While the bottomline increased due to the release of Covid-related provisions, investors focused on weaker growth in gross written premiums, which lagged market expectations.
IAG flagged ongoing weakness, forecasting annual gross written premium growth to come in at the lower end of the mid-to-high single digit forecast, as improving claims trends and lower reinsurance costs are driving a moderation in premium increases.
IAG Price at posting:
$7.78 Sentiment: None Disclosure: Held
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