Steadfast Lifts Guidance Modestly as Tailwinds From Higher Insurance Rates Accelerate

We increase our fiscal 2023 underlying NPATA forecast by 4% to AUD 262 million, which is now 4% ahead of upgraded guidance. Our more positive view owes to insurers in Australia and New Zealand putting through double-digit price increases in response to high claims inflation, rising reinsurance costs, and higher natural hazard costs. While Steadfast brokers may look to help customers by lowering commission rates, we still expect a net positive tailwind to earnings. Steadfast upgraded the midpoint of fiscal 2023 underlying NPATA guidance by 3%, with the top end in line with our previous AUD 252 million forecast.