Invest with Confidence:
- Follow TipRanks' Top Wall Street Analysts to uncover their success rate and average return.
- Join thousands of data-driven investors – Build your Smart Portfolio for personalized insights.
Insurance Australia Group Limited ( (AU:IAG) ) has provided an update.
IAG has announced a significant update regarding the class action related to business interruption cover and its COVID-19 business interruption provision. The Federal Court has decided to declass the proceeding as a class action, effective from 26 March 2025, and has outlined steps for group members who do not wish to be bound by the court’s rulings. With the appeal period expired and no appeal sought by the representative applicant, IAG plans to release $200 million of its $380 million provision based on actuarial assessments, reflecting the potential for future claims. This adjustment will positively impact their financial results, which are set to be announced in February 2025.
More about Insurance Australia Group Limited
Insurance Australia Group Limited (IAG) is a general insurance company operating in Australia and New Zealand. The group underwrites over $16 billion in insurance premiums annually through various leading brands including NRMA Insurance, RACV, CGU, WFI in Australia, and NZI, State, AMI, and Lumley in New Zealand.
YTD Price Performance: 4.91%
Average Trading Volume: 381
Technical Sentiment Consensus Rating: Sell
Current Market Cap: $13.01B
See more data about IAG stock on TipRanks’ Stock Analysis page.
