IAG Insurance Australia (ASX:IAG) has reported its net profit after tax (NPAT) fell about 0.6 per cent on FY17 to $923 million for the 2018 financial year.
The insurance company’s revenue strengthened over the 2018 financial year, and lifted 2.6 per cent on FY17 to $16.4 billion.
Its gross written premium increased 1.8 per cent on the prior year, to $11.6 billion.
Insurance profit lifted 10.8 per cent to $1.4 billion. The insurance profits slightly missed UBS expectations.
The company’s reported insurance margin increased by 18.3 per cent over the year.
The company declared a second half dividend of 20 cents per share, a lift of 3 per cent on last year.
IAG says it has delivered an improved underlying performance over the year which matches expectations held at the beginning of the year.
Shares in IAG Insurance Australia (ASX:IAG) are down 5.76 per cent to $7.77