Insurance Australia Group (IAG) reported a 7.9% increase in net profit for the fiscal year 2024 (FY 2024), reaching $0.60 billion (A$898 million). The growth was primarily attributed to a substantial rise in insurance profits.
The company’s net earned premiums saw an 11% year-on-year (YoY) increase, totaling $6.19 billion (A$9.24 billion). Investment income on shareholder funds also surged by 35% YoY to $0.20 billion (A$298 million).
Insurance profit for the year experienced a significant jump of 79.1% YoY, amounting to $0.99 billion (A$1.48 billion). This resulted in a profit margin of 15.6%, up from the previous year’s 9.6%. Additionally, gross written premiums rose by 11.3% YoY to $10.99 billion (A$16.4 billion).
IAG’s board has announced a final dividend of 17.0 Australian cents per share, an increase from the previous year’s 9.0 cents per share.
Looking forward, IAG plans to continue investing in a commercial enablement platform for its broker network and aims to enhance its capital structure.
(Conversion rate: $1.00 = A$1.49)
