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Insurance Australia Group Provides 1H 2020 Results, Updated Guidance and Hailstorm Update

24 Jan 2020  |  08:55:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: 1H20 results, updated guidance and hailstorm update

Insurance Australia Group provided an update to its FY 2020 reported margin guidance, based on expected results for the six months ended 31 December 2019 and on a revised view of full year net natural peril claim costs in the wake of the recent hailstorm event. The Company expects its FY 2020 reported insurance margin will be in the range of 14.5-16.5%, compared to previous guidance of 16-18%. An underlying insurance margin is 16.9%. Its 1H 2020 results will contain a net post-tax provision of $80m for customer refunds, interest attributable to those refunds and the cost of administering the associated remediation program. The hailstorms which have impacted parts of Melbourne, Canberra and Sydney over the course of 19 and 20 January 2020.

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