Higher Reserve Release Drives FY17 Profit Guidance Upgrade. IAG's FVE Raised to AUD 6.50
No-moat-rated Australian and New Zealand general insurer, Insurance Australia Group, surprised with a profit upgrade ahead of fiscal 2017 results due Aug. 23, 2017. Higher reserve releases are behind the upgrade with prior period reserve releases now expected to be at least 5% of net earned premium in fiscal 2017 compared with previous guidance of at least 2%. The reserve release update prompted a 300-basis point increase in guided insurance margin for fiscal 2017, with management now expecting ...Insurance Australia Group is engaged in the underwriting of general insurance and related corporate services and investing activities. Co.'s business divisions are: Consumer, which includes short tail insurance such as motor vehicle and long tail insurance such as compulsory third party, as well as travel insurance, life insurance, income protection and funeral products; Business, which provides business and farm insurance, and workers' compensation services; New Zealand, a general insurance provider in New Zealand; Asia, which provides personal and commercial insurance products through local brands in Asia; and Corporate and other, which includes placement of Co.'s reinsurance program.
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