Insurance Australia Group (IAG) has almost doubled its half-year net profit to $778 million, driven by increased premiums during a challenging time for households facing high living costs. The company attributed the strong result to favorable weather conditions and the release of funds previously set aside for pandemic-related business disruptions. Rising insurance premiums, often overlooked as a contributor to inflation, have become a significant factor in increasing household expenses.
IAG almost doubles profit as premiums rise Insurance Australia Group has almost doubled its half year net profit to $778m, backed by increased premiums during a difficult period for households grappling with high living costs. The IAG managing director, Nick Hawkins, said the result was delivered in a period of favourable weather. He partly attributed the strong figure to the release of money previously set aside for pandemic business disruptions.
Our results reflect the volatility of our sector and the fact we’re often subject to factors outside our control – the good years help us weather the bad. Fast-rising insurance premiums, largely overlooked as a driver of inflation in recent years, have been a standout contributor to rising household costs. The six-month profit result was up 91% on the corresponding period, and its dividend lifted by 20%.
INSURANCE PROFIT PREMIUMS INFLATION HOUSEHOLDS
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