News: IAG Insurance Australia Posts FY Revenue From Ordinary Activities A$19,851 Million

Aug 21 (Reuters) - Insurance Australia Group Ltd (IAG) :

• FY REVENUE FROM ORDINARY ACTIVITIES A$19,851 MILLION VERSUS A$18,347 MILLION
• FY PROFIT ATTRIBUTABLE A$832 MILLION VERSUS A$347 MILLION
• FY CASH EARNINGS A$452 MILLION VERSUS A$213 MILLION
• FY GROSS WRITTEN PREMIUM A$14,729 MILLION VERSUS A$13,317 MILLION
• INSURANCE AUSTRALIA GROUP LTD SEES FY24 LOW DOUBLE DIGIT GROSS WRITTEN PREMIUM GROWTH
• INSURANCE AUSTRALIA GROUP LTD SEES FY24 REPORTED INSURANCE MARGIN GUIDANCE OF 13.5% TO 15.5%
• INSURANCE AUSTRALIA GROUP LTD SEES IN FY24 INCREASE IN NATURAL PERIL ALLOWANCE TO A$1,147MILLION
• REPORTED INSURANCE MARGIN GUIDANCE EXPECTED TO DELIVER INSURANCE PROFIT OF BETWEEN ABOUT A$1.2 BILLION AND A$1.45 BILLION IN FY24
• REVISED ASPIRATIONAL GOALS TO DELIVER A 15% INSURANCE MARGIN AND A REPORTED ROE OF 13% TO 14% ON A ‘THROUGH THE CYCLE’ BASIS
• MODEST VOLUME GROWTH AND AN INCREASE IN CUSTOMER NUMBERS EXPECTED IN FY24