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Insurance Australia Group's FY profit jumps but margins fall
August 22, 2017 / 11:22 PM / 4 months ago

Insurance Australia Group's FY profit jumps but margins fall

Aug 23 (Reuters) - Insurance Australia Group Ltd on Wednesday reported a 49 percent rise in annual net profit, helped by improved investment markets, although its underlying insurance margin fell.

IAG booked a net profit of A$929 million for the year ended June 2017, in line with analysts’ forecasts of A$930 million.

Australia’s biggest general insurer by market share said its underlying insurance margin fell by 2.1 percentage points to 11.9 percent, due to higher claim costs in its motor businesses in Australia and New Zealand and losses in commercial classes.

The company declared a final dividend of A$0.20 per share, up from A$0.13 per share a year earlier.

Reporting by Anusha Ravindranath in Bengaluru; Editing by Richard Pullin

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