Steadfast has not received a takeover approach, CEO Robert Kelly told an analysts’ briefing this morning following media speculation a private equity firm may be interested.

The company’s share price has recently traded below average levels for the past year, and an abandoned private equity bid for AUB has highlighted potential interest among buyers.  

But in response to a question this morning, Mr Kelly said: “We have not been approached.”

At its annual general meeting on October 31, Steadfast revised its full-year guidance for the average premium rate increase to 1%-2% from 3-5% previously, contributing to the share price slump.

Mr Kelly said today some analysts have not considered the full picture across portfolios and the group’s ability to manage market conditions, while the premium rate increase for the year to November 30 averaged 2.4%.

He said rate outcomes this month may give a clearer picture, amid signs of a flattening rather than a dropping of premiums, but the company is showing “abundant caution” with the 1-2% figure.

“My gut feeling ... is it will head towards more like the 3%, but this market, as you know … is very unpredictable,” he said. 

Mr Kelly said Steadfast has been liaising with the Australian Competition and Consumer Commission on its acquisition activities and sees no issues arising from new rules due on January 1.

“We’ve got a great regulatory pathway with them. They’re constructive, they’re predictable. We’re constructive. We provide what they want to know. As we roll into ’26, we have no reason to fear that.”  

Steadfast says it had completed Australasian acquisitions worth $127.7 million at the end of November and cost-saving measures across head office and subsidiaries were projected to deliver annualised savings of about $3.5 million pro rata for the second half.

In response to a question about the “last few weeks”, Mr Kelly said there is no change to previous comments on his tenure as CEO.

“I think I’ve told the market for the last two and a half years that towards the end of ‘26 is when I wanted to get out of my executive role, and I don’t think that’s changed at this particular time,” he said.