Business
Insurance Australia Group: Profits halved due to bushfires, COVID-19 – NEWS.com.au
Insurance Australia Group says bushfires and COVID-19 have dented profits by more than half
Insurance Australia Groups profits have more than halved with catastrophic natural disaster events and the onset of COVID-19 denting the companys 2020 financial year performance. At June 30, the country’s largest general insurance underwriter posted a net profit of $435 million, a 59.6 per cent fall compared with 2019’s full-year result of $1.1 billion.
IAG noted the hit to its profits was a result of significant events in the second half of the financial year, including the financial impacts c…
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