IAG -3.80%: the local insurer hit two-year highs yesterday but fell away today on a soft 1H result. Profit at $415m was a 5% miss and the 10c interim dividend compared poorly to the 12c expected while margins of 13.7% was a decent drop from the 14.6% hit in 2H23. Higher natural peril claims ($549m) was the main culprit of the miss today with premium growth largely in line.
- FY24 guidance was largely in line with expectations, relying on an improvement in the insurance margin.
MM is neutral IAG
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