
59.0
1.4
-
181.6
II. Interest bearing
Bank loans
6.06
5.1
5.8
655.7
11.2
677.8
Premium
funding borrowings
6.42
49.2
-
564.3
-
613.5
Total non-derivatives
1,563.1
64.8
1,221.4
11.2
2,860.5
Derivatives
Interest rate swaps
(net settled)
(2.0)
-
-
-
(2.0)
Total derivatives
(2.0)
-
-
-
(2.0)
2023
Non-derivatives
I. Non-interest bearing
Payables on
broking/underwriting
agency operations
868.3
-
-
-
868.3
Trade and other payables
161.8
-
-
-
161.8
Premium funding payables
206.4
-
-
-
206.4
Deferred /
contingent consideration
86.5
24.3
1.5
-
112.3
II. Interest bearing
Bank loans
5.68
4.5
265.4
258.4
20.0
548.3
Premium
funding borrowings
6.17
48.5
-
431.6
-
480.1
Total non-derivatives
1,376.0
289.7
691.5
20.0
2,377.2
Derivatives
Interest rate swaps
(net settled)
(2.5)
(2.0)
-
-
(4.5)
Total derivatives
(2.5)
(2.0)
-
-
(4.5)
Steadfast Group Annual Report 2024 119
Notes to the financial statements continued
Note 15. Contingencies
Contingent liabilities
Put options
The Group has granted options to various banks to enable them to put shares held by other shareholders in associates and controlled
entities of the Group at fair value if the bank enforces its security over those shares. These have been granted in relation to
shares held by other shareholders in associates and controlled entities over which the bank holds a security interest to secure
indebtedness by those shareholders. The Group expects no material net exposure from this arrangement as the contingent liabilities
have contingent assets (being rights to shares held by the relevant shareholders) of similar values.
Bank guarantee
In the normal course of business, certain controlled entities in the Group have provided security for bank guarantees principally in
respect of their contractual obligations on commercial leases.
Legal, regulatory and other proceedings
Steadfast Group (including its subsidiaries and associates/joint ventures) may from time to time be involved in legal, regulatory and
other proceedings and disputes arising from its businesses. These may cause Steadfast to incur significant costs, delays and other
disruptions to its business and operations.
In addition, regulatory disputes may result in fines, payments, penalties and other administrative sanctions. Involvement in any such
dispute may adversely impact the reputation and the financial position and performance of Steadfast. The Group continues to
review any exposures as a result of heightened regulatory focus on the insurance industry, including pricing promises.
Other
In the normal course of business, the Group is also exposed to contingent liabilities (net of any recoveries) in relation to litigation
arising out of its activities. The Group may also be exposed to the possibility of contingent liabilities in relation to litigation including
but not limited to regulatory test cases and class actions, taxation and compliance matters which may result in legal or regulatory
penalties and financial or non-financial losses and other impacts.
Note 16. Events after the reporting period
Final dividend
On 28 August 2024, the Board declared a final dividend for FY24 of 10.35 cents per share, fully franked. The dividend will be paid
on 24 September 2024.
IQumulate Premium Funding Warehouse Trust extension
At 30 June 2024, the Warehouse Trust limit for IQumulate Premium Funding Pty Ltd was $660.0 million (including a $60.0 million
overdraft facility). In July 2024, the Warehouse Trust limit was increased by $60.0 million to $720.0 million (including a $60.0 million
overdraft facility) with an extended availability period to July 2025.
Note 17. Share-based remuneration
Share-based payments – employee related
Share-based remuneration encourages employee share ownership, links employee reward to the performance of the Group and
assists with attracting, retaining and motivating highly qualified and key personnel.
The Company intends to settle its obligations under share-based payment arrangements by the on-market purchase of the
Company’s ordinary shares which will be held in trust pending exercise of vested rights by employees. The Group has established
a practice of purchasing a tranche of shares on or near grant date at the prevailing market price to facilitate building up a portfolio
sufficient to meet the obligations when rights vest.
Trading in the Company’s ordinary shares awarded under the share-based remuneration arrangements is covered by the same
restrictions that apply to all forms of share ownership by employees. These restrictions prohibit an employee trading in the
Company’s ordinary shares when they are aware of price sensitive information and limit their trading at other times.
120 Steadfast Group Annual Report 2024
The Group has the following types of share-based remuneration arrangements provided to employees; each arrangement has
different rules:
short-term incentive (STI) plan;
long-term incentive (LTI) plan;
Steadfast subsidiary long-term incentive (SSLTIP) plan; and
sign on bonus.
The share-based payments are included in the employment expense line in the statement of profit or loss and other
comprehensive income.
Senior management and executive share plans
The senior management and executive share plan arrangements are awarded based on the terms and conditions as set out in the
STI and LTI plans. When granted, the awards in these two plans may be in the form of cash and/or rights. The Board has approved the
participation of each individual in these arrangements as well as the actual awards based on the performance conditions in these
two plans being met.
A. STI
The STI plan is a discretionary, performance-based, at-risk reward arrangement. STI is awarded based on each participant’s
performance hurdles and the achievement of a minimum 11.55% (FY23: 11.35%) underlying return on capital (ROC) defined as
underlying NPAT (adjusted to remove the impact of the Sure Insurance and IBA acquisitions in FY24 and FY23 respectively) as a
percentage of opening shareholders' equity attributable to the owners of Steadfast Group Limited.
The key terms of the STI plan for the 2024 financial year are:
total STI will be awarded and settled in the form of cash and rights as approved by the Board if ROC and individual participant’s
performance criteria for the performance period (i.e. 1 July to 30 June) are met. If met:
60% of STI will be settled in the form of cash and will be paid in August after the performance period; and
40% of STI awarded will be deferred and granted in the form of rights;
rights are granted for nil consideration;
the vesting condition of rights is not market related and requires the participant to continue in relevant employment from the
grant date of the rights (retention period) to the vesting date, being one year after grant date;
the rights will accrue notional dividends during the retention period;
when vesting (after completion of the retention period), each right will be converted into one Steadfast ordinary share for nil
consideration upon exercise by the participant. The notional dividends will be converted into an equivalent number of Steadfast
ordinary shares based on the DRP issue price applicable to each dividend;
the Board has discretion to settle the rights in cash instead of Steadfast ordinary shares;
the vesting is conditional on there being no material deterioration in the FY24 reported results during the performance period
before the exercise of the rights; and
if the vesting condition is not met then the rights lapse.
Further details of the 2024 STI in relation to the Group’s KMP are disclosed in the Remuneration Report.
B. LTI
The LTI plan is a discretionary, performance-based, at-risk reward arrangement. LTI is awarded based on each participant’s
performance hurdles and the achievement of the minimum diluted EPS growth and TSR performance hurdles.
The key terms of the LTI plan for the 2024 financial year are:
LTI will be awarded in the form of rights as approved by the Board and will be granted in August following the end of each
financial year;
rights are granted for nil consideration;
the vesting condition of rights is conditional on meeting the following performance hurdles:
the participants meeting their individual performance hurdles during the three-year employment tenure from the grant date
of the rights (retention period);
50% (FY23: 50%) based on the Group achieving a minimum 10.0% (maximum at 13.0%) average straight line per annum diluted
EPS growth during the retention period; and
Steadfast Group Annual Report 2024 121
Notes to the financial statements continued
50% (FY23: 50%) based on the Group achieving a minimum TSR above the 50th percentile (maximum at 75th percentile) of the
peer group during the retention period;
the rights will not accrue notional dividends during the retention period;
before vesting, the Board will determine the number of rights to vest based on the combined outcome of the
performance hurdles;
when vesting (after completion of the retention period), each right will be converted into one Steadfast ordinary share for nil
consideration upon exercise by the participant;
the Board has discretion to settle the rights in cash instead of Steadfast ordinary shares;
the vesting is conditional on there being no material deterioration in the FY24 reported results during the performance period
before the exercise of the rights; and
if the vesting conditions are not met then the rights lapse.
Further details of the 2024 LTI in relation to the Group’s KMP are disclosed in the Remuneration Report.
C. SSLTIP
The SSLTIP is a discretionary arrangement that aims to provide executives of a Group company with the opportunity to acquire
equity in Steadfast Group Limited as a reward for loyalty through performance and tenure over the longer term.
The key terms of the SSLTIP for the 2024 financial year are:
subsidiary company executives may be given the opportunity to participate in the SSLTIP with the approval of the Group Chief
Executive Officer (GCEO). Offers to participate in subsequent periods are at the discretion of the GCEO and will be the subject
of separate confirmation, including confirmation of terms, each year;
the SSLTIP applies for five years from 2024 to 2028. Awards can be made in five equal tranches over the five-year period;
rights are granted for nil consideration;
the rights will not accrue notional dividends during the retention period;
prior to the vesting date for an entitlement year, the GCEO will determine for each participant the extent to which each of the
criteria have been met for the entitlement year; and
when vesting (after completion of the retention period), each right will be converted into one Steadfast ordinary share for nil
consideration upon exercise by the participant.
Employee share plan
The Short-Term Employee Incentive Plan (STEIP) is a discretionary, performance based at-risk reward arrangement for employees
other than senior management and executives that aims to recognise the contributions of the eligible employees of the Group
when outstanding financial results and individual performance objectives are achieved.
The 2024 STEIP consists of two potential reward components:
cash component – a cash award which may be delivered if ROC targets are met; and
deferred equity award (DEA) – a DEA of rights to Steadfast shares if ROC targets are met and subject to a tenure hurdle and no
material deterioration in ROC. Participation in the DEA component of the STEIP is by invitation only and is limited to participants
approved by the Group Managing Director & CEO.
The ROC growth targets for the STEIP are aligned with those in the senior management and executive STI plan.
Notional dividends on the rights will accrue during the tenure hurdle period from the first interim dividend after the grant date. The
notional dividends will be calculated in accordance with the DRP as varied from time to time. The accrued value of notional dividends
will be provided to a participant on the vesting date of a conditional right in the form of additional Steadfast shares (or cash in lieu).
122 Steadfast Group Annual Report 2024
Note 18. Taxation
2024
$'m
2023
$'m
A. Income tax (expense)/benefit
Profit before income tax expense
384.8
337.6
Income tax expense at statutory tax rate
(115.5)
(101.3)
Tax effect of difference in corporate tax rates in foreign jurisdictions
1.1
0.3
Tax effect of amounts that are not taxable/(deductible) in calculating taxable income
Share of after-tax profits of associates and joint ventures
6.7
5.7
Non-assessable and other deductible items
83.2
52.5
Non-deductible and other assessable items
(87.7)
(67.2)
Over provision for income tax in prior periods
1.1
0.2
Income tax expense
(111.1)
(109.8)
B. Major components of income tax expense
Current tax
(119.4)
(116.9)
Movement in deferred tax assets
(2.4)
2.3
Movement in deferred tax liabilities
10.7
4.8
(111.1)
(109.8)
C. Income tax on items recognised directly in equity
Deferred tax assets
1.6
1.4
Deferred tax liabilities
0.7
(1.3)
2.3
0.1
D. Deferred tax assets
I. Composition
Accrued expenses
19.7
16.0
Provisions
22.0
15.8
Deferred income
16.7
14.6
Business related capital costs
3.9
6.7
Leases
23.6
19.8
Other
4.4
9.1
90.3
82.0
Steadfast Group Annual Report 2024 123
Notes to the financial statements continued
2024
$'m
2023
$'m
II. Movements
Balance at the beginning of the financial year
41.2
29.4
Add: reversal of offset against deferred tax liabilities
40.8
27.4
Gross balance at the beginning of the financial year
82.0
56.8
Opening balance adjustments
-
12.01
Charged to profit or loss
(2.4)
2.3
Charged to equity
1.6
1.4
Additions
6.7
5.0
Additions through business combinations
2.4
4.6
Disposals
-
(0.1)
Balance at the end of the financial year before offset
90.3
82.0
Less: offset against deferred tax liabilities
(38.6)
(40.8)
Balance at the end of the financial year
51.7
41.2
E. Deferred tax liabilities
I. Composition
Intangible assets
102.2
91.2
Receivables and investments
73.5
65.0
Asset revaluation
5.2
6.5
Leases
21.3
17.8
Other
0.5
0.3
202.7
180.8
II. Movements
Balance at the beginning of the financial year
140.0
98.0
Add: reversal of offset against deferred tax assets
40.8
27.4
Gross balance at the beginning of the financial year
180.8
125.4
Opening balance adjustments
-
12.01
Charged to profit or loss
(10.7)
(4.8)
Charged to equity
(0.7)
1.2
Additions through business combinations
31.5
44.0
Additions
2.0
5.1
Disposals
(0.2)
(2.1)
Balance at the end of the financial year before offset
202.7
180.8
Less: offset against deferred tax assets
(38.6)
(40.8)
Balance at the end of the financial year
164.1
140.0
1 Opening balance adjustment is in relation to the gross up of temporary differences arising from the application of AASB 16 Leases, as required per AASB 2021-5
Amendments to Australian Accounting Standards – Deferred Tax related to Assets and Liabilities arising from a Single Transaction.
124 Steadfast Group Annual Report 2024
F. Tax transparency reporting
The Australian Taxation Office (ATO) publishes total income, taxable income and tax payable in relation to large taxpayers, with the
2022 financial year being the latest information released. The information published is sourced from the income tax return lodged
by Steadfast Group Limited as the head company of the Australian tax consolidated group (which captures only the entities that
are 100% owned by the Group).
Total income includes all Australian income, including commission and fee income, investment return and dividends. It does not
include any business expenses such as commission and fees expense, salaries or other operating expenses.
Taxable income is the net profit that is subject to tax and takes into account allowable deductions for business expenses and other
tax concessions, including non-taxable dividends from foreign subsidiaries.
Tax payable on taxable income is calculated with reference to the Australian corporate tax rate of 30%, adjusted for franking credits
and other tax concessions. On release of the 2023 financial year tax information, we envisage the following will be reported:
2023
$'m
2022
$'m
Total income
922.1
745.5
Taxable income
304.8
198.3
Tax paid by head entity
48.4
26.6
Effective tax rate
15.88%
13.41%
The most significant reason for the low effective tax rate for the parent entity is that a substantial portion of its disclosed taxable
income is dividends received and the attached franking credits (derived from those entities paying tax) reduce the tax payable by
the head entity.
For a complete view of the effective tax rate, the following needs to be considered:
2023
$'m
2022
$'m
Tax paid by head entity
48.4
26.6
Tax paid by investees (and passed to head entity as franking credits)
43.0
32.9
Underlying tax paid
91.4
59.5
Taxable income
304.8
198.3
Effective tax rate (excl. franking credits)
30%
30%
The 2024 income tax return for Steadfast Group Limited is expected to have an effective rate continuing at circa 30%.
Steadfast Group Annual Report 2024 125
Notes to the financial statements continued
Note 19. Notes to the statement of cash flows
A. Composition
2024
$'m
2023
$'m
Cash and cash equivalents
300.4
259.2
Cash held on trust
1,026.0
879.3
1,326.4
1,138.5
B. Reconciliation of profit after income tax to net cash from operating activities
2024
$'m
2023
$'m
Profit after income tax expense for the year
273.7
227.8
Adjustments for
Depreciation, amortisation and loss on disposal of property, plant and equipment
97.5
88.3
Share of profits of associates and joint ventures
(35.3)
(30.7)
Income tax paid
(145.2)
(105.6)
Dividends received from associates and joint ventures
30.9
27.3
Fair value (gain)/loss on listed investments
(2.6)
2.4
Net gain from change in ownership in equity businesses and deferred/
contingent consideration
(51.6)
(23.4)
Share-based payments and incentives accruals
(6.3)
(6.1)
Impairment expense
62.6
19.7
Interest income on loans
(1.4)
(0.6)
Capitalised interest on loans
1.1
4.5
Change in operating assets and liabilities
Increase in trade and other receivables
(58.9)
(33.5)
Decrease/(increase) in deferred tax assets
2.4
(2.3)
Increase in other assets
(18.0)
(5.7)
Increase in trade and other payables
31.1
148.0
Increase in income tax payable
119.4
116.9
Decrease in deferred tax liabilities
(10.7)
(4.8)
Decrease in other liabilities
(0.1)
(3.5)
Increase in provisions
10.1
5.9
Net cash from operating activities
298.7
424.6
126 Steadfast Group Annual Report 2024
Note 20. Related party transactions
A. Key management personnel compensation
The aggregate remuneration received/receivable by KMP of the Group is set out as follows:
2024
$'000
2023
$'000
Short-term benefits
8,325
7,552
Post-employment benefits
232
224
Long-term benefits
181
105
Accrued share-based expenses
4,165
5,130
12,903
13,011
B. Transactions with subsidiaries
All transactions that have occurred among the subsidiaries within the Group have been eliminated on consolidation.
C. Transactions with other related parties
The following transactions occurred with related parties:
2024
$'000
2023
$'000
I. Sale of goods and services
Professional services fees received from associates and joint ventures on normal commercial terms
231
210
Commission income received/receivable from associates and joint ventures on normal
commercial terms
197
205
Professional service fees received by Directors' related entities on normal commercial terms
37
22
II. Payment for goods and services
Commission expense paid/payable to associates on normal commercial terms
12,081
15,542
Professional service fees paid to associates and joint ventures
1,897
1,563
III. Receivable from and payable to related parties
The following balances are outstanding at the reporting date in relation to transactions with
related parties:
a. Current receivables
Receivables from associates and joint ventures
149
151
Trade receivables from Directors' related entities
20
9
b. Current payables
Payables to associates and joint ventures
3,407
3,590
IV. Loans to/from related parties
Loans to associates and joint ventures - current
-
152
Loans to associates and joint ventures - non-current
6,043
5,882
Steadfast Group Annual Report 2024 127
Notes to the financial statements continued
Note 21. Parent entity information
The financial information provided in the table below is only for Steadfast Group Limited, the parent entity of the Group.
A. Statement of comprehensive income
2024
$'m
2023
$'m
Profit after income tax
196.4
185.5
Other comprehensive (loss)/income
(1.6)
3.0
Total comprehensive income
194.8
188.5
B. Statement of financial position
2024
$'m
2023
$'m
Current assets
109.1
159.5
Total assets
3,102.9
2,661.0
Current liabilities
34.9
89.6
Total liabilities
608.3
535.9
Net assets
2,494.6
2,125.1
Total equity of the parent entity comprising:
Share capital
2,293.3
1,949.0
Share-based payments reserve
11.9
13.4
Retained earnings
175.9
147.6
Revaluation reserve
12.1
12.1
Other reserves
1.4
3.0
Total equity
2,494.6
2,125.1
C. Material accounting policies
The accounting policies of the parent entity are consistent with those of the Group, as disclosed in Note 2, except for investments in
subsidiaries, associates and joint ventures which are accounted for at cost, less any impairment. Dividends received are recognised
as income by the parent entity.
D. Going concern
The parent entity financial statements have been prepared on a going concern basis.
E. Contingent assets/liabilities not considered remote
The parent entity is exposed to the contingent assets and liabilities pertaining to the put options and other contingencies set out
in Note 15.
F. Parent entity capital commitments for acquisition of property, plant and equipment
The parent entity had no capital commitments for property, plant and equipment at 30 June 2024 and 30 June 2023.
G. Parent entity guarantees in respect of the debts of its subsidiaries
The parent entity provided no guarantees in relation to the debts of its subsidiaries at 30 June 2024 and 30 June 2023.
128 Steadfast Group Annual Report 2024
Note 22. Remuneration of auditors
A. KPMG
2024
$'000
2023
$'000
I. Audit and review services
Audit and review of financial statements - Group
997
856
Audit and review of financial statements - controlled entities
2,259
2,046
3,256
2,902
II. Assurance services
Regulatory assurance services
210
162
Other assurance services
116
90
326
252
III. Other services
Taxation advice and tax compliance services
227
29
Other services
408
227
635
256
Steadfast may engage the external auditor for non-audit services, which includes assurance and non-assurance services. This is
subject to the general principle that the fees for non-audit services should not exceed 50% of all fees paid to the external auditor
in any one financial year. The Board believes some non-audit services are appropriate given the external auditor’s knowledge of the
Group. Consistent with prior periods, the external auditor cannot provide excluded services which include preparing accounting
records or financial reports or acting in a management capacity.
B. Other auditors
2024
$'000
2023
$'000
I. Audit and review services
Audit and review of financial statements
1,039
862
II. Assurance services
Regulatory assurance services
32
16
Other assurance services
19
33
51
49
III. Other services
Taxation advice and tax compliance services
135
186
Other services
106
58
241
244
Steadfast Group Annual Report 2024 129
Steadfast Group Limited
Consolidated entity disclosure statement
For the financial year ended 30 June 2024
Ownership
interest
Name
Entity type
Country of
incorporation/
formation
Country of
tax residence
2024
%
A. Parent entity
Steadfast Group Limited
Body corporate
Australia
Australia
B. Subsidiaries - operating entities
I. Insurance broking businesses
Steadfast Insurance Brokers Pty Limited
Body corporate
Australia
Australia
100.00
Steadfast Insurance Brokers (New Zealand) Pty Ltd
Body corporate
Australia
Australia
100.00
Steadfast Group (UK) Ltd
Body corporate United Kingdom United Kingdom
100.00
Steadfast Group (USA) LLC
Body corporate
United States
United States
100.00
Ausure Group Pty Ltd
Body corporate
Australia
Australia
77.03
Ausure Insurance Brokers Pty Ltd
Body corporate
Australia
Australia
77.03
Ausure Inet Pty Ltd
Body corporate
Australia
Australia
77.03
Ausure Protect Pty Ltd
Body corporate
Australia
Australia
77.03
Ausure National Pty Ltd
Body corporate
Australia
Australia
77.03
Ausure Pty Ltd
Body corporate -
Trustee of Ausure
Unit Trust
Australia
Australia
77.03
Ausure Unit Trust
Trust
Australia
Australia
N/A
Ausure Sun Q Pty Ltd
Body corporate
Australia
Australia
38.52
Metrimax Pty Ltd
Body corporate
Australia
Australia
77.03
Insure 247 Limited
Body corporate
New Zealand
New Zealand
77.03
247 Funding Pty Ltd
Body corporate
Australia
Australia
77.03
Body Corporate Brokers Pty Ltd
Body corporate
Australia
Australia
100.00
Collective Insurance Holdings Pty Ltd
Body corporate
Australia
Australia
100.00
Collective Insurance Brokers Pty Ltd
Body corporate
Australia
Australia
100.00
Bruce Group Australia Pty Ltd
Body corporate
Australia
Australia
90.00
Bruce Insurance Pty Ltd
Body corporate -
Trustee of Bruce
Insurance Trust
Australia
Australia
90.00
Bruce Insurance Trust
Trust
Australia
Australia
N/A
Trades Insurance Pty Ltd
Body corporate
Australia
Australia
90.00
Centrewest Holdings Pty Limited
Body corporate
Australia
Australia
71.03
Jakomil Pty Ltd
Body corporate -
Trustee of The
Milbar Unit Trust
Australia
Australia
71.03
The Milbar Unit Trust
Trust
Australia
Australia
N/A
Sparaxis Pty Ltd
Body corporate
Australia
Australia
71.03
Pacific Prime Centrewest Pty Ltd
Body corporate
Australia
Australia
71.03
CIIG (VIC) Pty Ltd
Body corporate -
Trustee of CIIG
(Vic) Unit Trust
Australia
Australia
100.00
130 Steadfast Group Annual Report 2024
Ownership
interest
Name
Entity type
Country of
incorporation/
formation
Country of
tax residence
2024
%
CIIG (VIC) Unit Trust
Trust
Australia
Australia
N/A
Clear Insurance Pty Ltd
Body corporate
Australia
Australia
64.96
Community Broker Network Pty Ltd
Body corporate
Australia
Australia
100.00
CBN ARCO 1 Pty Ltd
Body corporate
Australia
Australia
100.00
CBN ARCO 2 Pty Ltd
Body corporate
Australia
Australia
100.00
CBN Network Development Pty Ltd
Body corporate
Australia
Australia
100.00
Arma Group Co Pty Ltd
Body corporate
Australia
Australia
70.37
ARMA CQ Pty Ltd
Body corporate
Australia
Australia
70.37
ARMA Gunnedah and Moree Pty Ltd
Body corporate
Australia
Australia
70.37
ARMA Hunter Valley Pty Ltd
Body corporate
Australia
Australia
70.37
ARMA Young Pty Ltd
Body corporate
Australia
Australia
70.37
Blue Oval Insurance Pty Ltd
Body corporate
Australia
Australia
70.37
CIS Community Insurance Solutions Pty Ltd
Body corporate
Australia
Australia
67.00
JPI Insurance Brokers Pty Ltd
Body corporate
Australia
Australia
100.00
Westcourt General Insurance Brokers Pty Ltd
Body corporate
Australia
Australia
100.00
Consolidated Insurance Agencies Pty. Ltd.
Body corporate
Australia
Australia
55.00
Armbro Insurance Brokers Pty. Ltd.
Body corporate
Australia
Australia
55.00
Consult Insurance Solutions Pty. Ltd.
Body corporate
Australia
Australia
100.00
Corporate Insurance Brokers Ballina (NSW) Pty Ltd
Body corporate
Australia
Australia
100.00
Coverforce HoldCo Pty Ltd
Body corporate
Australia
Australia
100.00
Coverforce Bidco Pty Ltd
Body corporate
Australia
Australia
100.00
Coverforce Holdings Pty Ltd
Body corporate
Australia
Australia
100.00
Coverforce Insurance Broking Pty Ltd
Body corporate
Australia
Australia
100.00
Coverforce Partners Pty Ltd
Body corporate
Australia
Australia
100.00
A.I.S. Coverforce Pty Ltd
Body corporate
Australia
Australia
100.00
Coverforce Allrisk Pty Limited
Body corporate
Australia
Australia
100.00
Coverforce Victoria Holdings Pty Ltd
Body corporate
Australia
Australia
100.00
Coverforce Insurance Broking Victoria Pty Ltd
Body corporate
Australia
Australia
100.00
Coverforce Pty Ltd
Body corporate
Australia
Australia
100.00
Cerberos Brokers Pty Limited
Body corporate
Australia
Australia
100.00
Domina Group Pty Ltd
Body corporate
Australia
Australia
70.00
Domina General Insurance Brokers Pty Ltd
Body corporate
Australia
Australia
70.00
Don Hutton Insurance Brokers Pty Ltd
Body corporate
Australia
Australia
100.00
The Builders Insurance Broker Pty Ltd
Body corporate
Australia
Australia
100.00
Edgewise Insurance Brokers Pty Ltd
Body corporate
Australia
Australia
78.50
Aged Care Insurance Brokers Pty Ltd
Body corporate
Australia
Australia
78.50
Express Insurance Pty Ltd
Body corporate
Australia
Australia
78.50
Fenton Green Pty Ltd
Body corporate
Australia
Australia
78.50
NFP Insurance Brokers Pty Ltd
Body corporate
Australia
Australia
78.50
Steadfast Group Annual Report 2024 131
Consolidated entity disclosure statement continued
Ownership
interest
Name
Entity type
Country of
incorporation/
formation
Country of
tax residence
2024
%
Fenchurch Insurance Brokers Pty Ltd
Body corporate
Australia
Australia
82.50
Ginn & Penny Pty Ltd
Body corporate
Australia
Australia
70.00
Great Wall Insurance Services Pty. Ltd.
Body corporate
Australia
Australia
67.50
GSA Insurance Brokers Pty Ltd
Body corporate
Australia
Australia
58.82
Quantaco Insurance Pty Ltd
Body corporate
Australia
Australia
58.82
Holdfast Insurance Brokers Pty. Ltd.
Body corporate
Australia
Australia
70.00
Ian Bell Insurance Brokers Pty Ltd
Body corporate
Australia
Australia
75.05
ICF (Australia) Pty Ltd
Body corporate
Australia
Australia
100.00
HK Insurance Brokers Pty Ltd
Body corporate
Australia
Australia
100.00
IFS Insurance Solutions Pty Ltd
Body corporate
Australia
Australia
75.00
Insurance Brands Australia Pty Ltd
Body corporate
Australia
Australia
100.00
Belhaven Group Pty Ltd
Body corporate
Australia
Australia
100.00
CIIG (QLD) Pty Ltd
Body corporate -
Trustee of CIIG
(QLD) Unit Trust
Australia
Australia
75.00
The CIIG (QLD) Unit Trust
Trust
Australia
Australia
N/A
Capital Innovation Group Pty Ltd
Body corporate
Australia
Australia
100.00
IH Shelf Company Pty Ltd
Body corporate
Australia
Australia
100.00
Insurance House Pty Ltd
Body corporate
Australia
Australia
100.00
APEX Insurance Brokers Pty Ltd
Body corporate
Australia
Australia
100.00
Country Professionals Insurance Group Pty Ltd
Body corporate
Australia
Australia
100.00
Health Professionals Insurance Group Pty Ltd
Body corporate
Australia
Australia
100.00
Insurance.com.au Pty Ltd
Body corporate
Australia
Australia
100.00
Insurance House Group Pty Ltd
Body corporate
Australia
Australia
100.00
Insurance House Life Pty Ltd
Body corporate
Australia
Australia
100.00
Insurance House 360 Pty Ltd
Body corporate
Australia
Australia
100.00
Procrop Insurance Pty Ltd
Body corporate
Australia
Australia
100.00
ProRisk Insurance Brokers Pty Ltd
Body corporate
Australia
Australia
100.00
Pro Weather Pty Ltd
Body corporate
Australia
Australia
100.00
The Insurance House - Tamworth Pty Ltd
Body corporate
Australia
Australia
100.00
Investment House Echuca Pty Ltd
Body corporate
Australia
Australia
100.00
Pollard Advisory Services Pty Ltd
Body corporate
Australia
Australia
100.00
Insurance Investment Corporation Pty Ltd
Body corporate
Australia
Australia
70.00
ISU Group, Inc
Body corporate
United States
United States
100.00
Insurance Services of San Francisco, Inc
Body corporate
United States
United States
100.00
Mega Capital Holdings Pty. Limited
Body corporate
Australia
Australia
100.00
Melbourne Insurance Brokers Pty Ltd
Body corporate
Australia
Australia
100.00
Miller Avenue Pty Ltd
Body corporate
Australia
Australia
100.00
National Credit Insurance (Brokers) Pty Ltd
Body corporate
Australia
Australia
84.00
132 Steadfast Group Annual Report 2024
Ownership
interest
Name
Entity type
Country of
incorporation/
formation
Country of
tax residence
2024
%
National Credit Insurance (Brokers) NZ Limited
Body corporate
New Zealand
New Zealand
84.00
NCI Brokers (Asia) Pte Ltd
Body corporate
Singapore
Singapore
84.00
NCI Malaysia Sdn. Bhd.
Body corporate
Malaysia
Malaysia
58.80
NCI Surety and Finance Pty Ltd
Body corporate
Australia
Australia
84.00
Network Insurance Group Pty Ltd
Body corporate
Australia
Australia
64.94
G.W.S. Pty Ltd
Body corporate
Australia
Australia
64.94
Armstrongs Insurance Brokers Pty Ltd
Body corporate
Australia
Australia
61.04
Network Insurance Group Hospitality Pty Ltd
Body corporate
Australia
Australia
64.94
Network Insurance Group Queensland Pty Ltd
Body corporate
Australia
Australia
64.94
Croakers Insurance Pty Ltd
Body corporate
Australia
Australia
64.94
Steadfast IFS Pty Ltd
Body corporate
Australia
Australia
64.94
Perryman O'Grady Philpott Pty Ltd
Body corporate
Australia
Australia
51.95
Steadfast IRS Pty Ltd
Body corporate
Australia
Australia
64.94
Global Risks Pty Ltd
Body corporate
Australia
Australia
64.94
IIRSA Insurance Brokers Pty Limited
Body corporate
Australia
Australia
64.94
Quattro Risk Services Pty Ltd
Body corporate
Australia
Australia
64.94
Newmarket Grandwest Pty Ltd
Body corporate
Australia
Australia
100.00
ICFSA Holdings Pty Ltd
Body corporate
Australia
Australia
100.00
I C Frith & Associates (SA) Pty Ltd
Body corporate
Australia
Australia
100.00
Newmarket Insurance Brokers Pty Ltd
Body corporate
Australia
Australia
100.00
Primassure (Australia) Pty. Ltd.
Body corporate
Australia
Australia
100.00
Steadfast Brecknock Insurance Brokers Pty Ltd
Body corporate
Australia
Australia
100.00
Newsure Insurance Brokers Pty Ltd
Body corporate
Australia
Australia
62.42
onefocus Consolidated Pty Ltd
Body corporate
Australia
Australia
97.56
onefocus Holdings Pty Ltd
Body corporate -
Trustee of Asparq
Unit Trust
Australia
Australia
97.56
Asparq Unit Trust
Trust
Australia
Australia
N/A
onefocus Insurance Brokers Pty Ltd
Body corporate -
Trustee of
Melbourne GI
Unit Trust and
Albury GI Unit
Trust
Australia
Australia
97.56
Albury GI Unit Trust
Trust
Australia
Australia
N/A
Melbourne GI Unit Trust
Trust
Australia
Australia
N/A
Paramount Insurance Brokers Pty Ltd
Body corporate
Australia
Australia
62.50
FJN Holdings (Aust) Pty Ltd
Body corporate
Australia
Australia
62.50
Steadfast Eastern Insurance Brokers Pty Ltd
Body corporate
Australia
Australia
62.50
Phoenix Insurance Brokers Pty Ltd
Body corporate
Australia
Australia
80.00
PID Holdings Pty Limited
Body corporate
Australia
Australia
100.00
Steadfast Group Annual Report 2024 133
Consolidated entity disclosure statement continued
Ownership
interest
Name
Entity type
Country of
incorporation/
formation
Country of
tax residence
2024
%
P.I. Direct Insurance Brokers Pty. Ltd.
Body corporate
Australia
Australia
100.00
QIB Group Holdings Pty Limited
Body corporate
Australia
Australia
82.51
AFA Insurance Brokers Pty. Ltd.
Body corporate
Australia
Australia
82.51
Aus Funding Solutions Pty Ltd
Body corporate
Australia
Australia
82.51
Aviator Risk Pty Ltd
Body corporate
Australia
Australia
82.51
Finpac Insurance Advisors Pty Ltd
Body corporate
Australia
Australia
82.51
Funeral Industry Insurance Brokers Pty Ltd
Body corporate
Australia
Australia
82.51
Oceanic Marine Risks Pty Ltd
Body corporate
Australia
Australia
82.51
QIB Corporate Pty Ltd
Body corporate
Australia
Australia
65.21
Austcover Financial Services Pty Ltd
Body corporate
Australia
Australia
65.21
Austcover Pty Ltd
Body corporate
Australia
Australia
65.21
Austcover (VIC) Pty Ltd
Body corporate
Australia
Australia
58.69
QIB Commercial Pty Ltd
Body corporate
Australia
Australia
82.51
Regional Insurance Brokers (NQ) Pty Ltd
Body corporate
Australia
Australia
82.51
QIB Services Pty Ltd
Body corporate
Australia
Australia
82.51
QIB Specialty Pty Ltd
Body corporate
Australia
Australia
82.51
Regional Insurance Brokers (CQ) Pty Ltd
Body corporate
Australia
Australia
82.51
Regioanl Insurance Brokers (FNQ) Pty Ltd
Body corporate
Australia
Australia
82.51
Regional Insurance Brokers (SC) Pty Ltd
Body corporate
Australia
Australia
82.51
Regional Insurance Brokers (SQ) Pty Ltd
Body corporate
Australia
Australia
82.51
Regional Insurance Brokers (WB) Pty Ltd
Body corporate
Australia
Australia
82.51
Capital Insurance Group Unit Trust
Trust
Australia
Australia
N/A
RIBAB Pty Ltd
Body corporate
Australia
Australia
82.51
RIBFP Pty Ltd
Body corporate
Australia
Australia
58.65
Regional Financial Planning Pty Ltd
Body corporate
Australia
Australia
58.65
RFP Services Pty Ltd
Body corporate
Australia
Australia
58.65
RFPCQ Pty Ltd
Body corporate
Australia
Australia
58.65
RFPLW Pty Ltd
Body corporate
Australia
Australia
58.65
Mining Insurance Services Pty Ltd
Body corporate
Australia
Australia
58.65
RFPNQ Pty Ltd
Body corporate
Australia
Australia
58.65
RFPSQ Pty Ltd
Body corporate
Australia
Australia
58.65
Rose Stanton Insurance Brokers Pty Ltd
Body corporate
Australia
Australia
82.51
T & G Insurance Brokers Pty Ltd
Body corporate
Australia
Australia
82.51
Tradesure Pty Ltd
Body corporate
Australia
Australia
82.51
Transport & General Pty Ltd
Body corporate
Australia
Australia
82.51
Webmere Pty Ltd
Body corporate
Australia
Australia
82.51
Gardner Insurance Brokers QLD Pty Ltd
Body corporate
Australia
Australia
82.51
Insurance Broking Queensland Pty Ltd
Body corporate
Australia
Australia
82.51
Sawtell & Salisbury Pty Ltd
Body corporate
Australia
Australia
82.51
134 Steadfast Group Annual Report 2024
Ownership
interest
Name
Entity type
Country of
incorporation/
formation
Country of
tax residence
2024
%
Tradesmans Insurance Brokers Pty Ltd
Body corporate
Australia
Australia
82.51
Steadfast QIS Pty Ltd
Body corporate
Australia
Australia
82.51
Queensland Insurance Brokers Pty Ltd
Body corporate
Australia
Australia
82.51
Resolute Holdings Pty Ltd
Body corporate
Australia
Australia
100.00
Resolute Property Protect Pty Ltd
Body corporate
Australia
Australia
76.00
Risk Broking Pty Ltd
Body corporate
Australia
Australia
100.00
A.C.N. 144 918 516 Pty Ltd
Body corporate
Australia
Australia
100.00
Risk Partners Pty Limited
Body corporate
Australia
Australia
60.00
Scott & Broad Pty Ltd
Body corporate
Australia
Australia
65.00
Loonastar Pty Ltd
Body corporate
Australia
Australia
65.00
Scott & Broad Professional Risks Pty Ltd
Body corporate
Australia
Australia
52.00
Scott Winton Nominees Pty Ltd
Body corporate
Australia
Australia
74.00
Scott Winton Share Plan Nominee Pty Ltd
Body corporate -
Trustee of Scott
Winton Unit Trust
Australia
Australia
100.00
Scott Winton Share Unit Trust
Trust
Australia
Australia
N/A
Simplex Insurance Solutions Pty Ltd
Body corporate
Australia
Australia
75.00
SPFR Holdings Pty Ltd
Body corporate
Australia
Australia
100.00
Mega Capital (VIC) Pty Ltd
Body corporate
Australia
Australia
100.00
SRB Management Pty Limited
Body corporate
Australia
Australia
50.00
Steadfast Re Pty Limited
Body corporate
Australia
Australia
50.00
Steadfast Re London Brokers Limited
Body corporate United Kingdom United Kingdom
50.00
Steadfast Distribution Services Pte Ltd
Body corporate
Singapore
Singapore
100.00
Galaxy Insurance Consultants Pte. Ltd.
Body corporate
Singapore
Singapore
55.00
Steadfast NZ Holdings Limited
Body corporate
New Zealand
New Zealand
100.00
Abbott NZ Holdings Limited
Body corporate
New Zealand
New Zealand
97.66
Abbott Insurance Brokers Auckland Limited
Body corporate
New Zealand
New Zealand
92.67
Abbott Insurance Brokers Christchurch Limited
Body corporate
New Zealand
New Zealand
85.46
Abbott Insurance Brokers Hamilton Limited
Body corporate
New Zealand
New Zealand
97.66
Abbott Insurance Brokers Nelson Marlborough Limited
Body corporate
New Zealand
New Zealand
97.66
Abbott Insurance Brokers Southern Limited
Body corporate
New Zealand
New Zealand
73.25
Abbott Insurance Brokers Wellington Limited
Body corporate
New Zealand
New Zealand
90.92
Abbott Investment Management Limited
Body corporate
New Zealand
New Zealand
97.66
Abbott Life & Health (2015) Limited
Body corporate
New Zealand
New Zealand
97.66
B & A Insurance Limited
Body corporate
New Zealand
New Zealand
84.96
IC Frith Life and Health Limited
Body corporate
New Zealand
New Zealand
73.24
Baileys Insurance Limited
Body corporate
New Zealand
New Zealand
65.61
GSI Insurance Brokers (Auckland) Limited
Body corporate
New Zealand
New Zealand
100.00
GSI Insurance Brokers (Christchurch) Limited
Body corporate
New Zealand
New Zealand
100.00
Steadfast Group Annual Report 2024 135
Consolidated entity disclosure statement continued
Ownership
interest
Name
Entity type
Country of
incorporation/
formation
Country of
tax residence
2024
%
GYB Insurance Brokers Limited
Body corporate
New Zealand
New Zealand
60.91
Steadfast Risk Group Pty Ltd
Body corporate
Australia
Australia
100.00
Steadfast Workplace Risk Pty Ltd
Body corporate
Australia
Australia
57.00
Steadfast Taswide Insurance Brokers Pty Ltd
Body corporate
Australia
Australia
62.14
Steadfast Taswide (Victoria) Insurance Brokers Pty Ltd
Body corporate
Australia
Australia
47.85
Surefire Insurance Brokers Pty Ltd
Body corporate
Australia
Australia
50.00
O'Regan Group Pty Ltd
Body corporate
Australia
Australia
50.00
Cambridge Insurance Brokers Pty Ltd
Body corporate
Australia
Australia
50.00
Timjamway Pty Ltd
Body corporate
Australia
Australia
90.00
Trans-West Insurance Brokers (NSW) Pty Ltd
Body corporate
Australia
Australia
100.00
Trident Insurance Group Pty Ltd
Body corporate
Australia
Australia
78.00
Tudor Insurance Australia (Insurance Brokers) Pty Ltd
Body corporate -
Trustee of Tudor
Insurance Agency
Unit Trust
Australia
Australia
74.00
Tudor Insurance Agency Unit Trust
Trust
Australia
Australia
N/A
Whitbread Holdings Pty Ltd
Body corporate
Australia
Australia
100.00
Whitbread Associates Pty Ltd
Body corporate
Australia
Australia
76.06
Whitbread Life Pty Ltd
Body corporate
Australia
Australia
100.00
Woodleigh Fields Pty. Ltd.
Body corporate
Australia
Australia
100.00
II. Underwriting agency businesses
Steadfast Underwriting Agencies Holdings Pty Limited
Body corporate
Australia
Australia
100.00
A.C.N. 091 397 143
Body corporate
Australia
Australia
100.00
Armada Underwriting Pty Ltd
Body corporate
Australia
Australia
100.00
Associated Marine Underwriting Agency Pty Limited
Body corporate
Australia
Australia
100.00
Ausure Group Pty Ltd
Body corporate
Australia
Australia
77.03
Fortem Underwriting Pty Ltd
Body corporate
Australia
Australia
77.03
Axis Underwriting Services Pty Ltd
Body corporate
Australia
Australia
90.00
Calliden Group Pty Ltd
Body corporate
Australia
Australia
100.00
Dawes Underwriting Australia Pty. Limited
Body corporate
Australia
Australia
100.00
IUA Pty. Ltd.
Body corporate
Australia
Australia
100.00
SGUAS Pty Ltd
Body corporate
Australia
Australia
100.00
Argis Pty Limited
Body corporate
Australia
Australia
100.00
CHU Underwriting Agencies Pty Ltd
Body corporate
Australia
Australia
98.00
CHU Services Pty Ltd
Body corporate
Australia
Australia
98.00
CHU Underwriting Agencies (NZ) Limited
Body corporate
New Zealand
New Zealand
98.00
CHUiSaver Underwriting Agency Pty Ltd
Body corporate
Australia
Australia
98.00
Digital Property Scan Pty Ltd
Body corporate
Australia
Australia
98.00
Coast Insurance Pty Ltd
Body corporate
Australia
Australia
51.00
Combined Agency Group Pty Ltd
Body corporate
Australia
Australia
70.00
136 Steadfast Group Annual Report 2024
Ownership
interest
Name
Entity type
Country of
incorporation/
formation
Country of
tax residence
2024
%
Sure Insurance Pty Ltd
Body corporate
Australia
Australia
70.00
Emergence Insurance Group Pty Ltd
Body corporate
Australia
Australia
50.00
Cybersuite Pty Ltd
Body corporate
Australia
Australia
50.00
Emergence Insurance Pty Ltd
Body corporate
Australia
Australia
50.00
Emergence NZ Limited
Body corporate
New Zealand
New Zealand
50.00
HMIA Pty Ltd
Body corporate
Australia
Australia
70.00
JMT Insurance Holdings Pty Ltd
Body corporate
Australia
Australia
79.99
Protecsure Pty Ltd
Body corporate
Australia
Australia
79.99
Miramar Underwriting Agency Pty Limited
Body corporate
Australia
Australia
100.00
Network Insurance Group Pty Ltd
Body corporate
Australia
Australia
64.94
Enterprise Underwriting Solutions Pty Ltd
Body corporate
Australia
Australia
64.94
NM Insurance Pty Ltd
Body corporate
Australia
Australia
90.00
Nautilus Marine Underwriting Agency Limited
Body corporate
New Zealand
New Zealand
90.00
Proteus Marine Insurance Pty Ltd
Body corporate
Australia
Australia
90.00
Platinum Placement Solutions Pty Ltd
Body corporate
Australia
Australia
100.00
Procover Underwriting Agency Pty Ltd
Body corporate
Australia
Australia
100.00
Professional Risk Underwriting Pty Ltd
Body corporate
Australia
Australia
100.00
QIB Group Holdings Pty Limited
Body corporate
Australia
Australia
82.51
Webmere Pty Ltd
Body corporate
Australia
Australia
82.51
Grange Underwriting Pty Ltd
Body corporate
Australia
Australia
82.51
Quanta Insurance Group Pty Ltd
Body corporate
Australia
Australia
100.00
Sports Underwriting Australia Pty Ltd
Body corporate
Australia
Australia
100.00
Steadfast NZ Holdings Limited
Body corporate
New Zealand
New Zealand
100.00
Abbott NZ Holdings Limited
Body corporate
New Zealand
New Zealand
97.66
Abbott Underwriting Agency (Holdings) Limited
Body corporate
New Zealand
New Zealand
97.66
Abbott Underwriting Agency Limited
Body corporate
New Zealand
New Zealand
97.66
Miramar (NZ) Pty Limited
Body corporate
New Zealand
New Zealand
100.00
Miramar Underwriting Agency Pty Limited
Body corporate
New Zealand
New Zealand
100.00
Steadfast Placement Solutions (UK) Ltd
Body corporate United Kingdom United Kingdom
100.00
Steadfast Placement Solutions Pty Ltd
Body corporate
Australia
Australia
100.00
Steadfast Underwriting Agencies Pty Limited
Body corporate
Australia
Australia
100.00
SUA Services Pty Ltd
Body corporate
Australia
Australia
100.00
Underwriting Agencies of Australia Pty Ltd
Body corporate
Australia
Australia
88.91
MECON Insurance Pty Ltd
Body corporate
Australia
Australia
88.91
MECON Insurance Limited
Body corporate
New Zealand
New Zealand
88.91
Underwriting Agencies of (Fiji) Pte Limited
Body corporate
Fiji
Fiji
88.91
Underwriting Agencies of Asia Pte Ltd
Body corporate
Singapore
Singapore
88.91
Underwriting Agencies of Singapore Pte Ltd
Body corporate
Singapore
Singapore
88.91
Underwriting Agencies of Hong Kong Limited
Body corporate
Hong Kong
Hong Kong
88.91
Steadfast Group Annual Report 2024 137
Consolidated entity disclosure statement continued
Ownership
interest
Name
Entity type
Country of
incorporation/
formation
Country of
tax residence
2024
%
Underwriting Agencies of New Zealand Limited
Body corporate
New Zealand
New Zealand
84.46
WM Amalgamated Pty Ltd
Body corporate
Australia
Australia
100.00
Mechanical and Construction Insurance Pty Ltd
Body corporate
Australia
Australia
100.00
III. Complementary businesses
Bruce Group Australia Pty Ltd
Body corporate
Australia
Australia
90.00
Brubest Finance Australia Pty Ltd
Body corporate
Australia
Australia
90.00
Entegre ERM Pty Ltd
Body corporate
Australia
Australia
100.00
ERATO Pty Ltd
Body corporate
Australia
Australia
100.00
Gold Seal I.P. Pty Ltd
Body corporate
Australia
Australia
100.00
Gold Seal Practice Management Pty Ltd
Body corporate
Australia
Australia
100.00
IBNA Pty Ltd
Body corporate
Australia
Australia
100.00
Insurance Finance Group Pty Ltd
Body corporate
Australia
Australia
100.00
IQumulate Premium Funding Pty Ltd
Body corporate
Australia
Australia
90.00
IQumulate Premium Funding Limited
Body corporate
New Zealand
New Zealand
90.00
Pacific Funding Limited
Body corporate
New Zealand
New Zealand
90.00
IQumulate Funding Services Limited
Body corporate
New Zealand
New Zealand
90.00
Pacific Funding Pty Ltd
Body corporate
Australia
Australia
90.00
IQumulate Funding Services Pty Ltd
Body corporate
Australia
Australia
90.00
onefocus Consolidated Pty Ltd
Body corporate
Australia
Australia
97.56
onefocus Holdings Pty Ltd
Body corporate -
Trustee of Asparq
Unit Trust
Australia
Australia
97.56
onefocus Accounting & Advisory Pty Ltd
Body corporate -
Trustee of Asparq
Accounting &
Advisory Unit
Trust
Australia
Australia
97.56
Asparq Accounting & Advisory Unit Trust
Trust
Australia
Australia
N/A
onefocus Audit & Assurance Pty Ltd
Body corporate -
Trustee of Asparq
Audit &
Assurance Unit
Trust
Australia
Australia
97.56
Asparq Audit & Assurance Unit Trust
Trust
Australia
Australia
N/A
onefocus Private Wealth Pty Ltd
Body corporate
Australia
Australia
97.56
onefocus Financial Services Pty Ltd
Body corporate
Australia
Australia
97.56
Steadfast Brokers Pty Limited
Body corporate
Australia
Australia
100.00
Steadfast Business Solutions Pty Ltd
Body corporate
Australia
Australia
100.00
Steadfast Convention Pty Limited
Body corporate
Australia
Australia
100.00
Steadfast Direct Pty Ltd
Body corporate
Australia
Australia
100.00
Steadfast Discretionary Pty Ltd
Body corporate
Australia
Australia
100.00
Steadfast Employer Pty Ltd
Body corporate
Australia
Australia
100.00
138 Steadfast Group Annual Report 2024
Ownership
interest
Name
Entity type
Country of
incorporation/
formation
Country of
tax residence
2024
%
Steadfast Financial Planners Pty Limited
Body corporate
Australia
Australia
100.00
Steadfast Financial Services Pty Limited
Body corporate
Australia
Australia
100.00
Steadfast Financial Solutions Pty Limited
Body corporate
Australia
Australia
100.00
Steadfast Insurance Advisors Pty Limited
Body corporate
Australia
Australia
100.00
Steadfast Insurance Consultants Pty Limited
Body corporate
Australia
Australia
100.00
Steadfast Insurance Management Pty Limited
Body corporate
Australia
Australia
100.00
Steadfast Insurance Pty Limited
Body corporate
Australia
Australia
100.00
Steadfast NZ Holdings Limited
Body corporate
New Zealand
New Zealand
100.00
Abbott NZ Holdings Limited
Body corporate
New Zealand
New Zealand
97.66
Abbott Premium Funding Company Limited
Body corporate
New Zealand
New Zealand
97.66
Endeavour Premium Finance Limited
Body corporate
New Zealand
New Zealand
97.66
Steadfast NZ Limited
Body corporate
New Zealand
New Zealand
100.00
Steadfast Risk (NZ) Limited
Body corporate
New Zealand
New Zealand
100.00
Steadfast Technologies NZ Limited
Body corporate
New Zealand
New Zealand
100.00
Steadfast Technology Services NZ Limited
Body corporate
New Zealand
New Zealand
100.00
Trusted Choice Pty Limited
Body corporate
New Zealand
New Zealand
100.00
Steadfast Premium Funding Pty Limited
Body corporate
Australia
Australia
100.00
Steadfast Risk Group Pty Ltd
Body corporate
Australia
Australia
100.00
BRM Risk Management Pty Ltd
Body corporate
Australia
Australia
100.00
Entegre Risk Technology Services Pty Ltd
Body corporate
Australia
Australia
75.00
iMonitorRisk Holdings Pty Ltd
Body corporate
Australia
Australia
100.00
iProfileRisk Holdings Pty Ltd
Body corporate
Australia
Australia
100.00
Martin Minett Pty Limited
Body corporate
Australia
Australia
80.00
Riskcom Pty Ltd
Body corporate
Australia
Australia
100.00
Steadfast Art Pty Ltd
Body corporate
Australia
Australia
100.00
Ochrona Insurance PCC Limited
Body corporate
Guernsey
Guernsey
100.00
Steadfast Claims Solutions Pty Ltd
Body corporate
Australia
Australia
75.00
Captae Recoveries Pty Ltd
Body corporate
Australia
Australia
75.00
InsurX Pty Ltd
Body corporate
Australia
Australia
75.00
Steadfast Mutual Management Pty Ltd
Body corporate
Australia
Australia
100.00
Steadfast Risk Engineering Pty Ltd
Body corporate
Australia
Australia
75.00
Entegre Risk Engineering Pty Ltd
Body corporate
Australia
Australia
75.00
Steadfast Valuation Services Pty ltd
Body corporate
Australia
Australia
100.00
Steadfast Share Plan Nominee Pty Ltd
Body corporate -
Trustee of The
SGL Equity Plans
Trust
Australia
Australia
100.00
The SGL Equity Plans Trust
Trust
Australia
Australia
N/A
Steadfast Shared Services Pty Ltd
Body corporate
Australia
Australia
100.00
Steadfast Technologies Group Holdings Pty Ltd
Body corporate
Australia
Australia
100.00
Steadfast Group Annual Report 2024 139
Consolidated entity disclosure statement continued
Ownership
interest
Name
Entity type
Country of
incorporation/
formation
Country of
tax residence
2024
%
Steadfast INSIGHT Holdings Pty Ltd
Body corporate
Australia
Australia
100.00
Steadfast Technologies Pty Ltd
Body corporate
Australia
Australia
100.00
Steadfast Technologies Shared Services Pty Ltd
Body corporate
Australia
Australia
100.00
Steadfast Technology Services Pty Ltd
Body corporate
Australia
Australia
100.00
Steadfast Virtual Underwriter Holdings Pty Ltd
Body corporate
Australia
Australia
100.00
Trusted Choice Pty Limited
Body corporate
Australia
Australia
100.00
UnisonSteadfast AG
Body corporate
Germany
Germany
60.00
The following key assumptions and judgements have been used in preparing the Consolidated Entity Disclosure Statement (CEDS):
Determination of tax residency
Section 295 (3A) of the Corporations Act 2001 requires that the tax residency of each entity which is included in the CEDS be
disclosed. In the context of an entity which was an Australian resident, “Australian resident” has the meaning provided in the Income
Tax Assessment Act 1997. The determination of tax residency involves judgment as the determination of tax residency is highly fact
dependent and there are currently several different interpretations that could be adopted, and which could give rise to a different
conclusion on residency.
In determining tax residency, the consolidated entity has applied the following interpretations:
Australian tax residency - The consolidated entity has applied current legislation and judicial precedent, including having regard
to the Commissioner of Taxation’s public guidance in Tax Ruling TR 2018/5.
Foreign tax residency - The consolidated entity has applied current legislation and, where available, judicial precedent in the
determination of foreign tax residency. Where necessary, the consolidated entity has used independent tax advisers in foreign
jurisdictions to assist in its determination of tax residency to ensure applicable foreign tax legislation has been complied with.
Partnerships and trusts
Australian tax law does not contain specific residency tests for partnerships and trusts. Generally, these entities are taxed on a
flow-through basis so there is no need for a general residence test. There are some provisions which treat trusts as residents for
certain purposes, but this does not mean the trust itself is an entity that is subject to tax.
Additional disclosures on the tax status of partnerships and trusts have been provided where relevant.
Branches (permanent establishments)
Foreign branches of Australian subsidiaries are not separate legal entities and therefore do not have a separate residency for
Australian tax purposes. Generally, the Australian subsidiary that the branch is a part of will be the relevant tax resident, rather than
the branch operations.
Additional disclosures on the tax status of Australian subsidiaries having a foreign branch with a taxable presence in that jurisdiction
have been provided where relevant.
140 Steadfast Group Annual Report 2024
Steadfast Group Limited
Directors' declaration
1. In the opinion of the Directors of Steadfast Group Limited (the Company):
a. the consolidated financial statements and notes that are set out on pages 78 to 129 and the Remuneration Report in the
Directors’ Report, are in accordance with the Corporations Act 2001, including:
i. giving a true and fair view of the Group’s financial position as at 30 June 2024 and of its performance for the financial year
ended on that date; and
ii. complying with Australian Accounting Standards and the Corporations Regulations 2001;
b. the consolidated entity disclosure statement as at 30 June 2024 set out on pages 130 to 140 is true and correct; and
c. there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due
and payable.
2. The Directors have been given the declarations required by Section 295A of the Corporations Act 2001 from the Chief Executive
Officer and Chief Financial Officer for the financial year ended 30 June 2024.
3. The Directors draw attention to Note 2A to the consolidated financial statements, which includes a statement of compliance with
International Financial Reporting Standards.
Signed at Sydney on 28 August 2024 in accordance with a resolution of the Directors:
Frank O’Halloran AM
Chair
Robert Kelly AM
Managing Director & CEO
Steadfast Group Annual Report 2024 141
KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with
KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are
trademarks used under license by the independent member firms of the KPMG global organisation. Liability limited by a scheme
approved under Professional Standards Legislation.
Independent Auditor’s Report
To the shareholders of Steadfast Group Limited
Report on the audit of the Financial Report
Opinion
We have audited the Financial Report of Steadfast
Group Limited (the Company).
In our opinion, the accompanying Financial Report of
the Company gives a true and fair view, including of
the Group’s financial position as at 30 June 2024
and of its financial performance for the year then
ended, in accordance with the Corporations Act
2001, in compliance with Australian Accounting
Standards and the Corporations Regulations 2001.
The Financial Report comprises:
• Consolidated statement of financial position as at
30 June 2024
• Consolidated statement of profit or loss and other
comprehensive income, Consolidated statement of
changes in equity, and Consolidated statement of
cash flows for the year then ended
• Consolidated entity disclosure statement and
accompanying basis of preparation as at
30 June 2024
• Notes, including material accounting policies
• Directors’ Declaration.
The Group consists of the Company and the entities it
controlled at the year end or from time to time during
the financial year.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. We believe that the audit evidence
we have obtained is sufficient and appropriate to provide a basis for our opinion.
Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of
the Financial Report section of our report.
We are independent of the Group in accordance with the Corporations Act 2001 and the ethical requirements
of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional
Accountants (including Independence Standards) (the Code) that are relevant to our audit of the Financial
Report in Australia. We have fulfilled our other ethical responsibilities in accordance with these requirements.
Key Audit Matters
The Key Audit Matters we identified are:
•
Valuation of Goodwill, Intangible assets and
Investments in associates and joint ventures
•
Acquisition accounting for Combined Agency
Group Pty Ltd and its subsidiaries (Sure
Insurance)
•
Decentralised operations.
Key Audit Matters are those matters that, in our
professional judgement, were of most significance in
our audit of the Financial Report of the current period.
These matters were addressed in the context of our
audit of the Financial Report as a whole, and in forming
our opinion thereon, and we do not provide a separate
opinion on these matters.
142 Steadfast Group Annual Report 2024
Valuation of Goodwill, Intangible assets, and Investments in associates and joint ventures
Refer to Note 7: Goodwill ($2,303.1m) and Intangible assets ($387.1m), Note 12: Investments in associates and
joint ventures ($238.2m), and Note 3: Critical accounting judgements, estimates and assumptions.
The key audit matter
How the matter was addressed in our audit
The valuation of Goodwill, Intangible assets, and
Investments in associates and joint ventures is a key
audit matter given the:
•
Size of the balance (being 51% of the Group’s
total assets).
•
High number of individual Cash Generating Units
(CGUs), of more than 83 at 30 June 2024. This
necessitated our consideration of the Group’s
determination of CGUs and increases the
complexity in the Group’s valuation for each of
the CGUs, intangible assets and investments in
associates and joint ventures.
•
Impairment of $62.6m recognised by the Group
during the financial year.
•
Forward-looking and judgemental assumptions
applied by the Group in its valuation for each of
the CGUs, including:
– Forecast cash flows, revenue and expense
growth assumptions, terminal value growth
rates and earnings multiples which are
influenced by subjective drivers and rely on
the Group’s expectation of future customer
activity and insurance market developments;
and
– Discount rates, which are complicated in
nature and can vary according to the
underlying economic conditions. The Group
engaged an external expert to assist in
determining the discount rates.
We involved valuation specialists to supplement our
senior audit team members in assessing this key
audit matter.
Our procedures included:
•
Assessing the Group’s determination of CGUs
based on our understanding of the operation of the
Group’s businesses, and how independent cash
flows were generated, against the requirements of
the accounting standards.
•
Assessing the Group’s analysis of indicators of
impairment of intangible assets and its
investments in associates and joint ventures based
on actual business performance and approved
forecasts.
Working with our valuation specialists, our procedures
included:
•
Considering the appropriateness of the valuation
methods applied (value in use and fair value less
costs of disposal) by the Group against the
requirements of the accounting standards.
•
Comparing the forecast cash flows contained in
the valuation models to the Board approved
budgets. We also evaluated the forecasting
process undertaken by the Group and assessed
the precision of prior year forecast cash flows by
comparison to actual outcomes.
•
Applying increased professional scepticism to
forecast cash flows in the areas where previous
forecasts were not achieved. We compared the
revenue and expense growth assumptions and
terminal value growth rate assumptions to recent
external data on inflation rates as an indicator of
future customer activity and projected insurance
market premium growth in Australia. We used our
knowledge of the Group, its past performance,
business and customers, and our general
insurance industry experience in considering the
feasibility of the forecasts used.
•
Independently developing a range of discount rates
and earnings multiples based on analysis of
comparable companies using publicly available
market data, adjusted by risk factors specific to the
Group and the industry it operates in.
•
Performing sensitivity analysis by varying key
assumptions, such as forecast growth rates,
terminal value growth rates, discount rates and
earnings multiples within a reasonably possible
range, for all CGUs. We did this to identify those
CGUs at higher risk of impairment, assumptions at
higher risk of bias, and to focus our further audit
Steadfast Group Annual Report 2024 143
procedures. Additionally, we cross checked the
valuation results against earnings multiples based
on the value of other comparable companies.
•
Assessing the integrity of the valuation models
used, including accuracy of the underlying
calculations, agreeing key inputs to relevant
sources and recalculating the impairment charge.
•
We assessed the disclosures in the financial report
using our understanding obtained from our testing,
and against the requirements of the accounting
standards.
Acquisition accounting for Combined Agency Group Pty Ltd and its subsidiaries (Sure Insurance)
Refer to Note 10: Business combinations ($253.6m)
The key audit matter
How the matter was addressed in our audit
The Group acquired Combined Agency Group Pty Ltd
and its subsidiaries (Sure Insurance) for consideration
of $253.6m on 16 November 2023.
The acquisition accounting associated with this
transaction is a key audit matter given:
•
The financial significance of the transaction for
the Group relative to total Goodwill and
Intangible assets.
•
The determination of fair value of acquired
intangible assets and the residual goodwill are
sensitive to changes in judgemental
assumptions. This drives additional audit effort to
assess the feasibility of these assumptions and
the methods used. Areas of focus included the:
– Assessment of the completion date;
– Fair value of the acquired customer contract
intangible assets at the acquisition date,
including focus on the discount rate and client
attrition rates as the key assumptions; and
– Fair value of the identifiable assets and
liabilities as part of the acquisition.
The Group engaged an external valuation expert to
assist with the identification and measurement of
acquired assets and liabilities and the purchase price
allocation to goodwill and separately identifiable
intangible assets.
We involved valuation specialists to supplement our
senior audit team members in assessing this key
audit matter.
Our procedures included:
•
Reading the transaction documents related to the
acquisition to understand the structure, key terms
and conditions. Using this, we evaluated the
accounting treatment of the acquisition against the
criteria of a business combination in the accounting
standards.
Working with our valuation specialists, our procedures
included:
•
Evaluating the Group’s external valuation expert’s
objectivity, competence, and scope of work with
respect to their involvement in the determination
of fair value of acquired customer contract
intangible assets and the purchase price allocation
to goodwill and other separately identifiable
intangible assets.
•
Assessing the valuation methodologies against
accepted industry practice and the requirements of
the accounting standards.
•
Comparing specific assumptions (such as revenue
and expense growth assumptions) used by the
Group’s external valuation expert to Board
approved business forecasts and publicly available
industry growth rates.
•
Challenging the Group’s judgemental assumptions
related to the fair value of separately identifiable
intangible assets including discount rates, client
attrition rates and forecasted cashflows. We did
this by comparing these assumptions to publicly
available market data and valuations from
comparable transactions.
•
Checking the goodwill balance recognised from the
transaction and comparing it to the goodwill
144 Steadfast Group Annual Report 2024
amount recorded by the Group.
•
Assessing the disclosures in the financial report, by
comparing these to our understanding of the
acquisitions obtained from our testing and the
requirements of the accounting standards.
Decentralised operations
Refer to Note 2: Significant accounting policies, Note 11: Subsidiaries, and Note 12: Investments in associates
and joint ventures
The key audit matter
How the matter was addressed in our audit
The Group comprises more than 160 subsidiaries,
associates and joint ventures (components) whose
operations are spread across Australia, New
Zealand, and to a lesser degree, the United
Kingdom, Singapore, United States and Germany.
The individual components are wide ranging in size,
and the customers and products of each business
operation vary.
The decentralised and varied nature of these
operations requires significant oversight by the
Group to monitor the activities, review component
financial reporting, and undertake the Group
consolidation. This is an extensive process due to
the variety of accounting processes and systems
used by each component across the Group.
This is a key audit matter given:
•
The number of subsidiaries, associates and joint
ventures and the varied operations, accounting
processes and systems across the Group.
•
The level of senior audit team member effort
involved to:
– Understand the components and identify the
significant risks of misstatement within each
component;
– Scope relevant audit procedures consistent
with the risks identified and to enable
sufficient appropriate audit evidence over the
significant aggregated balances at the Group;
– Assess components compliance with the
Group accounting policies; and
– Audit the consolidation process and
aggregation of results from component audit
team procedures.
Our procedures included:
•
Instructing component audit teams to perform
procedures on the financial information prepared for
consolidation purposes by 40 components. The
selected components covered over 82% of the
Group’s revenue and 83% of total assets. The
objective of this approach was to gather evidence
on significant balances that aggregate to form a
large part of the Group’s financial reporting.
•
The component audit teams performed audits of
the financial information of these components
which included specific Group reporting package
information and local statutory financial reporting.
We worked with the component audit teams to
identify risks significant to the audit of the Group
and to plan relevant procedures.
•
Discussing with component audit teams the
component audits as they progressed to identify
and address any issues.
•
Reading the audit reports issued to us and the
underlying memos to evaluate the work performed
by the component audit teams for adequacy with
the overall Group audit purpose. This included the
components compliance with the Group’s
accounting policies, including those relating to the
recognition of revenue.
•
Testing the financial data used in the consolidation
process for consistency with the financial data
audited by component audit teams. We also
assessed the consolidation process for compliance
with the accounting standards.
•
For selected components, inspecting the
component auditors’ files for consistency between
the auditor’s opinion and the underlying audit work.
•
For the other components not within the scope of
component audit teams’ procedures, our group
audit procedures included testing the Group’s key
monitoring controls and performance of analytical
procedures. We inspected a sample of bank
Steadfast Group Annual Report 2024 145
reconciliations, debtors’ reports, statutory financial
reports, and accompanying audit reports, and
inquired with head office management. In our
analytical procedures, we compared actual financial
results to budgets and the prior year results. We
inquired of head office and considered trends
within the insurance market.
Other Information
Other Information is financial and non-financial information in Steadfast Group Limited’s annual report which is
provided in addition to the Financial Report and the Auditor’s Report. The Directors are responsible for the
Other Information.
Our opinion on the Financial Report does not cover the Other Information and, accordingly, we do not express
an audit opinion or any form of assurance conclusion thereon, with the exception of the Remuneration Report
and our related assurance opinions.
In connection with our audit of the Financial Report, our responsibility is to read the Other Information. In doing
so, we consider whether the Other Information is materially inconsistent with the Financial Report or our
knowledge obtained in the audit, or otherwise appears to be materially misstated.
We are required to report if we conclude that there is a material misstatement of this Other Information, and
based on the work we have performed on the Other Information that we obtained prior to the date of this
Auditor’s Report we have nothing to report.
Responsibilities of the Directors for the Financial Report
The Directors are responsible for:
• preparing the Financial Report in accordance with the Corporations Act 2001, including giving a true and
fair view of the financial position and performance of the Group, and in compliance with Australian
Accounting Standards and the Corporations Regulations 2001
• implementing necessary internal control to enable the preparation of a Financial Report in accordance
with the Corporations Act 2001, including giving a true and fair view of the financial position and
performance of the Group, and that is free from material misstatement, whether due to fraud or error
• assessing the Group and Company’s ability to continue as a going concern and whether the use of the
going concern basis of accounting is appropriate. This includes disclosing, as applicable, matters related
to going concern and using the going concern basis of accounting unless they either intend to liquidate
the Group and Company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the Financial Report
Our objective is:
• to obtain reasonable assurance about whether the Financial Report as a whole is free from material
misstatement, whether due to fraud or error; and
• to issue an Auditor’s Report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with Australian Auditing Standards will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error. They are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of the
Financial Report.
A further description of our responsibilities for the audit of the Financial Report is located at the Auditing and
Assurance Standards Board website at: https://www.auasb.gov.au/admin/file/content102/c3/ar1_2020.pdf This
description forms part of our Auditor’s Report.
146 Steadfast Group Annual Report 2024
Report on the Remuneration Report
Opinion
In our opinion, the Remuneration Report of
Steadfast Group Limited for the year ended
30 June 2024, complies with Section 300A
of the Corporations Act 2001.
Directors’ responsibilities
The Directors of the Company are responsible for the
preparation and presentation of the Remuneration Report in
accordance with Section 300A of the Corporations Act 2001.
Our responsibilities
We have audited the Remuneration Report included in pages
54-74 of the Directors’ report for the year ended 30 June 2024.
Our responsibility is to express an opinion on the Remuneration
Report, based on our audit conducted in accordance with
Australian Auditing Standards.
KPMG
David Kells
Partner
Sydney
28 August 2024
Steadfast Group Annual Report 2024 147
Shareholders' information
As at 31 July 2024
Ordinary share capital
There were 1,105,990,675 fully paid ordinary shares held by 14,617 shareholders. All shares carry one vote per share and carry the
rights to dividends.
Distribution of shareholders
The number of shareholders by size of holding are as follows:
Range
No. of holders
No. of shares
% of issued capital
100,001 and over
367
1,015,182,748
91.79%
10,001 to 100,000
2,294
63,099,416
5.71%
5,001 to 10,000
1,830
13,349,416
1.21%
1,001 to 5,000
4,663
12,062,457
1.09%
1 to 1,000
5,463
2,296,638
0.20%
Total
14,617
1,105,990,6751
100.00%
1 At 30 June 2024, there were 300,000 shares in escrow. The number of ordinary shares used in the calculation of EPS is 1,106,290,675, which includes the 300,000 shares
in escrow.
There were 236 shareholders holding less than a marketable parcel based on a market price of $6.49 at the close of trading on
31 July 2024.
Twenty largest shareholders
Name
No. of shares
% of issued capital
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
346,406,019
31.32%
J P MORGAN NOMINEES AUSTRALIA PTY LIMITED
233,469,183
21.11%
CITICORP NOMINEES PTY LIMITED
108,068,724
9.77%
MR JAMES ALEXANDER ANGELIS
45,923,468
4.15%
CITICORP NOMINEES PTY LIMITED
40,107,058
3.63%
MACKAY INSURANCE SERVICES PTY LTD
27,031,229
2.44%
NATIONAL NOMINEES LIMITED
25,980,599
2.35%
ARGO INVESTMENTS LIMITED
15,654,109
1.42%
BNP PARIBAS NOMINEES PTY LTD
9,669,073
0.87%
BNP PARIBAS NOMS PTY LTD
8,245,742
0.75%
BNP PARIBAS NOMINEES PTY LTD
8,180,912
0.74%
MACKAY INSURANCE SERVICES PTY LTD
7,691,016
0.70%
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
5,046,610
0.46%
OUTLAND INVESTMENTS PTY LTD
3,300,000
0.30%
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED-GSCO ECA
3,240,624
0.29%
NETWEALTH INVESTMENTS LIMITED
3,233,464
0.29%
STEADFAST SHARE PLAN NOMINEE PTY LTD
3,066,491
0.28%
MR ROBERT BERNARD KELLY
3,018,409
0.27%
RC & IP GILBERT PTY LTD
3,000,000
0.27%
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
2,533,937
0.23%
Total
902,866,667
81.63%
148 Steadfast Group Annual Report 2024
Substantial shareholders
Name
Date of notice
No. of shares
% of issued capital
AustralianSuper
22 May 2024
83,074,167
7.51%
Vanguard Group
30 March 2023
52,068,661
4.71%
Fidelity Mangement & Research
7 June 2024
55,409,481
5.01%
This information is based on the most recent substantial holder notices lodged with the ASX.
Securities purchased on-market
The following securities were purchased on market during the financial year for the purpose of the DRP:
Number of
shares purchased
Average price paid
per share
Ordinary shares
1,743,718
$5.68
Dividend details
Dividend
Franking
Amount per share
DRP issue price
Payment date
Interim
Fully franked
6.75 cents
5.78 cents1
28 March 2024
Final
Fully franked
10.35 cents
2
21 September 2023
1 The Group provided shares under the DRP through an on-market purchase.
2The DRP issue price of the final dividend is scheduled to be announced on XX August 2024.
The final dividend has an ex-dividend date of 3 September 2024, a record date of 4 September 2024, a DRP record date of
5 September 2024, a payment date of 24 September 2024 and is eligible for Steadfast's DRP which carries no discount.
Steadfast Group Annual Report 2024 149
Glossary of terms
Term
Explanation
AGM
Annual General Meeting
Carbon neutral
Carbon neutral means bringing net carbon emissions to zero through a combination of
reducing emissions and carbon offsetting
CGU
Cash-generating unit
Client
Customer of broker/underwriting agency
CPS
Cents per share
DEA
Deferred equity award
DPS
Dividend per share
DRP
Dividend Reinvestment Plan
EBITA
Earnings before interest (including premium funding interest income and expense), tax and
amortisation. To ensure comparability, underlying EBITA also deducts the interest expense
on lease liabilities and depreciation of right-of-use assets
ECL
Expected credit loss
EPS
Earnings per share
EPS (NPAT)
Earnings per share that reference NPAT
EPS (NPATA)
Earnings per share that reference NPATA
Equity brokers
An insurance broker that is a member of the Steadfast Network, where Steadfast holds an
equity interest
FY
Financial Year
Group
Steadfast Group Limited (ABN 98 073 659 677, AFSL 254928) and its controlled entities,
associates and joint ventures
GWP
Gross written premium – the amount paid by customers for insurance policies excluding
taxes and levies
Hubbing
The merger of two or more insurance intermediary businesses
IFRS
International Financial Reporting Standards
KMP
Key management personnel
KPIs
Key performance indicators
LTI
Long-term incentive
NCI
Non-controlling interests
Network
The collective reference to the distribution network that comprises all Steadfast
Network brokers
Network broker
An insurance broker who is a member of the Steadfast Network
Non-trading items
Includes revenue and/or expense items that are typically one-off in nature and are not
reflective of the Group’s normal operating activities
NPAT
Net profit after tax
NPATA
Net profit after tax (post non-controlling interests) adjusted for amortisation of
customer relationships
PSF
Professional services fee
Rebate
An annual payment made to Steadfast Network brokers, at the discretion of the Board
Return on capital (ROC)
Underlying net profit after tax (adjusted to remove the impact of the Sure, IBA and
Coverforce acquisitions in FY24, FY23 and FY22 respectively) as a percentage of opening
shareholders' equity attributable to the owners of Steadfast Group Limited
SCTP
Steadfast Client Trading Platform – a web based platform that is a digitally contestable
market place providing Steadfast Network brokers access to obtain multiple, detailed
quotes from a variety of insurers, with only one data input as well as place and maintain
policy contracts
150 Steadfast Group Annual Report 2024
Term
Explanation
SME
Small to medium enterprise
STI
Short-term incentive
Strategic partner
Preferred product partners underwriting or arranging the general insurance policies and
premium funding products which are placed by Steadfast Network brokers
TSR
Total shareholder return
Trapped Capital
A project initiated by the Group to offer Network members the ability to sell equity in their
business to the Group
Underlying earnings
Underlying earnings refers to statutory earnings adjusted for non-trading items
Underlying NPAT
Underlying NPAT refers to statutory NPAT adjusted for non-trading items
Underwriting agency
Underwriting agencies act on behalf of general insurers to design, develop and provide
specialised insurance products and services for specific market segments
Warehouse Trust
A Warehouse Trust is a secured lending facility whereby the collateral is a pool of loans
receviable rather than an individual property or asset
Steadfast Group Annual Report 2024 151
Corporate directory
Directors
Frank O’Halloran AM (Chair)
Robert Kelly AM (Managing Director & CEO)
Vicki Allen
Andrew Bloore
Joan Cleary
David Liddy AM
Gai McGrath
Greg Rynenberg
Company secretaries
Duncan Ramsay
Peter Roberts
Notice of the AGM
The AGM will be held on Friday, 1 November 2024.
Corporate Office
Steadfast Group Limited
Level 4, 99 Bathurst Street
Sydney NSW 2000
Postal Address
PO Box A980
Sydney South NSW 1235
P 02 9495 6500
E investor@steadfast.com.au
W steadfast.com.au
ACN 073 659 677
Share registry
Link Market Services
Level 12, 680 George Street
Sydney NSW 2000
Postal Address
Locked Bag A14
Sydney South NSW 1235
P 1300 554 474
E registrars@linkmarketservices.com.au
Stock Listing
Steadfast Group Limited ordinary shares are listed
on the Australian Securities Exchange (ASX code: SDF).
152 Steadfast Group Annual Report 2024
4
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