Insurance Australia Group’s Limited
(ASX:IAG) full year net profit has soared to $776 million, up from $207 million last year.
In the year to June 30, IAG generated insurance profit of over $1.4 billion, a significant increase on the $845 million achieved last year.
IAG Managing Director Mike Wilkins says the full year result reflects further improvement in the group’s underlying business performance.
The insurance company offered a positive outlook for the year ahead, forecasting GWP growth of 5 to 7 per cent and an insurance margin in the range of 12.5 to 14.5 per cent.
IAG will pay a fully franked final dividend of 25 cents per share, taking the full-year payout to 36 cents per share.
