IAG’s 1H19 Result Hampered by Higher Natural Peril Costs. FVE AUD 7.50 Unchanged
As expected, no-moat-rated Insurance Australia Group's first-half fiscal 2019 performance was heavily affected by severe hail storms in December 2018, reducing the reported insurance margin to 13.7%. Despite the increase in natural hazard costs for fiscal 2019, our positive view is intact with the firm supported by a strong capital base, robust long-term profitability, and a positive business outlook. Despite the sharp increase in natural peril costs, we like the underlying performance and make ...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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