Key highlights from IAG's Annual General Meeting

Insurance Australia Group (ASX:IAG) conducted its Annual General Meeting on October 24, 2024. The company announced a net profit after tax of $898 million for FY24, marking an 8% increase from the previous year. IAG also declared a final dividend of 17 cents per share, resulting in a total 80% dividend increase for the fiscal year.

IAG's strategic outlook and future goals

IAG's AGM highlights its robust financial performance with an 8% increase in net profit and significant dividend growth. The company addressed challenges such as rising reinsurance costs and focused on improving customer claims management. IAG is committed to sustainability, with initiatives like renewable energy procurement and diversity targets. Leadership updates include new Board appointments aimed at enhancing diversity. Strategically, IAG aims for a stronger organisation through customer service, digital advancements, and risk management. Looking ahead, IAG targets an insurance margin of 13.5-15.5% and growth in gross written premiums for FY25, positioning itself for continued success in Australia and New Zealand.

Executive insights from the AGM

IAG faced challenges from higher reinsurance prices, labour shortages for claims processing, and inflation in repair costs, which led to increased premiums. The company implemented customer support measures for financially vulnerable clients, including specialised care teams.