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Insurance Australia Group Limited (ASX:IAG) has increased its insurance margin guidance for the full year and cut its premium growth.

 

IAG says it’s revised its full-year insurance margin guidance to between 14.5 per cent to 16.5 per cent, up from the previously advised 12.5 per cent to 14.5 per cent.

 

The insurer reduced its full-year gross written premium growth guidance to three per cent to five per cent, compared with the previously held five per cent to seven per cent.

 

IAG says it expects gross written premium growth of four per cent, or six per cent after allowing for the termination of the Victorian fire services levy.

 

The group predicts net natural peril claim costs in excess of the allowance of $320 million in the first half. 

 

IAG posted a net profit of $882 million in the 2013 financial year.