CANBERA (dpa-AFX) - Insurance Australia Group Ltd (IAUGY.PK, IAUGF.PK) reported that its profit attributable to shareholders of the parent for the half year period ended 31 December 2024 climbed to A$778 million or 31.31 cents per share from A$407 million or 16.21 cents per share in the same period last year.
The latest period result included a A$343 million increase in pre-tax insurance profit to A$957 million, driven by a 9.7% increase in net earned premium, an improvement in the underlying insurance margin, and perils experience of A$215 million below allowance. Additionally, there was a higher pre-tax investment income on shareholders' funds of A$217 million and a A$140 million post-tax release from the business interruption provision.
Cash earnings were A$640 million up 54.2% from A$415 million last year. Cash earnings reflect the net profit after tax adjusted for acquired intangible assets and unusual items.
Insurance revenue was A$8.37 billion up from A$7.55 billion in the previous year.
Revenue from ordinary activities rose to A$9.04 billion from A$8.69 billion in the prior year.
The company will pay an interim dividend of 12.0 cents per share, compared to 10.0 cents per share paid last year.
Looking ahead fiscal year 2025, the company still projects Gross written premium growth of 'mid-to-high single digit.' It expects a reported insurance profit of between A$1.4 billion and A$1.6 billion which equates to a reported insurance margin of 13.5% to 15.5%.
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