IAG Announces $200 Million Share Buyback, Raises Dividend

Insurance Australia Group (IAG) has announced a $200 million (US$130 million) share buyback and raised its dividend after its profit from insurance lifted 75 percent to $614 million (US$400 million) in the first half. Gross written premiums rose 12.5 percent to $7.9 billion (US$5.1 billion) in the six months to Dec. 31, IAG said on Feb. 16, reaffirming its 2023/24 guidance. IAG reported a statutory net profit after tax of $407 million (US$265 million), down from $468 million (US$305 million) a year ago, when its earnings were swelled by the release of a $360 million (US$235 million) provision related to COVID-19 business insurance claims. “Our key message is that today’s a good result, and IAG’s on track,” chief executive and managing director Nick Hawkins told analysts during a webcast on Feb. 16....