IAG FY profit hits $1.23bn

By Elizabeth Redman

Insurance Australia Group expects growth in gross written premiums of up to 20 per cent in fiscal 2015 after posting a strong rise in full-year profit on the back of lower than expected natural disaster claims costs.

During the year, IAG agreed to buy Wesfarmers' Australian and New Zealand underwriting operations for $1. 845 billion in a deal that includes Wesfarmer's underwriting companies trading under the Lumley Insurance and WFI brands, as well as a 10-year distribution agreement with Coles Insurance.

Net profit attributable to shareholders rose by 58. 9 per cent to $1. 233 billion in fiscal 2014, compared with $776 million in the prior year. Revenue rose 17. 8 per cent to $12. 679 billion in the year, compared with $10. 76bn a year earlier.

Read more here: Business Spectator


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