Australian insurer IAG has released its preliminary FY2021 results, which expects a net loss of $427 million with a reported profit of $33 million in H2 2021.
For this year, the insurer announced a Net Earned Premium of $7,473 million, with a growth of 1.5% on FY2020.
It is also expecting a Gross Written Premium (GWP) growth of 3.8%, including a H2 2021 growth rate of 3.9%.
IAG Managing Director and CEO Nick Hawkins commented: “Our underlying financial results for the year are sound and within expectations. However, we have had challenges with issues that have been identified and provisioned for in our preliminary results.
“We have at our core a strong insurance business with trusted market leading brands, and we have worked hard and acted decisively to put in place changes that address these challenges and enable us to better deliver to our shareholders, employees, customers and our communities.
“I have built a strong leadership team with deep insurance and customer expertise and clear accountability for success. We have a new organisational structure that more clearly aligns the business with our customers, and we have a clear growth strategy for the future.
“The confidence we have with the business and outlook have allowed for the reintroduction of guidance for FY22, where I expect an improvement in our adjusted underlying performance from FY21.”