This release has been authorised by the IAG Board
Financial onlyresults
Half year ended 31 December 2021 use11 February 2022
ersonal1 1H22 Results | 11 February 2022
Nick Hawkins
Managing Director and
Chief Executive Officer
Michelle McPherson
Chief Financial Officer
only | Overview |
use | |
Nick Hawkins | |
ersonal | Managing Director and |
Chief Executive Officer | |
2 1H22 Results | 11 February 2022 | |
1H22 results
overview
only | $6.6bn |
GWP | |
use | Strong premium growth, particularly in |
commercial lines | |
ersonal | |
Cash earnings | |
$176m |
No unusual items adjusting cash
earnings, maintain business
interruption provision
3 1H22 Results | 11 February 2022
Underlying margin | Reportedmargin |
15.1% | 7.1% |
Underlying margin expansion | Reported margins impacted by perils |
compared to FY21 | and reserve strengthening |
CET1 ratio | FY22 guidance |
1.02x | GWP upgraded |
Remains within target range, | GWP guidance upgraded to mid |
post 6cps dividend payment | single-digit, reported margin |
maintained |
1H22 highlights robust GWP trends and stable underlying margin performance
onlyuse ersonal4
GWP growth
8.9%
8.3%
6.2%
3.3%
Group | Direct Insurance | Intermediated | New Zealand | |||
Australia | Insurance | |||||
Australia |
1H22 Results | 11 February 2022
Insurance margin
17.9%
15.9% | 15.1% |
13.5%
9.1%
7.1%
1H21 | 2H21 | 1H22 | |
Reported margin | Underlying margin | ||
Divisional
only | • >1% GWP volume growth in | ||
personal short tail | |||
• Pricing for short tail inflation | |||
• Strong underlying margins maintained | |||
• NSW CTP reserve strengthening | |||
use | |||
GWP growth | |||
5.2% | 4.8% | 3.3% | |
ersonal | |||
Motor | Home | CTP Commercial Total GWP | |
Note: SME Direct Partner business is recorded in IIA from 1H22, which resulted in a ~$5m reduction to Commercial GWP. Commercial GWP was slightly ahead of 1H21, normalising for this transfer.
5
Intermediated Insurance
Australia (IIA)
- ~9% premium rate increases
- Rate-drivenunderlying margin improvement
- Reserve strengthening confined to liability
GWP growth / underlying margin
8.9% | ||
5.7% | 5.5% | 5.0% |
3.8% | 3.9% |
1H21 | 2H21 | 1H22 | |
GWP Growth | Underlying margin | ||
New Zealand
- Notable GWP momentum
- Large claims increase after benign 1H21
- Underlying margins higher than FY21 overall
GWP growth / underlying margin
18.6%
16.8%
14.3% | |||
8.3% | |||
5.9% | |||
2.8% | 2.7% | ||
1.5% | 0.3% | ||
1H21 | 2H21 | 1H22 | |
A$ GWP growth | NZ$ GWP growth | Underlying margin | |
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
IAG - Insurance Australia Group Limited published this content on 10 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 February 2022 22:27:15 UTC.