IAG full-year profit surges

Insurer expects further growth in gross written premiums, insurance margins if FY14.

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.