News: IAG Insurance Australia Group reaffirms its guidance for financial year ending 30 June 2017

Dec 8 (Reuters) - Insurance Australia Group Ltd (IAG) :

• IAG provides strategy update
• Strategy includes optimisation program that will reduce gross op costs by annual run rate of at least 10%, or $250 million pre-tax, by end of FY19
• FY 17 net losses from natural perils in line with allowance of $680 million
• IAG has reaffirmed its guidance for financial year ending 30 June 2017
• Company expects gross written premium growth will be relatively flat
• "Company maintains its reported margin guidance of 12.5-14.5%"
• Confirmed that combination of recent Trans-Tasman storm and New Zealand earthquake events to result in net claim cost of about $200 million
• Optimisation program includes partnering with global insurance