Insurance Australia Group IAG Profits Triple $416m 1H2013

Insurance firm IAG (ASX:IAG) has released its first half results to shareholders, investors and traders.

• Insurance Australia Group IAG half year Net Profit $416 million, up from $144 million in the previous corresponding period.
• Chief executive Mike Wilkins said, "This is a strong half year result and, based on the momentum in the business, we're confident about our outlook."
• Cash profit $684 million, up from $155 million
• Insurance profit $815 million, up from $271 million in the prior corresponding period.
• Insurance margin 19.9 percent up from 7.7 percent last year
• IAG has maintained its assumption of $620 million in annual peril costs.
• IAG's natural peril claim costs in $133 million, down from $396 million in previous corresponding period.
• IAG declared a fully franked interim dividend of 11 cents per share, up 5 cents on the previous interim dividend.
• IAG Asian operations with presence in Thailand, Malaysia, China and Vietnam, added almost 6 per cent of gross revenue from premiums.
• IAG owns the NRMA Insurance, RACV and CGU brands. IAG is Australia's biggest insurer of cars and homes.