News: IAG Insurance Australia Group Says Expects FY Reported NPAT Of A$347 Mln

July 22 (Reuters) - Insurance Australia Group Ltd (IAG) :

• SEES FY REPORTED NPAT OF A$347 MILLION VERSUS $427 MILLION LOSS
• SEES FY REPORTED INSURANCE PROFIT OF A$586 MILLION REPRESENTING A MARGIN OF 7.4%
• MODEST VOLUME GROWTH AND AN INCREASE IN CUSTOMER NUMBERS ARE EXPECTED IN FY23
• SEES AN INCREASE IN NATURAL PERIL ALLOWANCE TO A$909 MILLION POST QUOTA-SHARE IN FY23
• EXPECTED UNDERLYING INSURANCE MARGIN IN H2 OF FY22 OF 14.1%
• SEES FY23 REPORTED INSURANCE MARGIN GUIDANCE OF 14% TO 16%
• EXPECTED COMPLETION OF SALE OF MALAYSIAN BUSINESS BY 31 JULY WILL ADD A FURTHER A$150 MILLION (ABOUT 6PTS) TO GROUP'S CET1
• FOR FY23 SEES CHALLENGING OPERATING ENVIRONMENT WITH VOLATILE INVESTMENT MARKETS, HIGHER INFLATIONARY ENVIRONMENT AMONG OTHERS