Insurance Australia (ASX:IAG) reports a $427 mil loss in FY21

Company News

by Lauren Evans

Insurance Australia Group (ASX:IAG) reported net loss after tax of $427 million for the period ending 30 Jun 2021 (FY21), reflecting the impact of unusual items. 

Despite this, Insurance Australia will be paying a dividend payment of 13 cents per share in September.

The insurance company recorded cash earnings reached a total $747 million. 

GWP growth (gross written premiums), increased by 3.8 per cent from the prior year to 12,602 million, driven by rate increases from Direct Insurance Australia, Intermediated Insurance Australia (IIA) and New Zealand. 

Average rate increased by 8 per cent with stable retention in IIA. 

Shares in Insurance Australia Group (ASX:IAG) are down 1.5 per cent at $5.20. 

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