Ann: IAG 1H21 Results Presentation, page-2

Firstly, I don't know why there isn't more chat about this stock on HC. Second, and broadly speaking, this is a well run company currently trading at around the same level as about 5 years ago. Yes, there were some recent COVID related headwinds, but that's typical of the insurance industry which will always have its cyclical ups and downs. This is (was) one of the downs. I purchased a sizable parcel of the SPP shares after reading that WAM Capital have this as a High Conviction stock pick. See extract below.

INSURANCE AUSTRALIA GROUP (ASX:IAG) Matthew Haupt, Wilson Asset ManagementInsurance Australia Group Limited () is the largest general insurance company in Australia and New Zealand, selling consumer and business insurance products under many leading brands.Record low interest rates and the coronavirus pandemic have severely impacted the financial sector, however we believe significant opportunities will emerge as the economy stabilises and the macro trends move to tailwinds from the current headwinds.Financials have underperformed for the last 12 months with low interest rates, poor economic conditions and a flat yield curve. In response to the pandemic the Reserve Bank of Australia (RBA) cut the cash rates, also pushing the three year rate to 25 basis points to match the cash rate. As economic conditions improve, we believe the RBA’s first act will be to allow the three year rate to rise, providing relief to the financial sector and allowing investment income to improve gradually. While Insurance Australia Group’s share price currently trades at decade lows, the recent appointment of a new Chief Executive Officer, a sound balance sheet and strong premium growth should see the share price recover. We believe that business insurance claims implied by the share price are overstated versus the reality and we expect clarity within a few months on this key catalyst.Although business insurance and the closure of businesses through the coronavirus pandemic are a potential risk for the company, IAG is taking a very conservative approach factoring in these claims and we believe these will be significantly less than the market anticipates.