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Investing.com-- Shares of Insurance Australia Group (IAG) (ASX:IAG) rose on Thursday after the insurer lifted its fiscal 2026 guidance, citing stronger growth following the acquisition of the Royal Automobile Club of Queensland’s insurance arm.
IAG now expects gross written premium growth of about 10%, up from its prior forecast of low-to-mid single digits. Reported insurance profit is projected to rise to between A$1.55 billion and A$1.75 billion, compared with the previous range of A$1.45 billion to A$1.65 billion.
Sydney-listed IAG shares rose as much as 4.2% to A$8.2 as of 04:06 GMT.
Chief Executive Nick Hawkins said the RACQ Insurance business was performing “slightly ahead of expectations” and that integration was progressing smoothly.
The internally funded deal, completed on Sept. 1, boosts IAG’s presence in Australia’s general insurance sector.