Insurance Australia Group Confirms Fiscal 2017 Guidance. AUD 6.00 FVE Unchanged.
CEO Peter Harmer confirmed Insurance Australia Group is on track to meet fiscal 2017 guidance at its annual general meeting. The insurer continues to expect relatively flat gross written premium, or GWP, growth with the reported insurance margin between 12.5% and 14.5% reflecting competitive pressures and the absence of claims inflation. The guidance is subject to the usual caveats of net losses within allowance (AUD 680 million for natural peril events in fiscal 2017), reserve releases of at le...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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