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    IAG   AU000000IAG3

INSURANCE AUSTRALIA GROUP LIMITED

(IAG)
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IAG's Fiscal Year Margin Misses Guidance as Natural Peril Costs Soar

07/21/2022 | 05:09pm EDT

By Stuart Condie


SYDNEY--Insurance Australia Group Ltd.'s annual insurance profit margin fell short of company guidance due to factors including a blowout in natural peril costs following rain that inundated large parts of the country's east.

IAG on Friday reported an unaudited reported insurance profit for the 12 months through June of 586 million Australian dollars (US$406.4 million), representing a margin of 7.4%. That was down from 13.5% in the prior fiscal year and below IAG's 10%-12% guidance range.

The insurers said that net natural peril costs of A$1.12 billion were A$354 million above its original allowance. Its guidance for a 14%-16% margin in FY 2023 assumes a natural peril allowance of A$909 million, up by 19% on its FY 2022 allowance.

IAG expects to report a A$347 million net profit when it releases its audited FY 2022 results on Aug. 12. It posted a A$427 million loss in FY 2021.


Write to Stuart Condie at stuart.condie@wsj.com


(END) Dow Jones Newswires

07-21-22 1909ET

Stocks mentioned in the article
ChangeLast1st jan.
INSURANCE AUSTRALIA GROUP LIMITED -1.04% 4.78 Delayed Quote.13.38%
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Financials
Sales 2023 8 387 M 5 450 M 5 450 M
Net income 2023 831 M 540 M 540 M
Net Debt 2023 1 679 M 1 091 M 1 091 M
P/E ratio 2023 15,5x
Yield 2023 5,16%
Capitalization 11 837 M 7 691 M 7 691 M
EV / Sales 2023 1,61x
EV / Sales 2024 1,54x
Nbr of Employees 13 650
Free-Float 99,8%
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Number of Analysts 11
Last Close Price 4,83 AUD
Average target price 5,12 AUD
Spread / Average Target 5,90%
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Managers and Directors
Nicholas Barrie Hawkins Chief Executive Officer, Director & MD
Michelle McPherson Chief Financial Officer
Thomas William Pockett Chairman
Neil Morgan Chief Operating Officer
Jonathan B. Nicholson Independent Non-Executive Director