IAG on Track for An Earnings Rebound in FY20. FVE AUD 7.50 Unchanged
We like the outlook for a rebound in earnings for no-moat general insurer, Insurance Australia Group, in fiscal 2020 due to modest growth in gross written premium, or GWP, productivity savings and tightly managed claims costs. Insurance Australia Group benefits from large scale in a mature market dominated by four large competitors controlling over 80% of the Australian market. Rational pricing and an oligopoly structure underpin insurance margins and earnings. Following our post result manageme...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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