IAG: Interim result 2016

IAG didn't have a great half due to slow growth and poor investment performance.

Insurance Australia Group (IAG) has posted a lousy interim result following what management described as ‘the most competitive conditions in almost four decades’. Net profit fell 20% to $466m and gross written premium (GWP) – an insurer’s measure of revenue – was down slightly to $5.5bn.

The Australian Consumer division, IAG’s largest, achieved 2% growth in GWP and improved profitability, with an underlying insurance margin on 15.5% (up from 14% in 2015), with fewer natural peril claims than expected.

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