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Insurance Australia Group Posts FY Profit

Insurance Australia Group Ltd. (IAUGY.PK,IAUGF.PK) reported that its net profit attributable to shareholders for fiscal year 2022 was A$347 million compared to a loss of A$427 million in the prior year, reflecting the performance of the underlying core business and a A$200 million pre-tax release from the business interruption provision.

Net earned premium for the year grew to A$7.91 billion from A$7.47 billion in the prior year.

IAG forecasts mid-to-high single digit GWP growth and a reported Insurance margin of 14% to 16% for fiscal year 2023.

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