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BUZZ-Insurance Australia Group sinks as HY top-line growth, dividend disappoint

Reuters
Feb 13, 2025
BUZZ-Insurance Australia Group sinks as HY top-line growth, dividend disappoint

** Insurance Australia Group IAG.AX falls 8.7% to A$8.14, set for worst day since Februray 2009, if losses hold

** The general insurer posts HY gross written premiums (GWP)growth of 6%, lower than Citi's estimate of a 9.7% growth

** Declares interim dividend of 12 Australian cents per share, below Citi's estimate of 13 cents and consensus estimate of 13.9 cents

** Says its expects FY GWP growth towards lower end of its mid-to-high single digit forecast range

** IAG's HY cash earnings and NPAT, however, beat estimates

** "Some may be disappointed in the absence of a further buyback" — Citi

** Stock down 4.4% YTD, including day's moves

(Reporting by Himanshi Akhand in Bengaluru)

((Himanshi.Akhand@thomsonreuters.com))

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