IAG has posted 16% net profit growth to $1.07 billion in 2019, driven by strong results in personal insurance and an improvement in commercial insurance in Australia, as well as strong profitability in New Zealand.
IAG also reported that its gross written premiums were up 3.1% to more than $12 billion, mainly from higher rates; while its insurance division profit dipped 13% to $1.22 billion, partly due to large natural disaster claims such as the Sydney hailstorm in December.
IAG said it expects 'low single digit' growth in premiums this fiscal year, supported by commercial rate increases and underlying margin growth.
Regarding the IAG Repairhub initiative the report states: 'We’ve enhanced our motor repair model, in conjunction with the Royal Automobile Club of Victoria (RACV), to get customers back on the road quickly. This model also involves two repair partners and initially covers six sites in metropolitan centres.'