IAG reiterates FY guidance

Insurance Australia Group (IAG) has confirmed it is on track to meet its full-year 2014 guidance.

At the insurer's annual general meeting, chief executive officer Mike Wilkins said the group was set to deliver an insurance margin of 12.5% to 14.5% and gross written premium growth of five to seven per cent.

The group has recorded a solid underlying operating performance so far in the current financial year, he said.

The insurer has allowed $640 million for natural perils in the full year and has so far received around 660 claims for the New South Wales bushfires, forecasting a related net claims cost of around $65 million to $85 million.