Insurance Australia Group
(ASX:IAG) reported its net profit increased by about 49 per cent to $929 million for the 2017 financial year, thanks to better than expected reserves.
The insurance group described their results as solid, but its revenue fell 1.6 per cent to $16.5 billion over to 30 June 2017, (compared FY2016) largely weighted down by an increase in claim costs.
Its underlying insurance margin rose about 20 per cent on FY16, while its return on equity rose as well.
The company declared a final dividend of 20 cents per share and an interim dividend of 13 cents, both fully franked.
Shares in Insurance Australia Group
(ASX:IAG) are trading 7.1 per cent lower to $6.28.
