Steadfast has posted its fourth consecutive set of record results, as premium prices start to rise.

The broker network reports underlying net profit of $66 million for the year to June 30, up 9.8% from the previous year.

Gross written premium (GWP) hit $5 billion for the first time, also up 9.8%.

Steadfast benefitted from premium price increases of 3.8% across the year, with a 6% uplift at June renewals.

“This is a pretty big beast now, and if insurers start to move the dial then we stand to benefit,” MD and CEO Robert Kelly told insuranceNEWS.com.au.

“[Rate rises] are not significant yet [and] insurers need to do more. Their combined operating ratios are far too high.”

Eighteen new brokers were added to the network, but organic growth of 8% outstripped acquisition growth of 3%.

Steadfast now has 361 brokers and accounts for 28% of the Australian intermediated general insurance market. Further acquisitions are expected, and guidance for this financial year predicts underlying net profit of $70-$75 million.

Mr Kelly says Steadfast’s range of services and technology platforms are highly attractive to brokers.

“When brokers come and look at what we do, they are blown away and they join.”

Steadfast Underwriting Agencies also performed well, with GWP rising 4% to $777 million, and Steadfast Direct delivered $86 million in GWP, up 115%.

The group’s New Zealand arm of 38 brokers delivered $NZ330 million ($304 million), up 7%, while nine brokers joined the developing Singapore hub, which may form a template for further Asian expansion.

The equity stake acquired in global network unisonBrokers, now renamed unisonSteadfast, could also open new markets.

Mr Kelly says technology remains a priority, with development continuing on content management system Insight, the Virtual Underwriter digital marketplace and cloud-based agency management system Underwriter Central.

“We have a vast IT division made up of highly educated and highly driven people,” Mr Kelly told insuranceNEWS.com.au. “We are continually finessing the products we have, and we think you have to have an innovative IT division.”

He believes Steadfast’s results prove the ongoing value of advice, even as the threat of disruptors looms over the industry.

“Millennials will search and check things online, but at the end of the day they still want advice. This whole business is based on advice.

“Digital disruption, insurtech – they are phases of development in the way people do business, but they are not a golden panacea.”