News: IAG UPDATE 1-Insurance Australia Group's FY profit rises

(Adds dividend, CEO comment, background)

Aug 15 (Reuters) - Insurance Australia Group (IAG) reported a 1 percent rise in full-year attributable profit on Wednesday.

Annual net profit from continuing operations rose to A$947 million ($685.34 million), compared to A$938 million in the previous fiscal year, the company said.

IAG wrote A$11.65 billion worth of gross premiums during the year, up about 2 percent on A$11.44 billion in fiscal 2017.

The insurer said it expected gross written premiums to rise by 2 percent to 4 percent in fiscal 2019.

Australia's second-largest insurer by market capitalization announced a final dividend of 20 Australian cents per share.

“This is a solid result for IAG with an encouraging improved underlying performance, in line with our expectations,” said Peter Harmer, managing director and chief executive officer.

IAG announced the sale of its majority owned Thai and Indonesian operations in June to a unit of Japan's Tokio Marine Holdings 8766.T for A$525 million to focus on its home businesses.

($1 = 1.3818 Australian dollars)