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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Insurance Australia Group Limited    IAG   AU000000IAG3

INSURANCE AUSTRALIA GROUP LIMITED

(IAG)
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Insurance Australia : IAG Pauses Premiums for Some Small Business Customers

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03/26/2020 | 04:52pm EDT

By Alice Uribe

SYDNEY-- Insurance Australia Group Ltd. will allow small businesses to defer premiums for six months if they are experiencing financial hardship, as part of a raft of measures designed to cushion the impact of the coronavirus pandemic.

Australia's largest general insurer said it would also provide refunds to small businesses who end their insurance, with no administration and cancellation fees. For those small businesses which must close their premises due to the pandemic, IAG said they can maintain full insurance cover on the premises with no changes to premiums. Vacant premises are higher risk and typically attract higher premiums.

"We are working hard to implement these measures as soon as possible and we recognize that this is one more disaster our communities have to face in what has been a catastrophic start to 2020," said Peter Harmer, IAG's chief executive officer.

IAG said the small business relief applies to small businesses with an annual turnover of less than 50 million Australian dollars (US$30.28 million).

Customers who have taken out travel insurance can get refunds for any unused proportion of premiums, including full refunds where customers have not yet travelled and have not claimed under their policy, with no administration or cancellation fees.

IAG expects these measures to be in place by March 30. The key measures, which apply to direct and brokered insurance offered through IAG's NRMA Insurance, CGU, WFI, SGIO and SGIC brands.

 

Write to Alice Uribe at alice.uribe@wsj.com

 

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Financials (AUD)
Sales 2020 7 378 M
EBIT 2020 945 M
Net income 2020 828 M
Debt 2020 1 194 M
Yield 2020 3,72%
P/E ratio 2020 18,7x
P/E ratio 2021 16,2x
EV / Sales2020 2,02x
EV / Sales2021 1,98x
Capitalization 13 740 M
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Number of Analysts 13
Average target price 6,99  AUD
Last Close Price 6,02  AUD
Spread / Highest target 31,2%
Spread / Average Target 16,1%
Spread / Lowest Target 4,65%
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Managers
NameTitle
Peter G. Harmer Chief Executive Officer, Executive Director & MD
Elizabeth Blomfield Bryan Chairman
Nicholas Barrie Hawkins Chief Financial Officer
Philip Johnson Twyman Independent Non-Executive Director
Thomas William Pockett Independent Non-Executive Director
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