Business
IAG profits drop 70%, no dividend, after ‘immensely challenging’ half – Sydney Morning Herald
The company behind insurance brands including NRMA and CGU has axed its final dividend after full-year cash earnings dropped 70 per cent.
The company, which is widely held by retail shareholders, acknowledged many investors would be disappointed by the dividend decision, but it was important to keep a strong capital position in the current uncertain environment.
“We have experienced an immensely challenging second half to the 2020 financial year, characterised by severe natural peril activity, the disruption caused by the COVID-19 pandemic to our people, customers and suppliers, and the marked volatility in investment markets whi…
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