IAG Remains on Track to Deliver on Profit Targets and Return Surplus Capital. FVE AUD 7 Unchanged
Our positive view on no-moat Insurance Australia Group is reinforced following our post interim result management catch-up. We reaffirm our AUD 7.00 fair value estimate and expect share buybacks and/or special dividends to feature during the next three years at least. But the upside is priced in, and at current prices, the firm is overvalued, trading 12% above our valuation. We see Insurance Australia Group as more likely to generate strong earnings and dividend growth during the next five years...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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