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Insurance Australia Group Ltd (ASX:IAG) has confirmed that it expects an insurance margin of between 8 to 10 per cent in the 2011 financial year.
The guidance comes with an announcement revealing the cost of the Christchurch earthquake is likely to reach up to $65 million in net insurance claims.
The cost will be included in the current financial years results, which takes into account $50 million of recoveries from reinsurance.
Australia’s largest insurer has also reconfirmed guidance for full year underlying gross written premium growth remains unchanged at 3 to 5 per cent.
Full year results will be released on 25 August.
In the first half of its 2011 financial year, IAG recorded an interim net profit of $205 million.
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