News: IAG Insurance Australia Group Says Expect 'Low Single-Digit' Growth For GWP In FY22

July 23 (Reuters) - Insurance Australia Group Ltd (IAG) :

• EXPECTS ITS PRELIMINARY FY21 RESULTS WILL CONTAIN GROSS WRITTEN PREMIUM GROWTH OF 3.8%
• PRELIM FY21 NET EARNED PREMIUM A$7,473 MILLION, GROWTH OF 1.5% ON FY20
• IAG EXPECTS TO RECORD A PRE-TAX NET CORPORATE EXPENSE OF A$1,510 MILLION IN FY21
• PRELIM FY21 UNDERLYING INSURANCE MARGIN 14.7% (FY20: 16.0%), INCLUDING H2 RESULT OF 13.5%
• FY21 REPORTED NET LOSS OF A$427 MILLION VERSUS NET PROFIT OF A$435 MILLION
• SEES ‘LOW SINGLE-DIGIT’ GROWTH FOR GWP IN FY22
• SEES FY22 REPORTED INSURANCE MARGIN BETWEEN 13.5%–15.5%
• SEES INCREASE IN NATURAL PERILS ALLOWANCE TO A$765 MILLION IN FY22
• PRELIM FY21 REPORTED NET LOSS A$427 MILLION
• PRELIM FY21 CASH EARNINGS A$747 MILLION