Insurance Australia Group Limited
(ASX:IAG) has reported a rise in its full year net profit amid lower than expected natural disaster claims costs and favourable credit spread outcomes.
The insurance company’s net profit gained 59 per cent to $1.23 billion in the full 2014 financial year.
Over the second half IAG says benign weather conditions in Australia helped to partially offset storm activity in New Zealand.
CEO Mike Wilkins says the improvement in IAG’s underlying performance demonstrates the value of pursuing a disciplined and consistent strategy over a number of years.
A final fully franked dividend of 26 cents per share has been declared, taking the full year payout to 39 cents per share.
