I am many eons removed from achieving 'expert' status regarding...

I am many eons removed from achieving 'expert' status regarding companies in the insurance sector so DYOR and realise my fallibility.This seems a great result.

What's not to like about 1H 21 NPAT increasing 19.3 per cent despite overall revenue only increasing 6.6 per cent?

From what I can deduce about SDF, technology plays a very important part in its competitive offering.I didn't realise it had insurance brokers in Singapore as well as Oz and NZ.

SDF's dividend has increased step-by-step in each of the last seven years. That's like the second oldest listed company on the ASX, Mr Robert Millner's SOL. Terrific to see a 22.2 per cent rise to 4.4 cents for the interim.

Gearing is at only 26 per cent, and the company has confirmed the 'top end' of previously issued guidance for 2020-21 full year NPAT. Again, a positive.

One concern (although perhaps more for the insurers such as QBE, rather than brokers or underwriting agencies) is the note SRV makes about how uncertainty remains about business interruption insurance cover. The Insurance Council of Australia is appealing a Federal Curt decision that found in favour of claimants. This appeal should be heard by Australia's High Court in this calendar year. A decision should be handed down well before December 2021.

Another concern is that while the Federal Government's much needed JobKeeper that 'saved' so many jobs has to end - one has to get people back into workforces, and jobs growth in the last couple of months in Australia has been very good - its cessation will see some businesses in sectors like hospitality and tourism go to the wall, even if there's various Federal and perhaps State government 'rescue packages'. It's obvious that many of these enterprises have had 'zombie' status for months. What that means for brokers and underwriters is unclear to me as an outsider to the insurance and related sectors.

Statutory earnings have returned to the black as well.

The 13.9 per cent rise in gross written premiums by SDF's brokers seems very good although as stated above I am no expert.

As a recent shareholder, this sort of solid performance in very testing times is what one looks for if like SOL's Mr Millner, one questions the profit-less APT sort of business model that so many investors seem to love.

We all love 5000 per cent instant returns but to my mind, profits have to be there, not just revenue. Eventually the music may stop. APT holders will regard me as a simpleton for suggesting that heresy.