Shares set to open lower; Solomon Lew is demerging some Premier brands; AMP settles investor class action for $110m; Breville lifts margins in tougher market; Westpac’s core net interest margin falls to 1.86 per cent; NIB final dividend jumps 40 per cent. Follow updates here.
Insurance giant IAG has flagged even more premium rises are to come, after reporting a jump in profits.
Sydney-based IAG, behind brands including NRMA and CGU, said its profits had risen to $832 million for the 12 months to June, up from $347 million. The result included a turnaround from losses in investment markets a year ago, and a final six months of relatively benign weather in Australia. But it also suffered hits in New Zealand, where IAG is a major insurer, in the same time following flooding and a cyclone.The company came in just below its guidance with a reported insurance margin of 9.6 per cent. The year had also featured a 10.6 per cent rise to $14.
Insurers across the sector have been jacking up premiums, blaming inflationary pressures in car repairs along with natural disasters forcing rises in their own reinsurance protection costs. IAG predicted the current financial year would see low double-digit growth in GWP and this would “primarily be rate-driven to cover claims inflation, higher reinsurance costs and an increased natural perils allowance”.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ASX 200 LIVE: Shares to fall; Richard Murray quits Premier amid demerger talksShares set to open lower; Solomon Lew is demerging some Premier brands; AMP settles investor class action for $110m; Breville lifts margins in tougher market; Westpac’s core net interest margin falls to 1.86 per cent; NIB final dividend jumps 40 per cent. Follow updates here.
Read more »
ASX 200 LIVE: Shares to fall; Richard Murray quits Premier amid demerger talksShares set to open lower; Solomon Lew is demerging some Premier brands; AMP settles investor class action for $110m; Breville lifts margins in tougher market; Westpac’s core net interest margin falls to 1.86 per cent; NIB final dividend jumps 40 per cent. Follow updates here.
Read more »
ASX 200 LIVE: Shares to fall; BlueScope commits to $1.15b upgrade; Ampol cuts dividendShares set to open lower; BlueScope signs off on Port Kembla blast furnace; Westpac’s core net interest margin falls to 1.86 per cent; Ampol will pay a 95¢ interim dividend; Chorus profits slump. Follow updates here.
Read more »
ASX 200 LIVE: Shares to fall; BlueScope commits to $1.15b upgrade; Ampol cuts dividendShares set to open lower; BlueScope signs off on Port Kembla blast furnace; Westpac’s core net interest margin falls to 1.86 per cent; Ampol will pay a 95¢ interim dividend; Chorus profits slump. Follow updates here.
Read more »
ASX 200 LIVE: Shares to fall; BlueScope commits to $1.15b upgrade; Ampol cuts dividendShares set to open lower; BlueScope signs off on Port Kembla blast furnace; Westpac’s core net interest margin falls to 1.86 per cent; Ampol will pay a 95¢ interim dividend; Chorus profits slump. Follow updates here.
Read more »
ASX 200 LIVE: Shares to fall; BlueScope commits to $1.15b upgrade; Ampol cuts dividendShares set to open lower; BlueScope signs off on Port Kembla blast furnace; Westpac’s core net interest margin falls to 1.86 per cent; Ampol will pay a 95¢ interim dividend; Chorus profits slump. Follow updates here.
Read more »