Insurance Australia Group CEO says confident in outlook

(RTTNews) – At the Annual Meeting, Insurance Australia Group Ltd. (IAUGY.PK, IAUGF.PK) Chief Executive Officer Nick Hawkins is confident in the ability of the business and staff to achieve their goals. said there is. determined by the company.

The CEO said the company is taking steps to manage its own carbon footprint and has committed to achieving net zero emissions by 2050.

By the end of 2023, the company plans to reach its goal of deinsurance for entities whose primary business is extraction of fossil fuels, including oil and gas, and power generation from coal.

Heading into fiscal 2023, the company expects mid-to-high single-digit growth in gross premiums written and reported insurance margins in the range of 14% to 16%. This is a step towards our ambitious targets of achieving insurance margins of 15% to 17% and return on equity of 12% to 13% over the medium term.

Nick Hawkins said financial year 2023 performance will benefit from A$360 million pre-tax reduction in COVID-19 business interruption provisions following resolution of several legal issues.

The views and opinions expressed herein are those of the authors and do not necessarily reflect those of Nasdaq, Inc.

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