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BRIEF-Insurance Australia Group reaffirms its guidance for financial year ending 30 June 2017
December 7, 2016 / 9:57 PM / a year ago

BRIEF-Insurance Australia Group reaffirms its guidance for financial year ending 30 June 2017

Dec 8 (Reuters) - Insurance Australia Group Ltd :

* IAG provides strategy update

* Strategy includes optimisation program that will reduce gross op costs by annual run rate of at least 10%, or $250 million pre-tax, by end of FY19

* FY 17 net losses from natural perils in line with allowance of $680 million

* IAG has reaffirmed its guidance for financial year ending 30 June 2017

* Company expects gross written premium growth will be relatively flat

* “Company maintains its reported margin guidance of 12.5-14.5%”

* Confirmed that combination of recent Trans-Tasman storm and New Zealand earthquake events to result in net claim cost of about $200 million

* Optimisation program includes partnering with global insurance Source text for Eikon: Further company coverage:

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