With half yearly profit reporting season in full swing the fortunes for our leading insurers vary, here is summary of some of the results.
Insurance Australia Group (IAG) half-year profit jumps 39% with improved performances from each of its businesses in Australia, New Zealand and Asia. IAGs brands in Australia include CGU, NRMA
Suncorp, Australia’s largest general insurer by market value with brands like AAMI, GIO and Vero. They group has said its general insurance claims expense increased 12 percent to A$3.2 billion as a number of major weather events resulted in claims about A$49 million above its allowance. At the same time revenue for it insurance operations had declined by 17%.
Wesfarmers who’s brands include wfi, Lumley are reporting their insurance division recorded earnings of $99 million, 4.8 per cent below the prior corresponding period, with results affected by a $45 million increase in reserve estimates for EQ2. During the half the Group announced the agreement to sell the Australian and New Zealand underwriting operations of its Insurance division to Insurance Australia Group for $1,845 million. The sale remains subject to regulatory approvals.
German insurance giant Allianz profit also increased by 10%. Life insurer AMP profit fell by 10.6% but it was less than the market expected in the tough conditions for life insurers in Australia.
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