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Insurance Australia Group Ltd IAG

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Morningstar’s Analysis

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Insurance Australia Group Keeps Up with the Times Giving a Digital Focused Business Update

Nathan Zaia Senior Equity Analyst

Analyst Note

| Nathan Zaia |

Insurance Australia Group, or IAG, reaffirmed fiscal 2022 guidance of low-single-digit gross written premium growth and an insurance margin of 10% to 12% as part of a business update. The insurer provided more detail on its strategy to deliver its medium-term target of sustainable return on equity of 12% to 13% and insurance margin of 15% to 17%. Shares in no-moat IAG continue to trade at a discount to our unchanged AUD 5.60 fair value estimate, but we acknowledge the discount is unlikely to narrow until the insurer can show progress towards our medium-term margin assumptions.

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Company Profile

Business Description

Insurance Australia Group is the largest domestic general insurer by gross written premium operating in Australia and New Zealand. The key general insurance markets in which IAG operates are home and contents, motor vehicle and compulsory third-party, and short-tail commercial. IAG sells insurance under several brands, including NRMA, CGU, SGIO, SGIC, WFI, and Swann in Australia, and NZI, State, AMI, and Lumley in New Zealand.

Darling Park, 201 Sussex Street, Level 13, Tower Two
Sydney, NSW, 2000, Australia
T +61 292929222
Sector Financial Services
Industry Insurance - Property & Casualty
Most Recent Earnings
Fiscal Year End Jun 30, 2022
Stock Type
Employees 12,359