Insurance Australia Group Limited (ASX:IAG) has almost tripled its annual after tax profit to $250 million, broadly in line with analyst expectations.
In fiscal 2011, IAG’s insurance profit rose 34 per cent to $660 million while its insurance margin grew from 7 per cent to 9.1 per cent.
Looking ahead, the company expects its insurance margin to further improve in fiscal 2012 and has given insurance margin guidance of 10 per cent to 12 per cent.
IAG says its focus is on accelerating growth in Australia and New Zealand, building its presence in Asia and returning its UK business to profitability.
A final dividend of 7 cents per share has been declared, taking the full year payout to 16 cents.
IAG Price at posting:
$3.05 Sentiment: None Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)