INSURANCE AUSTRALIA

IAG
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IAG Reaffirms Fiscal Year 2022 Guidance

12/06/2021 | 05:02pm

By Alice Uribe

SYDNEY--Insurance Australia Group Ltd. reaffirmed its guidance for fiscal 2022 and outlined plans to add one million customers in the next five years.

The Australian general insurer reiterated annual guidance of a 10-12% reported insurance margin, and low single-digit gross written premium growth in a business update on Tuesday.

Chief Executive Nick Hawkins also outlined the company's ambition to add one million customers to the current 8.5 million in the next five years.

IAG's largest operating business, Direct Insurance Australia, aims to bring on board 750,000 of those new customers, said the insurer.

"Over the past couple of years, as an industry and particularly as a company, we've had to face some serious challenges. We've appropriately provided for these and restored capital where required to address all the issues from a balance sheet point of view," said Mr. Hawkins.

Over the medium term, IAG said it was aiming to deliver a targeted cash return on equity of 12-13% and an insurance margin of 15-17%.

"Our aspiration is to deliver these financial goals on a sustainable basis," said Mr. Hawkins.

Write to Alice Uribe at alice.uribe@wsj.com

(END) Dow Jones Newswires

12-06-21 1702ET

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