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Insurance Australia Group Limited (IAG) |
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| Company Name: |
Insurance Australia Group Limited |
| Stock Code: |
IAG |
| Website: |
www.iaglimited.com.au |
| Market Cap ($M): |
7,055 |
| Equiv. Shares (M): |
2,075 |
|
|
 |
|
| Current Price |
Open |
High |
Low |
Last Close |
Volume |
Price Movement |
$ 3.470 |
$ 3.500 |
$ 3.540 |
$ 3.450 |
$ 3.490
|
7,590,635 |
$ -0.020 -0.573 %
|
|
| Recommendation : |
Buy
|
| Recommendation Date : |
27th Aug 2010 |
| 12 Month Target Price (average) : |
$4.025 |
| Brokers Surveyed : |
10 |
|
| % of Market: |
0.6600 |
| % of Sector: |
n/a |
| Sector: |
Financials |
| Industry Group: |
Insurance |
| Industry: |
Insurance |
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| Company Overview |
| Insurance Australia Group Ltd (IAG) is the largest general insurer in Australia and New Zealand, providing personal and commercial insurance policies under the brands NRMA Insurance, SGIO, SGIC, CGU, Swann Insurance, State Insurance and NZI. IAG also underwrites motor, home and some other lines of insurance for RACV in Victoria and has operations in Thailand, the UK, Malaysia and China. |
| Company History |
| The National Roads Association was formed in 1920 to lobby government for better roads. In 1925, the association set up its insurance subsidiary, selling car insurance to members, and in 1926, was reconstituted as a separate mutual. Through the 1990s, the Insurance Group consolidated its market position in motor, CTP and home insurance. In July 2000, NRMA Insurance Group Ltd demutualised and listed on the ASX in Aug 2000. In Jan 2002, the group changed its name to Insurance Australia Group Ltd. |
| Differentiating Factor |
| IAG's affiliation with the NRMA Motoring Association provides the company with a strong brand name and ability to leverage from a large customer base. |
| Major Customers & Competitors |
| IAG's major customers are its millions of policyholders, the majority of whom hold motor, CTP and/or home and contents insurance policies. Major competitors include local Australian and overseas general insurance companies such as QBE, the merged Suncorp/Promina (GIO and AAMI) and Allianz. |
|
Year to Jun
|
NPAT
Rep $M |
NPAT1
Adj $M |
EPS
c |
EPS chg
% |
PER
x |
PER rel
All Ords x |
PER rel
Sector x |
DPS
c |
Yield
% |
Franking
% |
ROE
% |
| 2007A |
|
|
n/a |
n/a |
0.0 |
0.0 |
0.0 |
n/a |
0.0 |
n/a |
|
| 2008A |
|
|
n/a |
n/a |
0.0 |
0.0 |
0.0 |
n/a |
0.0 |
n/a |
|
| 2009A |
|
|
9.3 |
20.8 |
37.3 |
1.9 |
2.2 |
10.0 |
2.9 |
100.0 |
|
|
1NPAT is normalised by removing non-recurring items and goodwill. All the above statistics are derived from normalised earnings.
|
| IAG |
-2.0173 |
-13.9241 |
-7.3569 |
| Sector |
1.5078 |
-7.4657 |
-1.3958 |
| Market |
3.6177 |
-3.1195 |
2.8483 |
|
| P/E (x) |
FY07 |
0.0 |
15.2 |
15.4 |
|
FY08 |
0.0 |
10.4 |
10.1 |
| Yield (%) |
FY07 |
0.0 |
9.5 |
5.2 |
|
FY08 |
0.0 |
7.7 |
5.2 |
| EV/EBIT (x) |
FY07 |
0.0 |
6.7 |
10.5 |
|
FY08 |
0.0 |
3.9 |
14.0 |
| EV/EBITDA (x) |
FY07 |
0.0 |
6.1 |
12.5 |
|
FY08 |
0.0 |
3.7 |
12.0 |
|
| J Strong |
Chairman |
| M Wilkins |
Executive Director & COO |
| H Fletcher |
Director |
| A Hynes |
Director |
| Y Allen |
Director |
| B Schwartz |
Director |
| P Colebatch |
Director |
| P Twyman |
Non-Executive Director |
| Mr Strong |
Director |
|
| M Wilkins |
Chief Executive Officer |
| G Venardos |
CFO |
| T Coleman |
Chief Risk Officer & Group Actuary |
| C McLoughlin |
Group Exec., Strategy |
| J Breheny |
CEO, Asia |
| N Hawkins |
CEO, IAG New Zealand |
| D Issa |
CEO, Personal Insurance |
| J Johnson |
CEO, Business Partnerships |
| J van der Schalk |
CEO, Asset Mgt. & Reinsurance |
| D West |
CEO, CGU |
| Mr A Cornish |
Chief Executive Officer |
|
| 06-Oct-2010 |
Dividend Date Payable for Final Year Result
(4.5c 100% franked)
|
| 08-Sep-2010 |
Dividend Record Date for Final Year Result
(4.5c 100% franked)
|
| 02-Sep-2010 |
Dividend Ex-Dividend Date for Final Year Result
(4.5c 100% franked)
|
| 26-Aug-2010 |
Reporting Date for Final Year Result |
| 12-Apr-2010 |
Dividend Date Payable for Half Yearly Result
(8.5c 100% franked)
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Data supplied by Aegis Equities Research Pty Limited (ACN 085 293 910).
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