Aug 7 (Reuters) - Insurance Australia Group (IAG) on Friday...

Aug 7 (Reuters) - Insurance Australia Group (IAG) on Friday reported a 60% plunge in full-year profit, hurt by extreme market volatility along with rising cost of claims due to the coronavirus crisis and bad weather.

Net profit came in at A$435 million ($314.59 million) for the full year ended June 30, compared with A$1.08 billion a year ago. The quarterly profit, however, beat market estimates of A$429 million, according to analysts polled by Refinitiv.

Australia's second-largest insurer by market value wrote A$12.14 billion worth of gross premiums during the business year, up 1.1% from fiscal 2019.

($1 = 1.3827 Australian dollars)