Lower margin of 6.6% in the UK due to bodily injury claims

Insurance Australia Group (IAG) reported half-year results saying “In the UK, GWP grew in local currency, with growth focused on profitable specialist insurance classes. A lower margin of 6.6% reflected reserve strengthening for prior year bodily injury claims and weaker investment returns, both of which have been felt across the UK industry.

UK financial highlights A$m (H1 2009 in brackets)

  • Gross written premium (389) 406
  • Gross earned premium (404) 379
  • Net earned premium (382) 361
  • Underwriting profit/(loss) (24) 17
  • Insurance profit/(loss) (77) 24
  • Combined ratio (93.8%) 95.3%

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