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Insurance Australia Group Ltd (ASX:IAG) has reported an annual net profit of $91 million, halving its result from the $181 million reported last year.
IAG says it was hurt by weather conditions and challenging market conditions for its UK businesses.
The insurer's largest business, Australia Direct earned an insurance margin of 16.9 per cent, up from 12 per cent in 2009, and its New Zealand business earned a margin of 14.7 per cent, up from zero the year before.
Looking ahead IAG says it will build on the Australia and New Zealand businesses and work to restore profitability in the UK, while pursuing growth opportunities in Asia.
Managing Director and CEO Michael Wilkins, says fiscal 2011 guidance remains at an insurance margin of 10.5-12.5 per cent and underlying growth written premium growth of 3-5 per cent.
Brian Schwartz was today appointed chairman, succeeding James Strong.
A fully franked final dividend of 4.5 cents per share has been declared, bring the full year dividend to 13 cents.
IAG reported a $181 million full year profit last year, falling to $91 million in fiscal 2010.
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