SUN +5.53: A positive session for the insurer / bank today following a strong beat at 1H22 results relative to expectations. While cash earnings of $361m were down 29% YoY, they were well ahead of the ~$330m expected while the dividend of 23c was also a beat. It was a challenging half no doubt, however the general insurance division benefitted from higher premiums, lower catastrophes and a better insurance margin. All in all, a good read through for IAG and the insurance sector more generally after a tough few years.
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Performance update for March, stocks that drove returns & our current positioning
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Friday 26th April – ASX200 -101pts, Newmont (NEM), Resmed (RMD) & Super Retail (SUL)
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Market Matters Research Lead Shawn Hickman with David Koch
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MM is neutral to bullish SUN ~$12
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