IAG’s 1H17 Profit Beats Expectations but No Change to Our Outlook. AUD 6.00 FVE Intact
Insurance Australia Group’s better-than-expected first-half fiscal 2016 performance benefited from good premium growth, policy price increases, solid volume growth, higher than expected reserve releases, and a lower tax rate. Higher claims costs, softer insurance margins, and lower investment income detracted. Overall, the AUD 479 million first-half cash profit was 5% lower than a year ago, but 9% higher than our expectation. Cash EPS declined 4.9% on first-half fiscal 2016. The AUD 13 cents per...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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