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Insurance Australia Group Limited (ASX:IAG) has confirmed its full year guidance following encouraging growth in the first quarter.
The insurance company expects to achieve an insurance margin of between 10 to 12 per cent and gross written premium growth of between 6 to 9 per cent in the 2012 financial year.
Speaking at the company’s annual general meeting Managing Director and CEO, Mike Wilkins, said IAG has recorded encouraging gross written premium growth and relatively benign natural peril activity in the first quarter.
Mr Wilkins also advised that IAG was impacted by the adverse effect of volatile investment markets in the period.
In the 2011 financial year IAG reported a net profit of $338 million.
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