News: IAG Insurance Australia Group Acknowledges Federal Court Of Australia's Decision

June 30 (Reuters) - Insurance Australia Group Ltd (IAG) :

• ASIC CIVIL PENALTY FEDERAL COURT JUDGMENT
• IAG WILL ALSO CONTACT RELEVANT CUSTOMERS WITH OUTCOME OF PROCEEDINGS, IN LINE WITH FEDERAL COURT JUDGMENT
• ACKNOWLEDGES FEDERAL COURT OF AUSTRALIA'S DECISION TODAY TO IMPOSE CIVIL PENALTY OF A$40 MILLION PLUS COSTS ON CO
• HAS ISSUED REFUNDS TO 99% OF IMPACTED CUSTOMERS, WITH REMAINING REFUNDS EXPECTED TO BE ISSUED OVER NEXT TWO MONTHS
• CIVIL PENALTY FOR CONTRAVENTIONS OF ASIC ACT AND CORPORATIONS ACT
• A$186 MILLION CUSTOMER REFUND PROVISION THAT CO REPORTED IN FY STATEMENTS TO 31 DEC 2022 IS SUFFICIENT TO PROVIDE FOR PENALTY AMOUNT