Insurance Australia Group Ltd Reports Slight fall in the profit for FY 18

  • Aug 15, 2018 AEST
  • Team Kalkine
Insurance Australia Group Ltd Reports Slight fall in the profit for FY 18

Slight fall in the profit for FY 18: Insurance Australia Group Ltd.’s (ASX: IAG) stock fell 5.8% on August 15, 2018 after the company for FY 18 reported 0.6% fall in the net profit after tax to $929m. During 2018, Like-for-like Gross Written Premium grew over 4% and the group posted underlying margin of 14.1%. There is strong performance from Australia Consumer, modest improvement from Australia Business and continued performance from New Zealand during 2018.

The company has reported margin of 18.3% for 2018, which is slightly higher than guidance due to favourable perils outcome and higher than expected reserve releases. Moreover, in 2018, IAG has agreed sale of operations in Thailand, Indonesia and Vietnam and therefore FY19 net profit is expected to be more than $200m. The company has increased the full year dividend by 3% to 34 cents, fully franked. Additionally, for FY 19, Reported insurance margin is expected to be in the range of 16.0-18.0% and GWP growth to be between 2-4%. Therefore, IAG stock has fallen 0.72% in three months as on August 14, 2018 and is trading at a P/E of 18.84x.

IAg report

FY 18 Financial Performance (Source: Company Reports)

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