Key EventThe company saw a 24.1 per cent rise in its insurance profit, based on a 7.5 per cent increase in gross written premium.
The firm's reported insurance profit margin rose from 7.1 to 8.5 per cent, but it said that its "underlying" insurance margin fell from 15.1 to 10.7 per cent on rising natural perils claims. "Our reported insurance margin of 8.5% reflected growth across the business but was offset by the ongoing impacts of higher inflation on claims costs in home and motor," said IAG chief executive Nick Hawkins.
"A $70m unfavourable net natural perils experience and a $48m prior year reserve strengthening also impacted the margin.""We maintained good cost discipline, our businesses are in good shape, and our focus on growth and profitability delivered the strongest first half Gross Written Premium growth in seven years, up 7.5% .
"GWP growth was driven by rate increases, to offset the high inflation in the supply chain, as well as customer number growth in the home and motor portfolios."
imma diamond hands this shit...