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Premium hikes boost IAG first-half profit

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February 14, 2018

Insurance Australia Group's (file) first-half profit has risen 23.5% to $551 million.

Insurance Australia Group (IAG) has lifted first-half profit 23.5 per cent to $551 million, primarily due to a significant increase in insurance profit.

Revenue for the six months to December 31 grew 1.1 per cent to $8.3 billion, from $8.2 billion in prior corresponding period, while gross written premiums (GWP) was up 0.6 per cent at $5.8 billion.

IAG's underlying margin - the company's preferred measure of performance - was flat at 12.6 per cent, and the insurer declared a fully franked interim dividend of 14 cents per share, up one cent from a year ago.

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