Insurance Australia Group
(ASX:IAG) is on track to deliver its FY16 guidance, following its first quarter trading results.
IAG Managing Director and CEO Mike Wilkins told shareholders the company’s FY16 guidance is unchanged, with GWP growth expected to be relatively flat and an insurance margin in the range of 14 to 16 percent.
Mr Wilkins said the guidance reflects the competitive conditions IAG is seeing in its main markets, the continuing relative absence of claims inflation pressures, and the underwriting discipline the company continues to exercise.
IAG’s Chairman Brian Schwartz advised shareholders that he would be stepping down as Chairman and Director during this current financial year.
IAG recorded a net profit of $830 million at 30 June 2015.
