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Investing.com -- Insurance Australia Group has increased its financial year 2025 profit guidance after estimating natural perils costs will be approximately $1.08 billion, about $200 million below the annual allowance.
The Australian insurer made this announcement on Tuesday, noting that the natural perils figure includes over 4,000 claims from the New South Wales mid-north coast and Hunter floods in May, which cost approximately $100 million.
As a result of these lower-than-expected natural perils costs, IAG has raised its insurance profit guidance range to $1.6 billion to $1.8 billion, up from the previous range of $1.4 billion to $1.6 billion.
The company has also increased its insurance margin guidance "towards the top end of the 15.5% to 17.5% range," an improvement from the previous guidance of "towards the top end of the 13.5% to 15.5% range."
For FY25, IAG expects gross written premium growth to be between 4% and 4.5%. This growth projection accounts for the impact of the Coles exit, adverse currency effects, and multi-year workers’ compensation premiums.
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