IAG: Result 2012

IAG's full year result shows the company is finally fulfilling its potential under chief executive Mike Wilkins.

Insurance Australia Group’s share price has increased 16% since our last update on 17 May 12 (Hold – $3.39), finally eclipsing the price from our initial upgrade in Blue sky for IAG? from 4 Dec 09 (Long Term Buy – $3.83). Even if you didn’t act on subsequent recommendations at lower prices, such as the upgrade to outright Buy on 9 Aug 11 (Buy – $2.82), you would have earned an annualised return (capital gains plus grossed up dividends) of around 5.5%. That’s in the face of the worst year of natural disaster claims in history in 2011 and relatively poor investment returns. While 5.5% isn’t satisfactory, it shows how patience and buying with a margin of safety affords a degree of protection.

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