IAG Lowers its Insurance Margin for FY20

  • Jan 24, 2020 AEDT
  • Team Kalkine

Insurance Australia Group Limited (ASX: IAG) has revised its reported FY20 margin guidance, based on a changed view of full year net natural peril claim costs due to recent hailstorm event and on expected results for the six months ended 31 December 2019.

  • The company now expects its FY20 reported insurance margin will be in the range of 14.5-16.5%, compared to previous guidance of 16-18%;
  • For 1HFY20, the company expects Gross written premium growth of around 1.4%, consistent with the low single digit GWP growth guidance provided for the full year.

At AEST 12:53PM, the stock was trading at $7.300 per share, down by 5.44% from its previous close.

 

 

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