IAG Reaffirms FY 2022 Guidance

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By Alice Uribe
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SYDNEY – Insurance Australia Group Ltd has reaffirmed its guidance for FY22 and outlined plans to add one million customers over the next five years.

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The Australian general insurer in a business update on Tuesday reiterated annual guidance for reported insurance margins of 10-12%, and low single-digit gross written premium growth.

Chief Executive Nick Hawkins also outlined the company’s ambition to add one million customers over the next five years to the current 8.5 million.

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IAG’s largest operating business, Direct Insurance Australia, aims to bring 750,000 of those new customers on board, the insurer said.

“Over the years, as an industry and as a company in particular, we have faced some serious challenges. We have provided for these appropriately and restored capital where the balance sheet points. All the issues that need to be addressed from

In the medium term, IAG said it aims to deliver a targeted cash return on equity of 12-13% and an insurance margin of 15-17%.

“Our aspiration is to deliver on these financial goals on a sustainable basis,” said Mr Hawkins.

Write to Alice Uribe at [email protected]

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