IAG: Interim result 2015

Aggressive competition and a jump in natural disaster claims took a bite out of profits for this insurer.

Insurance Australia Group’s (IAG) share price has fallen 9% since it reported its interim result. The insurer’s net profit for the six months to December fell 10% to $579m due to intensifying competition and a jump in natural disaster claims.

Disaster claims of $421m exceeded the company’s expectations by $71m, mainly on account of $165m in claims following Brisbane’s November hail storm – the worst seen in 30 years.

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