Insurance Australia Group Ltd (IAUGY.PK, IAUGF.PK) reported that its net profit after tax for the first-half of fiscal year 2024 was A$407 million, down 13% from A$468 million last year, which had the benefit of a A$360 million pre-tax business interruption (BI) claim provision release.
Net earned premium was A$4.50 billion up from A$4.11 billion in the prior year.
The Board has determined to pay an interim dividend of 10 cents per share, franked to 40%.
The company announced an on-market share buyback of up to A$200 million.
The company reaffirmed fiscal year 2024 financial guidance. It expects Gross Written Premium growth of 'low double digits' and reported insurance margin guidance of 13.5% to 15.5%.
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