By Alice Uribe
SYDNEY--Insurance Australia Group Ltd. reported a half-year net profit, reversing last year's interim loss, but made a slight cut to its dividend.
The Australian general insurer recorded a profit loss of 173 million Australian dollars (US$124 million) for the six months through December, compared to a A$460 million loss a year earlier.
Cash earnings at IAG, a measure tracked by analysts that excludes certain costs and one-time items, fell to A$176 million from A$462 million a year earlier.
Still, IAG's reported gross written premium of A$6.57 billion increased by 6.2% from a year earlier. The insurer said this was driven partly by both higher premium rates and volume growth across personal short-tail classes in Direct Insurance Australia.
Directors of the company declared an interim dividend of A$0.06 cents a share, down from a payout of A$0.07 a year earlier.
Consensus forecasts compiled by FactSet pointed to a 1H profit of A$183 million and an interim dividend of A$0.05 per share.
Write to Alice Uribe at email@example.com
(END) Dow Jones Newswires
February 10, 2022 17:17 ET (22:17 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.