Insurance Australia Group Limited provided earnings guidance for the year ended June 30, 2022. The company expected to be: reported NPAT of $347 million (FY21: $427 million loss) including: strengthening of prior period reserves by $135 million in the second half (FY22: $172 million), driven by the commercial liability portfolio, reflecting the inflationary impact on claims settlement costs and the greater than anticipated late notification of large claims mainly from the 2017 and 2018 accident years, which are now assumed to continue into later years; a challenging operating environment with a high incidence of natural perils, volatile investment markets, and a higher inflationary environment.