IAG full-year profit surges
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Insurance Australia Group (IAG) expects the momentum of fiscal 2013 to result in further gross written premium (GWP) and insurance margin growth in the year ahead, after posting a lift in full-year profit.
In the year to June 30, IAG reported an insurance margin of 17.2%, at the upper end of its guidance for between 16.8-17.2%.
IAG's net profit was $776 million, a 274.9% increase on the $207 million recorded in 2012.
However, analysts were estimating around $819 million for the period.
In the same period revenue was $10.76 billion, a 0.3% drop on the $10.79 billion in the previous year.
The insurer's total dividend was 36 cents, fully-franked.
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