21 Feb 2014

IAG's first-half profit up by nearly 40%

11:29 am on 21 February 2014

The largest general insurance company operating in New Zealand has lifted first-half net profit by 39.3 percent, although underlying profit was flat.

The Sydney-based Insurance Australia Group (IAG), which operates in New Zealand through the NZI, State and AMI brands, lifted net profit to $A642 million in the six months to December.

However, the result for the equivalent period a year ealier had been dragged down by a $A182 million loss from business activities the insurer no longer operates.

The company says its gross written premiums in New Zealand rose by 4.7 percent, with rate increases charged to domestic homeowners a feature across all its brands.