According to Peter Harmer IAG Managing Director and Chief Executive Officer, IAG has had a successful year, reflecting the work they have done to better connect with customers.
“We’ve improved our underlying performance as we realise the benefits of our simplification program, build on our customer focus and identify future growth opportunities. Our Australia business performed well, with strong results in personal insurance and an improvement in commercial insurance. New Zealand maintained its strong profitability and sound growth, reinforcing its position as the country’s leading general insurer.”
Gross written premium across the group grew by 3.1 percent, mainly from higher rates, and included a favourable foreign exchange effect against the New Zealand currency. Like-for-like premium growth was close to 4 percent. The underlying insurance margin continued to improve, increasing to 16.6 percent, up from 14.1 percent last year.
“Net profit after tax of $1,076 million was more than 16 percent higher than in the prior year and included an over $200 million profit on the sale of our Thailand operations, completed in August 2018,” added Harmer.
Over the last year IAG significantly increased its focus on risk, strengthening its business to continue to deliver the best customer outcomes and support all those who depend on them. IAG is using data to gain insightful risk perspectives and support rapid decision-making and are strengthening their enterprise-wide capabilities to better manage current and emerging risks.