Insurance Australia Updates on FY2020 Results; GWP in line with ‘low single digit’ Guidance

July 24, 2020 01:06 PM AEST | By Team Kalkine Media

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Insurance Australia Group Limited (ASX:IAG) has updated on FY2020 results for the year ended 30 June 2020.

Gross written premium (GWP) grew by ~1%, remaining in line with the ‘low single digit’ guidance maintained throughout FY2020.
An insurance margin of ~10%, with a shortfall against prior guidance of 12.5% to 14.5%, mainly driven by adverse natural perils, prior period reserving, and credit spread factors.

The company had modestly adverse GWP effect from lower new business volumes due to COVID-19. Operating cost increased include the roll out of working from home.

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