AUS
NZ
UK
CA
USA
IND
Highlights:
- IAG closed in the red territory, despite the good performance of the ASX 200 Financial sector on the ASX today.
- IAG’s peers from the same sector, SUN and QBE also closed in red today.
- PSI shares though, ended in green on the news of acquiring Ensurance’s UK operations.
The S&P/ASX 200 index (INDEXASX:XJO) wrapped up this week on a negative note closing 2.8 points or 0.041% lower on the ASX today. Eight out of 11 major sectors under ended in red. The ASX 200 Financial sector ended 0.56% higher.
As companies enter the new financial year (FY23), they are coming up with the results from their previous financial year (FY22). One of the significant ASX-listed financial stocks, Insurance Australia Group Limited (ASX:IAG), came up with its financials on the ASX today.
The insurance company reported robust profit numbers worth AU$343 million in its FY22 results. The company’s FY23 guidance indicated the company’s expectation to scale up its business momentum.
Here, we talk about some other ASX-listed insurance companies and their respective performances on the ASX today.
Meanwhile, the S&P/ASX 200 Financial sector (INDEXASX:XFJ) closed 0.561% higher at 6,151.2 after gaining 34.3 points on the ASX today (22 July).
Insurance Australia Group Limited (ASX:IAG)
Insurance Australia Group Limited (ASX:IAG) closed in red, despite reporting a strong profit value in FY22 today. Even the sectoral influence did not work as its share price dipped by 1.405% to AU$4.21 per share on the ASX.
Insurance Australia Group’s share price has lost around 14% on the ASX in the last 12 months. On Y-T-D basis, the shares have gone down 5.61%.
Suncorp Group Limited (ASX:SUN)
The next noteworthy Australian Insurance company, Suncorp Group Limited (ASX:SUN), closed a tad down at AU$11.01 per share, shedding 0.542% on the ASX today (22 July).
The company did not come up with any significant announcement on the ASX today. However, on 18 July, Suncorp announced that its banking business would be acquired by Australia and New Zealand Banking Group (ASX:ANZ).
In a year’s time, Suncorp’s share price has declined more than 3% on the ASX. On Y-T-D basis, shares have marked a loss of around 4% (as on 22 July).
Image source: © Zimmytws | Megapixl.com
QBE Insurance Group Limited (ASX:QBE)
Another significant ASX-listed insurance company, QBE Insurance Group Limited (ASX:QBE), closed 2.061% lower at AU$11.4 per share on the ASX today (22 July).
Today the company did not share price-sensitive announcements on the ASX. However, on 19 July, the company shared that it will be working with ASIC to rectify its policy pricing.
In a year’s time, QBE share price has gained more than 7% on the ASX. While on year-to-date grounds, the share price has shed around 4%.
PSC Insurance Group Limited (ASX:PSI)
The last ASX insurance company on our list is PSC Insurance Group Limited (ASX:PSI). It is the only stock on our list today that has gained towards the end. PSC closed 2.386% strong at AU$4.29 per share on the ASX today (22 July).
Today it was revealed that PSC would be buying the UK operating arm of Ensurance Ltd (ASX:ENA) for AU$8.2 billion. Maybe this price-sensitive announcement is drawing investors’ attention to PSC on the ASX today.
PSI’s shares have performed significantly well on the ASX in the past 12 months. The insurance company’s share price has marked a gain of almost 26% on the ASX within the past 12 months. On the other hand, PSI’s YTD-based share price fell over 9% (on the ASX today, 22 July).
