IAG insurance australia group limited
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News: IAG Insurance Australia Group warns of 70% plunge in 2020 cash earnings

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    24/07/20
    08:40
    Post #: 46050919

    July 24 (Reuters) - Insurance Australia Group Ltd (IAG) on Friday slashed its earnings expectations for 2020, citing disruption caused by the coronavirus pandemic, bad weather and market volatility.

    The company expects full-year cash earnings of A$279 million ($198.17 million), a 70% plunge from the A$931 million it earned in 2019.

    IAG further cut its expected insurance margin - a key profitability metric - to around 10% for the year, against an already lowered outlook range of between 12.5% and 14.5% it had announced in February.

    ($1 = 1.4079 Australian dollars)

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