IAG’s net profit rises 7.9% in FY 2024

It ended with a final dividend of 17.0 Australian cents per share for the year.

Insurance Australia Group (IAG) saw its net profit climb 7.9% year-on-year (YoY) to $0.60b (A$898m) for the fiscal year 2024 (FY 2024), mainly driven by a surge in insurance profits.

Net earned premiums rose 11% YoY to $6.19b (A$9.24b), whilst investment income on shareholder funds surged 35% YoY to $0.20b (A$298m).

Insurance profit, likewise, shot up 79.1% YoY to $0.99b (A$1.48b), which equated to a margin of 15.6% (9.6% previously). Gross written premiums also jumped 11.3% YoY to $10.99b (A$16.4b).

The board declared a final dividend of 17.0 Australian cents per share (cps), previously 9.0 cps.

Looking ahead, the company will continue to invest in a commercial enablement platform for its broker network and improve its capital structure.

($1.00 = A$1.49)