Skip to Content
Global News Select

IAG Posts Annual Loss, Reintroduces Guidance

   By Alice Uribe 
 

SYDNEY--Insurance Australia Group Ltd. posted a net loss for the 2021 fiscal year, driven by significant one-off expenses mainly relating to business interruption, customer refunds and payroll remediation.

The general insurance company recorded a net loss of 427 million Australian dollars (US$313.8 million) for the 12 months through June, compared to a A$435 million profit a year earlier.

Cash earnings at IAG, a measure tracked by analysts that excludes certain costs and one-time items, rose to A$747 million from A$279 million a year earlier.

The insurer pre-announced its results on July 23, and reintroduced guidance for the coming 12 months citing confidence in the business and its outlook.

For the 2022 fiscal year, IAG forecasts "low single-digit" gross written premium growth, and a reported insurance margin of 13.5-15.5%.

Directors of the company declared a final dividend of A$0.13 cents a share, having suspended its payout a year ago.

 

Write to Alice Uribe at alice.uribe@wsj.com

 

(END) Dow Jones Newswires

August 10, 2021 18:35 ET (22:35 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.