IAG share price crashes 8% despite first-half profit surge
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The Insurance Australia Group Ltd (ASX: IAG) share price is sinking on Thursday morning.
At the time of writing, the insurance giant’s shares are down 8% to $8.16.
This follows the release of the company’s half year results.
IAG share price sinks on results day
- Gross written premium (GWP) up 6% to $8,426 million
- Net earned premium up 9.7% to $4,930 million
- Insurance profit up 55.9% to $957 million
- Net profit after tax up 91.2% to $778 million
- Interim dividend per share up 20% to 10 cents
What happened during the half?
For the six months ended 31 December, IAG reported a 6% increase in GWP to $8,426 million and a 9.7% lift in net earned premium to $4,930 million.
This reflects GWP growth of 6.1% in the…
