Insurance Australia Group provides preliminary FY2022 results and FY2023 outlook

Insurance Australia Group Limited (ASX: IAG) has released its preliminary results for FY2022 ended 30 June 2022 and guidance for FY2023. The results are subject to finalisation of the audit process and Board consent.

IAG expects:

• Its Reported NPAT of A$347 million, which was a net loss of A$427 million.
• A reported insurance profit of A$586 million representing a margin of 7.4%. It is below the guidance range of 10% to 12%.
• An underlying insurance margin in 2H FY2022 is of 14.1%, which was 13.5% in the previous corresponding period.

There was a loss on shareholders’ funds of $105 million. A pre-tax net corporate expense benefit of $200 million, reflecting a drop in the business interruption provision.

Outlook:

The Company expects:

• GWP of ‘mid-to-high single digit’ growth in FY2023.
• Reported insurance margin guidance would range in between 14% to 16%

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