News: IAG Insurance Australia Group Expects Natural Perils Costs For 1H23 To Be A$524 Million

Feb 3 (Reuters) - Insurance Australia Group Ltd (IAG) :

• NATURAL PERILS COSTS FOR 1H23 ARE EXPECTED TO BE A$524 MILLION
• AUCKLAND FLOODING AND FINANCIAL UPDATE
• MORE THAN 15,000 CLAIMS HAVE BEEN LODGED ACROSS IAG'S AMI, STATE, NZI AND PARTNER BRANDS AS AT FRIDAY 3 FEBRUARY.
• EXPECTS TO REPORT 1H23 GWP GROWTH OF 7.5%
• ON UNDERLYING BASIS, ADJUSTING FOR IMPACT OF PORTFOLIO EXITS AND CURRENCY FLUCTUATIONS, GWP GROWTH WAS 9.8% FOR 1H23
• MAXIMUM EVENT RETENTION AT 1 JANUARY 2023 WAS A$236 MILLION
• PERILS EXPERIENCE IN AUSTRALIA WAS RELATIVELY BENIGN DURING JANUARY
• TO REFLECT AUCKLAND EVENT, IAG'S FY23 FORECAST FOR NATURAL PERILS HAS BEEN INCREASED BY A$236 MILLION TO A$1,145 MILLION
• DURING 1H23, INFLATIONARY IMPACTS CONTINUED TO INCREASE, PARTICULARLY IN MOTOR CLAIMS
• IAG EXPECTS A 1H23 REPORTED INSURANCE MARGIN OF 8.5%
• 1H23 UNDERLYING MARGIN IS EXPECTED TO BE 10.7%
• EXPECTS FY23 GWP GROWTH TO BE AROUND 10%
• 1H23 NET PROFIT AFTER TAX ATTRIBUTABLE TO SHAREHOLDERS IS EXPECTED TO BE A$468 MILLION
• SEES FY23 REPORTED INSURANCE MARGIN BEING REVISED TO AROUND 10%
• EXPECTS AN IMPROVEMENT IN 2H23 REPORTED AND UNDERLYING MARGINS, COMPARED TO 1H23

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