Insurance Australia Group

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

Australian based insurer, IAG Limited (ASX:IAG) has released their full year financial results to the ASX stockmarket.

• Net profit falls to $207 million, down $17.2 million
• UK operations write-down in value. $297 million writedown of asset value and goodwill of British business.
• IAG cash profit (without the write-down) is $583 million, up 17.5 percent.

The June Christchurch earthquake and its resulting new claims failed to shake Insurance Australia Group's (ASX:IAG) financial guidance for 2011. IAG confirmed its guidance despite claims worth $65 million.

Costs due to natural disasters jumped to about $600 million for the year to end of June, nearly a 50 percent rise from the $435 million it forecast at the beginning of the financial year.

Although Insurance Australia Group (ASX:IAG) said today that it's too early to evaluate the impact of the Christchurch tremors, it has reaffirmed its underlying gross premium growth guidance of three to five percent.

The company also plans to speed up future growth and intents to get 10 percent of its gross written premium from Asia by 2016. Expansion would cover Malaysia, Thailand, India, China, Vietnam and Indonesia.

IAG (ASX:IAG), owner of NRMA and RACV, has issued a statement that it expects to report a drop in annual profit for the 2010 fiscal year. A day after competitor, QBE Insurance announced profit forecasts downgrades, Insurance Australia Group have released poor financial figures on what most analysts were already expecting.

IAG Financial Forecasts and Numbers

Michael Hawker, Chief Executive officer of Insurance Australia Group (IAG), resigned today in wake of losing investors’ confidence. The company had rejected an A$8.7 billion takeover bid earlier this month by QBE Insurance Group. His resignation was effective immediately and was replaced by the Chief Operating Officer, Michael Wilkins, said the company statement. IAG chairman, James Strong, fully supported the appointment of Wilkins as immediate replacement to Hawker.