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Insurance Australia Group Ltd (ASX:IAG) says it expects a profit of $493 million for fiscal 2010, down from $515 million a year ago.
For the year ended 30 June 2010, IAG has forecast insurance margins of 7% in line with revised guidance, and to pay a fully franked final dividend of 4.5 cents per share.
IAG Managing Director Mike Wilkins, says the result was hampered by $200 million in claims from the costs associated with Melbourne and Perth storms in March this year, as well as a $367 million charge from its UK business.
The group has also made changes to its executive team, with current CEO of IAG's New Zealand business, Ian Foy, returning to the UK to become CEO of the UK business, and Jacki Johnson succeeding Mr Foy as the CEO of IAG's New Zealand business.
IAG says it will announce details of its fiscal 2010 results on 26 August.
Insurance Australia Group reported a profit of $181 million for the year ending 30 June 2009.
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