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


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 

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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.
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