Premiums continued to harden in the first quarter, positioning Steadfast to achieve its earnings guidance for the current financial year, Chairman Frank O’Halloran and CEO Robert Kelly told the group’s AGM in Sydney last week.

Steadfast forecasts underlying after-tax net profit of $70-$75 million and underlying earnings before interest, tax and amortisation of $155-$165 million.

Underlying net profit last financial year was $66 million, up 9.8% on the previous year.

“The group’s first-quarter results show the business is tracking to plan, as we see a hardening premium pricing environment continuing into [the current year],” Mr O’Halloran said.

“We are pleased to reaffirm our guidance and our ability to continue to grow the network and profitability of the group.”

Mr Kelly says the rise in prices at the end of last financial year is expected to continue for some time.

Technology will remain a core part of the growth strategy as Steadfast expands its footprint at home and overseas.

He says its proprietary Insight broker content management system and Steadfast Client Trading Platform give network brokers distinct advantages over their peers.

“Our technology is a major driver to grow sales [and] create efficiencies and is an attraction for brokers wishing to join the Steadfast network,” he said. “Our platforms allow us to control our technological destiny rather than be in the hands of third parties.

“Agility and speed to market are the DNA of insurtech, and we have it in-house.”