Insurance Australia Group Ltd

IAG: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$7.50	Jyp	Dkllzkmq

Insurance Australia Group: Premium Rate Increases to Moderate as Industry Profitability Improves

Nathan Zaia

Oct 16, 2023

Earnings tailwinds from premium rate increases and higher investment income on shareholder and policyholder funds underpin our forecast that no-moat Insurance Australia Group roughly doubles EPS in fiscal 2024. Management maintained fiscal 2024 guidance, including low-double-digit premium growth and an insurance margin between 13.5% and 15.5%, equating to an insurance profit in the range of AUD 1.20 billion to AUD 1.45 billion. This is a notable increase from the AUD 803 million reported in fiscal 2023 on an insurance margin of 9.6%.

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