(Adds details on results)
Feb 16 (Reuters) - Insurance Australia Group (IAG) on Friday said its half-year cash earnings nearly doubled due to higher premiums and volume growth in its Australia and New Zealand businesses and announced an A$200 million ($130.44 million)share buyback plan.
Australia's top general insurer posted cash earnings of A$415 million ($270.66 million), compared with A$223 million reported a year earlier. That missed LSEG estimate of A$423.2 million.
The Sydney-based insurer said it hiked insurance premium rates in response to increased frequency and severity of natural perils, inflation, and higher reinsurance costs.
Its gross written premiums (GWP) rose 12.5% to A$7.9 billion during the six months ending Dec. 31, while underlying insurance margin was at 13.7%, up from 8.5%.
IAG also declared an interim dividend of 10 Australian cents per share, compared with 6 Australian cents per share from a year earlier.
($1 = 1.5335 Australian dollars)
News: IAG UPDATE 1-Insurance Australia half-year cash earnings nearly double; announces $130 mln...
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Last
$6.44 |
Change
0.040(0.63%) |
Mkt cap ! $15.37B | |||
| Open | High | Low | Value | Volume |
| $6.41 | $6.44 | $6.37 | $15.49M | 2.413M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 3580 | $6.39 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $6.44 | 20311 | 4 |
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| Last trade - 16.10pm 03/05/2024 (20 minute delay) ? |
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Last
$6.42 |
Change
0.040 ( 0.08 %) |
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| Open | High | Low | Volume | ||
| $6.43 | $6.43 | $6.37 | 1761948 | ||
| Last updated 15.59pm 03/05/2024 ? | |||||
| IAG (ASX) Chart |