IAG plays down bottom-line loss

Fri, 23 Jul 2021

Insurance Australia Group said it will report an annual net loss, despite its underlying results being sound and within expectations.The Australian insurer will report a A$427 million net loss for the 12 months ended June compared to a profit of A$435m a year earlier. It didn’t break out the performance of its New Zealand business.IAG is Aotearoa’s biggest insurance provider, with a 47% market share. It runs the NZI, AMI, State, Lumley, and more brands underneath its umbrella.The company said its underlying insurance margin excludin...

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