Australia’s Insurance Australia Group (IAG) announced that its net profit for the financial year ended 30 June 2019 jumped by nearly 17 per cent to A$1.08 billion, more than the A$1 billion predicted by local analysts.
The main factors in IAG’s profit jump are the sale of its Thai operations, strong performance by its Australian Personal Insurance division and strong growth in New Zealand.
Profit in the insurance division dropped by 13 per cent due to large natural disaster claims, but the sale of the Thailand operations brought in profit of more than A$200 million.