Insurance Australia Group (IAG) out with FY21 results
FY21 Result: Pre-released results at the end of July and took a lot of ‘below the line’ charges so there are no surprises today.
Cash earnings of $747m & a 20cps FY21 dividend, an underlying insurance margin of 14.7% and the reintroduction of guidance which is for low single digit Gross Written Premium (GWP) growth and reported insurance margins of 13.5-14.5%.
They had taken a net COVID provision of $1.2bn, and today they said they had a $50m impact 1H and now materials impact’s in the 2H which sets up for releases.
MM is bullish IAG
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