Insurance Australia Group Ltd (ASX:IAG) share price slumps as net profit falls

1345

Insurance Australia Group Ltd (ASX: IAG) shares have slumped 36 cents or 4.37% to $7.88 in early trade after reporting its net profit for the year ended June 30 slipped 0.6% to $923 million, from $929 million a year ago.

The fall in net profit came after a near 11% rise in insurance profit was offset by a fall in investment income and a higher tax bill.

Revenue rose 2.6% to $16.41 billion, and the insurer flagged gross written premium growth of 2-4% for 2018/19.

IAG announced it will pay a fully-franked final dividend of 20 cents a share, up from 13 cents a year earlier.

The Insurance Australia Group Ltd share price has gained 13.81% since the beginning of 2018, compared to the S&P/ASX 200 Index, which has gained 3.87%.

with AAP 

Here’s how you can strike it rich in the share market…

The best way to strike it rich in the share market is to buy shares that are not only cheap, but growing quickly.

Combining countless hours of research with over 30 years of hands-on stock market investing experience, The Capital Club’s founder Bruce Jackson has just published his definitive list of 3 Cheap and Good ASX Stocks for 2018.

Best of all, the report is absolutely free, exclusively for readers of The Capital Club.

In this comprehensive free report, you’ll find the name of one ASX gold stock that’s not only profitable, but trading at less than 4 times forecast profits.

You’ll also discover the name of a company one fund manager has called the cheapest stock in the ASX 100, and you’ll read about the three catalysts that could push the share price higher in the next six months.

Finally, the report names one of the cheapest retailers trading on the ASX, a company that just picked up the assets of a distressed competitor on the cheap, paying just 2 times earnings. No wonder one top fund manager thinks its share price could at least double.

With the share prices of each of these 3 companies having the potential to double or more, you’ll want to act now. Simply click here or the button below, enter your email address, and this free report will be instantly sent to you.

See the 3 stocks

Contributors to this article may own shares in some of the companies mentioned in this article. The Capital Club has a thorough disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
Avatar
Lauren Surplice is a keen follower of the stock market, investing in individual companies and funds. She follows the daily stock market news, covering the ASX stocks that are moving the markets. You can contact Lauren at laurens@thecapitalclub.com.au