• Peter Harmer, IAG CEO
    Peter Harmer, IAG CEO
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IAG Managing Director and Chief Executive Officer Peter Harmer pronounced the company's 2018 full year results as 'solid'. 

Insurance profit climbed 10.8 per cent, rising from $1.27 billion in FY17 to $1.407 billion in FY18.

“In an era of unprecedented focus on community expectations, we are pleased to present a set of financial results that are testament to our continuing work to better understand our customers and meet their needs; and speak to the strength of our brands, and the passion and commitment of our people," Harmer stated.

“This is a solid result for IAG with an encouraging improved underlying performance, in line with our expectations.

“We’ve met the guidance we provided last year, slightly exceeding the reported margin component thanks to favourable natural perils and higher reserve releases than anticipated.

“GWP growth of 1.8% met our forecast of low single digit growth, with like-for-like growth exceeding 4% after allowance for discontinued activities, NSW CTP reform impacts and foreign exchange translation effects.

“Our optimisation program is progressing to plan and we expect to see a benefit of approximately $100m pre-tax in FY19.

“We also announced the sale of our operations in Thailand, Indonesia and Vietnam, which are expected to complete in FY19 and deliver a net profit after tax in excess of $200m.

“Overall, we are making sound progress in our efforts to transform IAG into a company able to anticipate, respond to, and satisfy the needs of all those who rely on us – our customers, our people, the communities we help, and the shareholders who support us. Success allows us to continue to invest in the services, products and experiences our customers and the community want and need.

“At the heart of the company we are creating is our purpose to make your world a safer place. We focus our energy around three priorities: Customer, Simplification and Agility, building on organisational capabilities that will enable us to succeed now, and thrive in an unpredictable future.

“We are using our purpose to create meaning for IAG’s people and support organisational performance, and we are acting responsibly to build and maintain trust, including addressing social and environmental issues important to our stakeholders.

“We are developing and adapting products and services that deliver commercial, customer and community advantage."

You can download the IAG 2018 FY results here.

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