24 August 2016

PRESENTERS

Robert Kelly – Managing Director & CEO Stephen Humphrys – Chief Financial Officer

This presentation has been prepared by Steadfast Group Limited ("Steadfast").

This presentation contains information in summary form which is current as at 24 August 2016. This presentation is not a recommendation or advice in relation to Steadfast or any product or service offered by Steadfast or its subsidiaries and associates. It is not intended to be relied upon as advice to investors or potential investors, and does not contain all information relevant or necessary for an investment decision or that would be required in a prospectus or product disclosure statement prepared in accordance with the requirements of the Corporations Act 2001 (Cth). It should be read in conjunction with Steadfast's other continuous and periodic disclosure announcements filed with the Australian Securities Exchange, ASX Limited, and in particular the Steadfast 2016 Annual Report. These disclosures are also available on Steadfast's website at investor.steadfast.com.au.

To the maximum extent permitted by law, Steadfast, its subsidiaries and associates and their respective directors, employees and agents disclaim all liability for any direct or indirect loss which may be suffered by any recipient through use of or reliance on anything contained in or omitted from this presentation. No recommendation is made as to how investors should make an investment decision. Investors must rely on their own examination of Steadfast, including the merits and risks involved. Investors should consult with their own professional advisors in connection with any acquisition of securities.

The information in this presentation remains subject to change without notice. Steadfast assumes no obligation to provide any recipient of this presentation with any access to any additional information or to notify any recipient or any other person of any other matter arising or coming to its notice after the date of this presentation.

To the extent that certain statements contained in this presentation may constitute "forward-looking statements" or statements about "future matters", the information reflects Steadfast's intent, belief or expectations at the date of this presentation. Steadfast may update this information over time. Any forward-looking statements, including projections or guidance on future revenues, earnings and estimates, are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. Forward-looking statements involve known and unknown risks, uncertainties and other factors that are outside Steadfast's control and may cause Steadfast's actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Any forward-looking statements, opinions and estimates in this presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Neither Steadfast, nor any other person, gives any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this presentation will actually occur. In addition, please note that past performance is no guarantee or indication of future performance. Possible factors that could cause results or performance to differ materially from those expressed in forward looking statements include the key risks on pages 29-31 of Steadfast's 2016 Annual Report.

Certain non-IFRS financial information has been included within this presentation to assist in making appropriate comparisons with prior periods and to assess the operating performance of the business. Steadfast uses these measures to assess the performance of the business and believes that the information is useful to investors. Non-IFRS information, including underlying P&L items, pro-forma P&L items, EBITA, NPATA and Cash EPS (NPATA per share), have not been subject to review by the auditors. FY13 and FY14 results are pro-forma and assume the Pre-IPO Acquisitions and the IPO Acquisitions were included for the full reporting period (all of the IPO Acquisitions completed on 7 August 2013). Prior period cash EPS have been adjusted to reflect the re-basing of EPS post the February/March 2015 1:3 rights issue. All references to Aggregate refer to the 100% aggregation of all investees' results regardless of Steadfast's ownership interest.

This presentation does not constitute an offer to issue or sell securities or other financial products in any jurisdiction. The distribution of this presentation outside Australia may be restricted by law. Any recipient of this presentation outside Australia must seek advice on and observe any such restrictions. This presentation may not be reproduced or published, in whole or in part, for any purpose without the prior written permission of Steadfast.

Local currencies have been used where possible. Prevailing current exchange rates have been used to convert local currency amounts into Australian dollars, where appropriate. All references starting with "FY" refer to the financial year ended 30 June. All references starting with "1H FY" refer to the financial half year ended 31 December.

Strong earnings growth in FY16 vs FY15

Underlying NPATA 45% to $82.0m
Underlying Cash EPS 12% to 11.00 cps
Statutory NPATA 67% to $95.0m

Solid organic performance

Organic results held firm in a flat pricing environment
Broker performance enhanced by sales volume growth and bolt-on acquisitions
Agency performance benefited from revenue growth and cost synergies
Acquisitions overall performing in line with expectations
- Largest FY15 acquisitions (Calliden and QBE agencies) performing ahead of expectations
Fully franked total FY16 dividend of 6.0 cps
- Final dividend up 20% pcp to 3.6 cps
FY17 guidance reflects resilient business model
- Underlying NPATA guidance range of $85m-$90m
- Key assumptions include flat market conditions and no material acquisitions
Future acquisition growth
- Balance sheet capacity of $114m at 30 June 2016

Further growth in Network brokers

Steadfast Network Brokers

Gross Written Premium (GWP)1

Pricing essentially flat and volumes up year-on-year

Largest general insurance broker network in Australia and New Zealand with 27% market share in Australia2

1 GWP excludes fire service levy, pet and life insurance products

2 Source: Steadfast Group and APRA Intermediated General Insurance Statistics (December 2015)

99 brokers have joined and only one broker has left the Network since the IPO

Number of Steadfast Network Brokers

307 Australian brokers = 39% of total general insurance intermediaries in Australia2

Hubbing reflects the impact of merging one or more brokers together to create back office cost synergies and scale.

Source: Steadfast Group and APRA Intermediated General Insurance Statistics (December 2015)

Significant growth in underwriting agencies

Gross Written Premium (GWP)

Steadfast Underwriting Agencies is the largest underwriting agency group in Australia
About 50% GWP placed with non-Steadfast brokers
New London 'super' binder will benefit the group

Successful launch of Steadfast Direct

Steadfast Agencies + Steadfast Direct Facility

$million $745m $0.5m $40m 0 100 200 300 400 500 600 700 800 FY15 FY16 Steadfast Agencies Steadfast Direct $385.5m $385m $385m $785m

Gross Written Premium (GWP)

Piloted in May 2015; launched in July 2015
Home, motor and now landlord products
Sold through the Steadfast Virtual Underwriter
30% of $41m represents new GWP to the Network
Taking market share away from Calliden's home products

10 hubs at various stages of reaching full cost out synergies

Third consecutive year of Underlying Cash EPS growth

Underlying Cash EPS1: FY13 – FY16

Total Shareholder Return (TSR)2

99% for the three years since the ASX listing in August 2013
26% CAGR

1 FY13-FY14 Cash EPS restated to reflect 1:3 rights offering in February/March 2015

2 TSR includes final FY16 dividend and excludes the further value to shareholders who participated in the rights issue

Strong growth from acquisitions

Year ended 30 June	UnderlyingFY16	UnderlyingFY15	Year-onyeargrowth $	Year-onyeargrowth %
Revenue ($m)	459.5	298.7	160.8	53.8%
EBITA pre CO ($m)	139.6	98.8	40.7	41.2%
EBITA ($m)	129.6	90.4	39.2	43.3%
NPAT ($m)	60.4	42.1	18.3	43.6%
Reported EPS (cents)	8.09	7.24	0.85	11.8%
NPATA ($m)	82.0	56.7	25.2	44.5%
Cash EPS (cents)	11.00	9.79	1.21	12.4%

Continued NPATA and cash EPS growth for shareholders during flat market
FY16 includes full impact of recent acquisitions including Calliden and QBE agencies

Statutory vs Underlying NPATA reconciliation

Statutory profit adjusted downwards to remove non-trading items (which have no operating cash flow or underlying cash earnings impact):
- Gain from deferred consideration estimates for FY15 acquisitions (primarily QBE agency acquisitions)
- Impairments of assets acquired in FY15, including those with deferred consideration adjustments
- Other non-recurring revenue

Breakdown of the growth in EBITA pre Corporate Office expenses

Organic growth in a flat market
Significant impact from FY15 acquisitions, successfully extracted synergies

Broking operations (Aggregate)1

Solid performance in a flat market

Brokers – consolidated & equity accounted

Year ended 30 June, $million	UnderlyingFY16	UnderlyingFY15	FY16 vs FY15growth %	Organicgrowth %	Growth fromacquisitions& hubbing%
Net Fees & Commissions²	267.0	241.3	10.7%	3.8%	6.9%
Netrevenue²	306.1	279.9	9.4%	3.0%	6.4%
EBITA pre CO	83.4	79.9	4.4%	0.5%	3.9%

Like-for-like businesses' bottom line held firm
Astute acquisition of bolt-on businesses contributed to EBITA growth

1 Aggregate assumes 100% ownership

² Net of third party payments

Underwriting agencies (Aggregate)1

Acquisitions enhanced growth and margins

Agencies – consolidated & equity accounted

Year ended 30 June, $million	UnderlyingFY16	UnderlyingFY15	Year-on-yeargrowth %	Organicgrowth %	Growth fromacquisitions %
Net Fees & Commissions²	134.2	70.0	91.7%	9.2%	82.6%
Netrevenue²	139.3	73.1	90.7%	8.6%	82.1%
EBITA pre CO	63.2	28.8	119.8%	14.3%	105.5%

Significant growth from FY15 acquisitions
Solid organic growth from existing agencies

1 Aggregate assumes 100% ownership ² Net of third party payments

Strong conversion of profit to cash

Statutory cash flow statement

Year to 30 June, $ million	FY16	FY15
Cash flows from operating activities
Receipts from customers	376.9	258.9
Payments to suppliers and employees, and networkbrokerrebates	(289.2)	(214.6)
Dividends received from associates and joint venture	12.9	14.6
Interestreceived/(paid) net of interest and otherfinance costs paid	(1.9)	0.5
Income taxes paid	(14.7)	(14.6)
Net cash from operating activities beforecustomer trust accounts movement	84.0	44.8
Net movement in customer trust accounts	42.2	22.2
Net cash from operating activities	126.2	67.0
Net cash used in investing activities	(65.3)	(333.2)
Net cash from financing activities	(8.3)	390.8
Net increase/(decrease) in cash and cashequivalents	52.6	124.6
Cash and cash equivalents at 30 June	291.7	239.2
splitCashheldinto:intrust	224.7	1722
Cashon hand	670	670

102%of underlying NPATA converted into cash flow

Statutory balance sheet

$ million	30 Jun 16	31 Dec 15
Cash and cash equivalents	67.5	79.9
Cash held on trust	224.7	215.1
Receivables & other	341.9	266.1
Totalcurrent assets	634.1	561.1
Equity accounted investments	121.8	126.6
Property, plant and equipment	27.9	28.9
Identifiable intangibles	165.3	173.1
Goodwill	712.3	684.0
Deferred tax assets & other	51.1	48.5
Total non-current assets	1,078.4	1,061.1
Total assets	1,712.5	1,622.2
Trade and other payables	453.3	394.8
Loans and borrowings	1.6	1.5
Deferred consideration	15.4	7.3
Other	77.4	64.7
Total current liabilities	547.7	468.3
Loans and borrowings	200.3	195.6
Deferred consideration	1.8	16.4
Deferred tax liabilities & other	64.6	71.1
Total non-current liabilities	266.7	283.1
Total liabilities	814.4	751.4
Net assets	898.1	870.8
Non-controlling interests	38.1	22.8
Gearingratio (Corporate)1	16.0%	17.1%

16%corporate gearing ratio1 versus Board approved maximum gearing ratio of 25%

Corporate debtfacilities, $m	Maturity	Total	Available30/06/16
Facility A	Aug 2019	235	64
Facility B	Aug 2020	50	50
Total available		285	114

Three year Facility A extended one further year
Substantial headroom in financial debt covenants
$114m available at 30/06/16 for corporate actions including acquisitions
Additional gearing ratio of 5% for subsidiaries
Total gearing ratio of 18.4%

Gearing ratio calculated as corporate debt/(corporate debt plus equity).

Total FY16 dividend uplifted by 20%

Final FY16 dividend of 3.6 cps (fully franked), up 20% pcp
Total FY16 dividend payout ratio is 75% of net profit after tax (excluding non-trading items), in line with targeted 65% to 85%
Dividend Reinvestment Plan (DRP) to apply to final FY16 dividend; no discount
DRP shares will be acquired on market
Key dates for final FY16 dividend
- Ex date: 12 September 2016
- Dividend record date: 13 September 2016
- DRP record date: 14 September 2016
- DRP pricing period: 19-29 September 2016
- Payment date: 14 October 2016

All dividends are fully franked

1	Continue to grow, maintain and provide services to the Network	Brokers
2	Continue to develop and market new products from the SteadfastUnderwriting Agencies to the market	Agencies
3	Seek to buy, merge, hub or assist the Network brokers to grow,reduce costs and improve their back office	Brokers
4	Seek to acquire brokers from outside our Network	Brokers
5	Be the obvious succession partner for our Network brokers	Brokers
6	Roll out the following IT systems:INSIGHT –broker back officeSVU –Steadfast Client Trading PlatformUnderwriterCENTRAL–underwriting agency backoffice	Brokers &Agencies
7	Continue the expansion and roll out of our offshoring division forIT, marketing and finance	Group

8	Extend the London 'super' binder into domesticand internationalarena	Group
9	Extend Steadfast Client Trading Platform beyond Business Pack toinclude:Professional LinesPublic/Products LiabilityCommercial MotorProperty	Brokers
10	Retain Senior Management Team	Group
11	Balance capital management and cash flows with dividend and EPSaccretion	Group
12	Seek to support our complementary businesses both inside andoutside the Network	Group
13	Consolidate and develop our Strategic Partner relationships	Group
14	Expand ourfootprint in New Zealand and Asia	Group

Steadfast Client Trading Platform (SCTP)

Benefits from using the platform:
- Clients: extra cover, wider choice, triage access, competitive pricing and claims expedition
- Brokers: best-in-class products and the benefits of using the Steadfast Virtual Underwriter (e.g. cost savings, business intelligence, etc.)
- Insurer partners: opportunity to write more GWP through the Steadfast Network
Exclusive to Steadfast Network Brokers, their clients and select insurer partners
Operates on Steadfast Virtual Underwriter
Launched in June 2016 with Business Package as the first product offering
Insurer partners on platform consist of: AIG, Allianz (new to SVU), Calibre, London 'super' binder and Vero

$4.5b is the potential prize

London 'super' binder – they said it couldn't be done

SUA to rationalise and consolidate its London market placement into a single binder with a select number of carriers and co-brokers – JLT and Steadfast Re
Initial SUA participants: Miramar, Procover, Winsure and Hostsure
Full capacity committed in June 2016; binder effective 1 August 2016
Able to participate in Steadfast Client Trading Platform rollout

What is the 'super' binder?

A delegated authority given to a Steadfast Underwriting Agency by an insurer to do either or both of the following:
- i. Enter into contracts made on behalf of the insurer; and/or
- ii. Deal with and settle, on behalf of the insurer, claims relating to insurance products for the insurer
Valid for three years, term renewable

SUA placement into Lloyd's of London

Old arrangement

30 syndicates 16binders 3 brokers
Expensive and inefficient

New arrangement

6 syndicates 1binder 1 co-broking solution

Much simpler solution
Substantial cost savings
Better access to the Steadfast Network
Client centric underwriter negotiations
Stability of capacity and growth assured

$1.6b is the potential prize

The momentum is shifting

"Commercial Insurance continues to target profitable growth through pricing actions,

continued focus on meeting customer and broker needs, and successfully entering new markets."

Suncorp's FY16 Analyst Pack, 4 August 2016

"We are responding decisively with price increases, revised terms and conditions and other portfolio adjustments, and remain confident that these actions will benefit the claims ratio in 2017."

John Neal, QBE Group CEO, 17 August 2016

"Our commercial businesses in Australia and New Zealand have withstood continuing price pressure and maintained their strict underwriting discipline which has resulted in lower business volumes as we exited unprofitable business – but we are encouraged by growing signs of rate improvement."

Peter Harmer, IAG CEO, 19 August 2016

FY17 underlying NPATA guidance range of $85m-$90m, driven by:
- Organic growth
- Growth from strategic initiatives
Key assumptions include flat market conditions and no material acquisitions
Acquisition opportunities continue unabated
Well positioned for upside when market hardens

Underlying NPATA1

1 FY13 and FY14 are both pro-forma; FY15-FY17 are underlying

Delivered strong Cash EPS growth throughout the insurance cycle
Transforming the Network with Steadfast Client Trading Platform and the London 'super' binder
Rolling out our own revolutionary IT systems
FY17 guidance shows resilience of a diversified business model and the beginnings of growth from initiatives listed above
Healthy balance sheet with 30 June 2016 $114m capacity for acquisitions
Network well positioned for further upside as the market hardens
Network no longer geographically bound to a domestic insurer panel

Size Scale Steadfast

Largest general insurance broker network in Australia and New Zealand

Current run rate annual GWP

$4.5 billion

343Steadfast Network Brokers

Largest underwriting agency group in Australia + Direct facility

Current run rate annual GWP $785 million

22 Agencies + Steadfast Direct

Steadfast Network Collects Marketing & Administration (M&A) Fees, 100% owned

Complementary businesses

50% joint venture in premium funder

Reinsurance broker, 50% owned

100% owned

Legal practice, 25% owned

Back-office service provider, 100% owned

Steadfast Network Brokers' GWP mix1,2,3

84% of customer base relates to small to medium size enterprises (SMEs) with less pricing volatility

Focus is on advice

Low exposure to Corporate (2%) with more significant pricing pressure
Increasing share of retail insurance markets (14%) due to Steadfast Direct

1 Based on FY16 GWP excluding New Zealand.

2 Allocation based on policy size (retail <$1k, small $1k – $9.9k, medium $10k – $299k and corporate $300k+).

3 Metrics above consist of non-IFRS financial information used to measure the financial performance and condition of Steadfast.

1 Based on FY16 Steadfast Network Broker GWP of $4.5 billion.

2 Geography is based on head office location of each Steadfast Network Broker; a small number of Steadfast Network Brokers had overseas operations in FY16.

Statutory P&L

$ million	FY16	FY15
Revenue
M&A fees	32.4	29.6
Revenuefrom wholly owned entities	349.8	222.5
Shareof profits of associates and joint venture	11.2	10.4
Otherrevenue	3.4	2.5
Total revenue	396.8	265.0
EBITA from core operations (post CO)	129.6	90.4
Amortisation	(23.7)	(16.5)
Finance costs	(9.2)	(5.3)
Income tax expense	(28.8)	(20.6)
Profit after income tax and before non-trading items	68.0	48.0
Net gain on deferredconsideration estimates from FY15acquisitions	23.9	0.9
Impairments associated with FY15 acquisitions	(13.1)	-
Net profiton change in value of investments	1.6	0.6
Due diligence and restructure costs	-	(3.3)
Share-based payment expense on share optionsandexecutive loans and shares	0.4	1.2
Other	0.3	0.6
Net profit after tax before non-controlling interests	81.1	48.0
Non-controlling interests	(7.6)	(5.9)
Net profit after tax attributable to Steadfastmembers	73.5	42.1
Other comprehensive income after tax	(0.1)	(1.0)
Total comprehensive income after tax	73.4	41.1
Net profit after tax and before amortisation	95.0	56.8

Reconciliations to Underlying Revenue on slide 37 and to Underlying NPATA on slide 12.

Statutory vs Underlying Revenue reconciliation

Cash EPS reconciliation1

Cents per share	FY16	FY15	FY14	FY13
NPATA	82.0	56.7	41.2	35.2
Previous weighted average share #	n/a	n/a	501.1	501.0
Revised weighted average share #	745.2	579.8	519.7	519.5
Previous Cash EPS	n/a	n/a	8.23	7.02
RevisedCash EPS	11.00	9.79	7.94	6.77

FY13-FY14 Cash EPS restated to reflect 1:3 rights offering in February/March 2015
Bonus factor of 3.704% applied to reflect take up of discounted rights offering shares

1 When calculating Cash EPS, treasury shares have been ignored.

Year ended 30 June, $ millions	FY16	FY15	Growth%	Organicgrowth2 %	%growthfromacquisitionshubbing3&
Fees and commissions¹	384.4	234.2	64.1%	5.8%	58.4%
M&A Fees	32.4	29.6	9.4%	9.4%	00%
Interest income	6.7	5.7	18.5%	-5.5%	240%
Other revenue	36.0	29.2	232%	14.3%	89%
Revenue –Consolidated entities	459.5	298.7	53.8%	6.7%	47.1%
Employment expenses	(147.0)	(101.3)	45.1%	8.4%	36.7%
Occupancy expenses	(13.1)	(9.3)	40.7%	1.3%	39.4%
Other expenses¹	(180.6)	(109.8)	64.5%	5.8%	58.7%
Expenses –Consolidated entities	(340.6)	(220.3)	54.6%	6.8%	47.8%
EBITA –Consolidated entities	118.9	78.4	51.6%	6.5%	45.1%
Share of EBITA from associates and joint ventures	20.7	20.4	1.2%	1.9%	-08%
EBITA –pre Corporate Office expenses	139.6	98.8	41.2%	5.5%	35.6%
Corporate Office expenses	(10.0)	(8.4)	18.5%
EBITA	129.6	90.4	43.3%
Net financingexpense	(9.2)	(5.3)	722%	1	Wholesale broker and agency
Amortisationexpense –consolidated entities	(20.4)	(12.9)	58.4%		commission expense (paid tobrokers) included in revenues
Amortisationexpense –associates	(3.3)	(3.6)	-82%		and other expenses so impact
Income tax expense	(28.8)	(20.6)	392%		to EBITA is nil ($104.4m in
Net profit after tax	68.0	48.0	41.6%		FY16; $51.7m in FY15)
Non-controlling interests	(7.5)	(5.9)	27.4%	2	Includes bolt-on acquisitions
Net profit attributable to Steadfast members	60.4	42.1	43.6%	3	Includes growth from
Amortisationexpense –consolidated entities	18.3	11.0	646%		associates converted to
Amortisationexpense –associates	3.3	3.6	-82%		consolidated entities
Net Profit after Tax and before Amortisation	82.0	56.7	44.5%

Revenue and EBITA pre CO expenses (Aggregate view)

$ millions	UnderlyingFY16	UnderlyingFY15	Growth%	Organicgrowth3%	Growth%fromacquisitions&hubbing4
Gross writtenpremiums
Consolidated brokers	844.5	674.2	253%
Equity accounted	507.9	526.4	-3.5%
GWP from brokers	1,352.5	1,200.6	12.6%
Underwriting agencies	745.1	385.0	936%
Total GWP	2,097.6	1,585.7	32.3%
Revenue
Consolidated brokers1	179.0	138.3	29.4%	4.0%	25.4%
Equity accounted	138.1	144.3	-4.3%	23%	-66%
Revenue from brokers	317.1	282.6	12.2%	3.1%	9.1%
Underwriting agencies2	250.9	130.9	916%	7.0%	846%
Ancillary	33.8	28.6	18.5%	15.7%	28%
Premium funding	48.8	51.6	-5.4%	-5.4%	00%
Steadfast	42.2	37.4	128%	128%	00%
Total revenue	692.8	531.1	30.5%	4.6%	25.8%
EBITA (pre CO expenses)
Consolidated brokers	44.6	40.0	11.7%	0.5%	11.2%
Equity accounted	38.7	39.9	-29%	0.5%	-3.4%
EBITA from brokers	83.4	79.9	4.4%	0.5%	3.9%
Underwriting agencies	63.2	28.8	1198%	14.3%	105.5%
Ancillary	3.4	3.2	8.1%	7.3%	08%
Premium funding	7.4	7.4	-0.7%	-0.7%	00%
Steadfast	11.0	9.7	136%	136%	00%
TotalEBITA (pre CO exps)	168.4	128.9	30.6%	4.7%	26.0%

1 Includes gross up of wholesale broker commission expense of $11.0m in FY16 ($2.7m FY15 as acquired in 2H FY15)
2 Includes gross up of agency commission expense ($111.6m in FY16 and $57.9m in FY15)
3 Includes bolt-on acquisitions

4 Includes growth from associates converted to consolidated entities

Statement of income (Adjusted IFRS view)

Year ended 30 June, $ millions	Underlying2H FY16	Underlying1H FY16	Underlying2H FY15	Underlying1H FY15	Pro-forma2H FY14	Pro-forma1H FY14
Fees and commissions	195.4	189.0	156.0	78.2	65.9	52.4
M&A Fees	15.8	16.6	14.0	15.6	12.7	13.7
Interest income	3.3	3.4	3.1	2.5	1.4	1.3
Other revenue	19.0	17.0	17.1	12.1	14.1	11.8
Revenue –Consolidated entities	233.4	226.1	190.3	108.4	94.1	79.2
Employment expenses	(75.6)	(71.3)	(59.0)	(42.3)	(33.5)	(30.8)
Occupancy expenses	(6.7)	(6.3)	(5.5)	(3.8)	(2.9)	(2.8)
Other expenses	(88.3)	(92.2)	(75.6)	(34.2)	(33.1)	(24.4)
Expenses –Consolidated entities	(170.7)	(169.9)	(140.1)	(80.2)	(69.5)	(58.0)
EBITA –Consolidated entities	62.7	56.2	50.2	28.2	24.6	21.2
Share of EBITA from associates and jointventures	10.8	9.8	10.7	9.7	12.7	11.8
EBITA –pre Corporate Office expenses	73.5	66.0	61.0	37.9	37.4	33.1
Corporate Office expenses	(4.3)	(5.6)	(5.4)	(3.0)	(4.9)	(3.2)
EBITA	69.2	60.4	55.6	34.9	32.4	29.9
Net financingexpense	(4.6)	(4.6)	(3.1)	(2.3)	(0.6)	(0.6)
Amortisationexpense –consolidated entities	(9.9)	(10.5)	(8.3)	(4.6)	(4.0)	(3.8)
Amortisationexpense –associates	(1.6)	(1.7)	(1.6)	(1.9)	(1.0)	(1.0)
Income tax expense	(15.2)	(13.6)	(12.5)	(8.2)	(7.2)	(8.8)
Net profit after tax	38.0	29.9	30.1	17.9	19.6	15.7
Non-controlling interests	(4.2)	(3.3)	(3.3)	(2.6)	(1.6)	(1.2)
Net profit attributable to Steadfastmembers	33.8	26.6	26.8	15.3	18.0	14.5
Amortisationexpense –consolidated entities	8.7	9.6	7.3	3.7	3.5	3.3
Amortisationexpense –associates	1.6	1.7	1.6	1.9	1.0	1.0
Net Profit after Tax and beforeAmortisation	44.1	37.9	35.7	21.0	22.4	18.8

Other revenue

$millions	FY16	FY15	Variance
Fee income for other professional services	22.2	18.2	4.0
Legal fee disbursements	2.7	2.6	0.1
Other income	11.1	8.4	2.7
Total other revenue	36.0	29.2	6.8

Other expenses

$millions	FY16	FY15	Variance
Rebate to Steadfastbrokers	10.2	9.3	0.9
Selling expenses	15.3	14.5	0.8
Commission expense1	104.4	51.7	52.7
Legal fee disbursements	2.7	2.6	0.1
expenses1Administration	45.0	29.0	16.0
Depreciation of PP&E	3.1	2.7	0.4
Total other expenses	180.6	109.8	70.8

1Commission/administration expenses:

Commission paid by wholesale broker and agencies to brokers
Grossed up in "fees & commissions" and deducted in "other expenses" so nil impact to EBITA
Significant increase due to Calliden and QBE agency acquisitions

	Houseowners/householders		Domestic motor vehicle		CTP motor vehicle
Premiums and Claims by Class of Business	Year End Jun	Year End Jun	Year End Jun	Year End Jun	Year End Jun	Year End Jun
	2015	2016	2015	2016	2015	2016

Gross written premium ($m)	7,598	7,837	8,041	8,509	3,584	3,915
Number of risks ('000)	11,468	11,699	14,327	15,018	11,409	11,624
Average premium per risk ($)	663	670	561	567	314	337
Outwards reinsurance expense ($m)	2,254	2,502	1,373	1,605	460	614
Gross earned premium ($m)	7,895	8,140	7,961	8,255	3,542	3,650
Cession ratio	29%	31%	17%	19%	13%	17%
Gross incurred claims (current and prior years)
($m)	5,182	4,423	5,918	6,063	2,702	2,749
Gross earned premium ($m)	7,895	8,140	7,961	8,255	3,542	3,650
Gross loss ratio	66%	54%	74%	73%	76%	75%
Net incurred claims (current and prior years) ($m)	3,877	3,516	4,940	5,055	2,277	2,151
Net earned premium ($m)	5,641	5,638	6,588	6,650	3,082	3,036
Net loss ratio	69%	62%	75%	76%	74%	71%
Underwriting expenses ($m)	1,604	1,551	1,444	1,428	373	352
Net earned premium ($m)	5,641	5,638	6,588	6,650	3,082	3,036
U/W expense ratio	28%	28%	22%	21%	12%	12%
Net U/W combined ratio	97%	90%	97%	98%	86%	82%

	Commercial motor vehicle		Fire and ISR		Public and product liability		Professional indemnity
Premiums and Claims by Class of Business	Year End Jun	Year End Jun	Year End Jun	Year End Jun	Year End Jun	Year End Jun	Year End Jun	Year End Jun
	2015	2016	2015	2016	2015	2016	2015	2016
Gross written premium ($m)	2,082	2,098	3,744	3,653	2,227	2,220	1,562	1,579
Number of risks ('000)	1,441	1,587	1,451	1,515	9,421	9,427	556	543
Average premium per risk ($)	1,445	1,322	2,581	2,410	236	235	2,811	2,906
Outwards reinsurance expense ($m)	142	268	1,619	1,705	472	878	442	454
Gross earned premium ($m)	2,117	2,075	3,987	4,004	2,249	2,242	1,543	1,537
Cession ratio	7%	13%	41%	43%	21%	39%	29%	30%
Gross incurred claims (current and prior years)
($m) (net of non-reinsurance recoveries revenue)	1,454	1,593	3,627	2,603	1,360	1,591	933	1,174
Gross earned premium ($m)	2,117	2,075	3,987	4,004	2,249	2,242	1,543	1,537
Gross loss ratio	69%	77%	91%	65%	60%	71%	60%	76%
Net incurred claims (current and prior years) ($m)	1,365	1,412	2,119	1,670	1,111	527	688	713
Net earned premium ($m)	1,975	1,807	2,368	2,298	1,777	1,364	1,102	1,083
Net loss ratio	69%	78%	89%	73%	63%	39%	62%	66%
Underwriting expenses ($m)	537	486	1,034	982	569	523	250	241
Net earned premium ($m)	1,975	1,807	2,368	2,298	1,777	1,364	1,102	1,083
U/W expense ratio	27%	27%	44%	43%	32%	38%	23%	22%
Net U/W combined ratio	96%	105%	133%	115%	95%	77%	85%	88%

1 Source: Australian Prudential Regulation Authority (APRA) Quarterly General Insurance Performance Statistics June 2016 (issued 18 August 2016).