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Insurance Australia Group Limited ( (AU:IAG) ) has provided an update.
Insurance Australia Group Limited has integrated newly acquired RACQ Insurance into its core reinsurance framework, bringing the Queensland-focused insurer under IAG’s main catastrophe cover, whole-of-account quota share arrangements and multi-year aggregate stop-loss protection. The expanded program now cedes 35% of IAG’s consolidated business, provides catastrophe cover for two events up to $10 billion with a $500 million attachment, and delivers around $1 billion in annual downside protection from natural perils through to FY29, moves which management says will capture targeted synergies, take advantage of improved global reinsurance market conditions and further reduce earnings volatility for the group.
The most recent analyst rating on (AU:IAG) stock is a Buy with a A$9.10 price target. To see the full list of analyst forecasts on Insurance Australia Group Limited stock, see the AU:IAG Stock Forecast page.
More about Insurance Australia Group Limited
Insurance Australia Group Limited (IAG) is the parent of a major general insurance group operating in Australia and New Zealand, underwriting over $17 billion in premiums annually through brands including NRMA Insurance, RACV and RACQI under distribution agreements, CGU and WFI in Australia, and NZI, State, AMI and Lumley in New Zealand.
YTD Price Performance: 0.13%
Average Trading Volume: 4,825,864
Technical Sentiment Signal: Buy
Current Market Cap: A$18.9B
For an in-depth examination of IAG stock, go to TipRanks’ Overview page.