0105 GMT - Insurance Australia Group's bear at Macquarie says stronger-than-expected guidance for gross written premium growth offsets disappointment over its reported margin outlook. Keeping an underperform rating on the stock, one of the investment bank's analysts tells clients in a note that they think IAG's fiscal 2027 guidance for GWP growth of 5%-8% is very strong. They are disappointed by a reported margin guidance range of 14.5%-16.5%, but point out that this assumes catastrophe costs are in line with allowance. Any beat in catastrophes would imply upside relative to guidance, they add. Macquarie trims its target price on the stock 2.7% to 7.10 Australian dollars. Shares are up 1.9% at A$7.955.