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%.