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Insurance Australia Group Limited (ASX:IAG) has confirmed it is on track to meet its full-year 2014 guidance.

 

At the insurer's annual general meeting, chief executive officer Mike Wilkins said the group was set to deliver an insurance margin of 12.5 per cent to 14.5 per cent and gross written premium growth of five to seven per cent.

 

The group has recorded a solid underlying operating performance so far this financial year.

 

The insurer has allowed $640 million for natural perils in the full year and has so far received around 660 claims for the New South Wales bushfires, forecasting a related net claims cost of around $65 million to $85 million.

 

Chairman Brian Schwartz said the group would focus on customer expectations, insurance affordability and the increasing significance of Asia.

 

IAG delivered a net profit of $882 million in fiscal 2013.