Insurance Australia Group
(ASX:IAG) has reported a 20 percent fall in net profit to $466 million for the six months to 31 December, down from $579 million the same period a year ago.
The company said profits in its insurance division fell to $610 million, down from $693 million in the previous corresponding period.
Chief executive Peter Harmer nodded to significantly lower contributions from investment income on shareholders’ funds citing equity market volatility.
Mr Harmer said the company was pleased with the performance of its consumer businesses, adding that the result demonstrated the strength and resilience of its franchises.
IAG will pay a special dividend of 10 cents, in addition to a 13 cent per-share normal dividend for this period.
