IAG shares gain as gross written premium growth tracks guidance
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More news: Insurance Australia Group shares climbed after the insurer said it was on track to meet its full-year guidance.
IAG shares were up 1.3% to $7.64 by 1:55pm AEDT, having added 35% this calendar year.
IAG tracking FY guidance after low natural perils in Q1
The news: Insurance Australia Group (IAG) has told investors that it is on track to meet its full-year guidance of "mid-to-high single digit" gross written premium (GWP) growth, after seeing "relatively low" levels of natural perils in the September quarter.
The numbers: Speaking at the insurer's annual general meeting this morning, IAG managing director and chief executive Nick Hawkins said the group expects to meet its FY25 guidance for an insurance margin of 13.5% to 15.5% and mid-to-high single digit gross GWP growth.
This includes an assumption of natural perils being around 18% more than the company's allowance last year.
IAG shares edged up 0.13% to $7.55 in early trading on the ASX.
The context: Hawkins noted the federal government's inquiry into the way Australia's insurers responded to customers affected by the floods across Queensland and New South Wales in 2022.
IAG is currently reviewing the recommendations from the inquiry, which were handed down last week, Hawkins said.
The source: ASX announcement
