IAG insurance australia group limited

(Adds details of forecast and results throughout) Aug 21...

  1. 193,698 Posts.
    lightbulb Created with Sketch. 2825

    (Adds details of forecast and results throughout)

    Aug 21 (Reuters) -

    Insurance Australia Group (IAG) on Monday said it expects lower double-digit growth in gross written premiums (GWP) for fiscal 2024, while annual cash earnings more than doubled for the current fiscal year.

    IAG's forecast was issued on the back of an expectation of modest volume growth and an increase in customer numbers and is driven by the company's desire to cover claims inflation, higher reinsurance costs and an increased natural peril allowance.

    The company reported a 10.6% rise in GWP to A$14.73 billion for fiscal 2023, matching the Refinitiv estimate.

    Australian insurers have seen their profits soar sharply this year, as they charge higher premiums in an elevated interest-rate environment. Insurers have also benefited from a rebound in investment income.

    IAG also declared a dividend of 9 Australian cents per share, up from 5 cents per share a year ago.

    Australia's top general insurer posted cash earnings of A$452 million ($289.42 million) for the 12 months ended June 30, up from the A$213 million posted a year ago.

    It, however, missed analysts' estimate of A$656.7 million, according to Refinitiv Eikon. ($1 = 1.5618 Australian dollars)

 
Add to My Watchlist
What is My Watchlist?
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)
Last
$8.79
Change
0.120(1.38%)
Mkt cap ! $20.79B
Open High Low Value Volume
$8.66 $8.79 $8.61 $28.73M 3.279M

Buyers (Bids)

No. Vol. Price($)
3 16456 $8.75
 

Sellers (Offers)

Price($) Vol. No.
$8.79 501 2
View Market Depth
Last trade - 16.10pm 30/07/2025 (20 minute delay) ?
IAG (ASX) Chart
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.