The rise of Japan, Harvey Norman, IAG
Fund Manager Chris Pedersen discusses ETFs vs unlisted funds, Japan outperforming China, Harvey Norman and IAG.
Read MoreFund Manager Chris Pedersen discusses ETFs vs unlisted funds, Japan outperforming China, Harvey Norman and IAG.
Read MoreAustralia's corporate regulator, ASIC, has commenced legal proceedings against insurer IAG (ASX:IAG) and its two subsidiaries, accusing them of misleading customers regarding loyalty discounts offered for specific categories of home insurance.
Read MoreNew Zealand’s wild weather is playing havoc with companies on both sides of the Tasman, with updates from IAG and Fletcher Building released Monday, as well as one from Aurizon.
Read MoreJust when the Australian insurance sector was looking at having escaped any major catastrophe over the holiday break, along comes Friday’s flooding event in Auckland.
Read MoreInsurance giant Swiss Re has acknowledged the key role climate change played in this year’s east coast floods, which ended up being the world’s most costly disaster in the first half of 2022.
Read MoreLike its listed peers QBE and Suncorp, Insurance Australia Group has sliced its dividend payout to shareholders for the year to June 30 after reporting results of a very mixed quality.
Read MoreInvestors continued to look past the negatives in Friday’s FY2021-22 trading update from IAG, with shares up more than 5% Monday to close at $4.46 – the highest they have been since May.
Read MoreDespite the $2.4 billion cost of March’s flooding along the East Coast, Fitch Ratings believes Australian general insurers like QBE, IAG and Suncorp will be able to avoid financial disaster.
Read MoreIAG has increased its budget for natural disaster claims by $550 million after the recent flooding in NSW and Queensland, which has left it with 24,000 claims as of 6am Wednesday.
Read MoreInsurance Australia Group, Australasia’s largest general insurer, returned to profit in the six months to December but trimmed its dividend by a cent to 6 cents per share.
Read MoreA change in covering analyst has led to a downgrade to Sell from Neutral on Insurance Australia Group from UBS as the company faces a number of challenges. Target falls to $4.20 from $5.35.
Read MoreTuesday’s trading session saw something of a rarity: an update from Insurance Australia Group (ASX: IAG) that didn’t result in the company’s shares being sold off.
Read MoreThe broker acknowledges short-term risk yet believes the stock is cheap. The Outperform rating and $5.40 target are unchanged.
Read MoreIAG has been hit hard by the recent spate of severe weather events across the country, to such an extent that the insurer has been forced to downgrade its 2021-22 profit outlook.
Read MoreMorgans downgrades its FY22 EPS forecast by -26% and reduces its target price to $5.36 from $5.64. The analyst retains an Add rating.
Read MoreInsurance Australia Group faces legal action from corporate regulator ASIC over claims it failed to honour discount promises made to nearly 600,000 customers of its NRMA Insurance.
Read MoreShares in Insurance Australia Group fell yesterday, despite news of a doubling in dividend in 2020-21 from the previous year and a loss in line with that already signalled in earlier guidance.
Read MoreUBS retains its Buy rating and lowers its target price to $5.65 from $5.80.
Read MoreMorgans sees value in the group and retains its Add rating while lowering FY21 and FY22 EPS estimates by -8% and -2%. The broker’s price target falls to $5.37 from $5.46.
Read MoreInsurance Australia Group posted a net loss of $427 million in the year, after it was hit by higher claims – both in the short- and long-term – and overall costs and provisions.
Read MoreBuy rating maintained. Target is reduced to $5.80 from $6.00.
Read MoreWith the stop-lost not likely to be renewed into FY22, the broker expects the company will face a sharp increase in its natural perils budget next year. Buy rating and $6 target retained.
Read MoreInsurance Australia Group surprised investors on Wednesday with a jump in its claims – this time from last weekend’s floods in southern Victoria.
Read MoreInvestors ignored IAG’s reported loss of $460 million, instead choosing to focus on the company’s decision to declare a dividend of 7 cents per share.
Read MoreWhile the size ($750m) of the raising after the adverse ruling in the Business Interruption (BI) case surprised Morgans, the post-tax provision of -$865m appears conservative to the broker.
Read MoreShares in Insurance Australia Group quite nicely withstood the shock of the news of an $750 million capital raising announcement yesterday as it revealed a massive $865 million bill for COVID-related claims from some of its business customers.
Read MoreCiti assesses the company is now conservatively provisioned after its capital raising. The perception that Insurance Australia is a quality play in the sector is somewhat dented, in the broker’s view.
Read MoreThe general insurance sector has been dealt a major blow with a NSW Court of Appeal decision that, if not overturned in the High Court, will see a surge in losses caused by payouts to policyholders who made claims due to the impact of the pandemic under business interruption policies held with insurers.
Read MoreInsurance Australia Group has looked inside in finding a replacement for retiring CEO, Peter Harmer. The insurer announced on Monday that it had chosen its chief financial officer, Nick Hawkins as managing director and CEO of Insurance Australia Group.
Read MoreThe Australian June 30 profit reporting season ramps up this week and we will get a very good idea of how companies went in the final six months of the financial year, as well as over the full financial year. Meanwhile, IAG has confirmed a dramatic fall in net profit after tax for the year to June 30.
Read MoreShares of Insurance Australia Group have fallen almost 8% after the company dropped its final dividend for the 2019-20 year as earnings collapsed in the second half to produce a 70% slump in profits.
Read MoreCredit Suisse notes Insurance Australia Group is suffering from some degree of uncertainty due to business interruption claims from COVID-19.
Read MoreGeneral insurer share prices have underperformed, UBS observes, with average 2020 price declines of -30% in the year to date.
Read MoreInsurer IAG is starting a major cost cut with plans to close all its AMI insurance outlets across New Zealand. IAG announced on Tuesday that it would review aspects of its direct distribution model, which would see 53 AMI insurance stores close across NZ, along with one its one remaining State store in Christchurch.
Read MoreAustralia’s biggest general insurer, IAG has warned that it has “limited scope” to pay its final dividend in September after seeing $280 million in investment income evaporate so far in 2019-20, especially since February in the sell-off on global markets driven by the COVID-19 pandemic.
Read MoreQBE was another to withdrew guidance yesterday, citing “extraordinarily difficult times for all stakeholders”. However, IAG shares surged more than 10% after the country’s biggest general insurer left its 2019-20 guidance in place.
Read MoreInsurance giant IAG has slashed its full 2019-20 profit forecast after storms, bushfire and other natural perils ripped a hole in interim earnings and slashed interim dividend.
Read MoreWith the prolonged bushfire crisis now abated thanks to the efforts of Mother Nature and tireless firefighters, Tim Boreham ponders the effect of the firestorm on listed equity exposures.
Read MoreThe company will sell its 26% interest in the joint venture with State Bank of India. Total consideration is over $640m with an expected increase in Insurance Australia Group’s regulatory capital position of over $400m once the transaction completes.
Read MoreInsurance Australia Group (IAG) shares were marked down yesterday after a somewhat unconvincing year to June.
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