IAG insurance australia group limited
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  1. FNN News
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    30/06/11
    10:20
    Post #: 8607766
    .


    Insurance Australia Group Ltd (ASX:IAG) has confirmed that it expects an insurance margin of between 8 to 10 per cent in the 2011 financial year.



    The guidance comes with an announcement revealing the cost of the Christchurch earthquake is likely to reach up to $65 million in net insurance claims.



    The cost will be included in the current financial years results, which takes into account $50 million of recoveries from reinsurance.   



    Australia’s largest insurer has also reconfirmed guidance for full year underlying gross written premium growth remains unchanged at 3 to 5 per cent.



    Full year results will be released on 25 August.



    In the first half of its 2011 financial year, IAG recorded an interim net profit of $205 million.


    IAG Price at posting: $3.41 Sentiment: None Disclosure: Held
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