IAG returns to profit
The insurer has reported net profit after tax of A$181m (£91m) for the 12 months ending 30 June 2009
Equity Red Star has delivered a “solid performance” as Insurance Australia Group reported net profit after tax of A$181 (£91m) for the 12 months ending 30 June 2009 (FY08: A$261m loss).
Insurance profit increased to A$515m (FY08: A$392m), representing an improved insurance margin of 7.1% (FY08: 5.4%).
Gross written premium (GWP) increased from A$7.79bn to $7.84bn. When excluding foreign exchange impacts and businesses divested or placed into run-off during the year, underlying GWP growth was 4%
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