Insurance Australia Group Ltd

IAG: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$7.90	Bbyb	Gmfzkmr

IAG Reaffirms Guidance for a Strong Fiscal 2014 Profit

Oct 30, 2013

We are impressed with Insurance Australia Group's confirmation of its fiscal 2014 insurance margin and gross written premium growth guidance. Pleasingly, the major insurer continues to achieve strong underlying operating performance in the opening months of fiscal 2014. Management is guiding for a reported insurance margin range of 12.5% to 14.5%, subject to the usual caveats of natural peril claims in line with allowance, reserve releases between 1% to 2% of net earned premium and no material change in exchange rates and investment markets. Gross written premium is expected to grow by 5% to 7%.

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