|
2012 |
2011 |
2010 |
2009 |
2008(a) $M |
|
|
Gross written premium |
8,992 |
8,050 |
7,782 |
7,842 |
7,793 |
|
Gross written premium growth |
11.7% |
3.4% |
(0.8)% |
0.6% |
5.6% |
|
Premium revenue |
8,577 |
7,858 |
7,621 |
7,718 |
7,765 |
|
Outward reinsurance premium expense |
(734) |
(620) |
(556) |
(485) |
(470) |
|
Net premium revenue |
7,843 |
7,238 |
7,065 |
7,233 |
7,295 |
|
Net claims expense |
(5,791) |
(5,089) |
(5,072) |
(5,370) |
(5,155) |
|
Underwriting expenses |
(2,144) |
(1,978) |
(2,054) |
(2,128) |
(2,180) |
|
Underwriting profit/(loss) |
(92) |
171 |
(61) |
(265) |
(40) |
|
Net investment income on assets backing insurance liabilities |
924 |
489 |
554 |
780 |
432 |
|
Insurance profit |
832 |
660 |
493 |
515 |
392 |
|
Net investment income from equity holders' funds(b) |
89 |
213 |
96 |
(39) |
24 |
|
Other income |
253 |
264 |
256 |
403 |
487 |
|
Share of net profit/(loss) of associates |
(12) |
(8) |
3 |
8 |
(3) |
|
Finance costs |
(97) |
(86) |
(88) |
(87) |
(101) |
|
Corporate and administration expenses |
(297) |
(259) |
(245) |
(423) |
(528) |
|
Amortisation expenses and impairment charges of acquired intangible assets and goodwill(c) |
(325) |
(170) |
(113) |
(65) |
(407) |
|
Profit/(loss) before income tax |
443 |
614 |
402 |
312 |
(136) |
|
Income tax expense |
(178) |
(276) |
(212) |
(65) |
(90) |
|
Net profit/(loss) |
265 |
338 |
190 |
247 |
(226) |
|
Net profit attributable to non-controlling interests |
(58) |
(88) |
(99) |
(66) |
(35) |
|
Net profit/(loss) attributable to equity holders of Insurance Australia Group Limited |
207 |
250 |
91 |
181 |
(261) |
|
Ordinary equity holders' equity ($ million) |
4,343 |
4,417 |
4,486 |
4,671 |
4,204 |
|
Total assets ($ million) |
25,132 |
23,029 |
20,442 |
19,360 |
19,380 |
|
Key Ratios |
|||||
|
Loss ratio(d) |
73.8% |
70.3% |
71.8% |
74.2% |
70.7% |
|
Expense ratio(e) |
27.4% |
27.3% |
29.1% |
29.4% |
29.9% |
|
Combined ratio(f) |
101.2% |
97.6% |
100.9% |
103.6% |
100.6% |
|
Insurance margin(g) |
10.6% |
9.1% |
7.0% |
7.1% |
5.4% |
|
Share Information |
|||||
|
Dividends per ordinary share – fully franked (cents) |
17.00 |
16.00 |
13.00 |
10.00 |
22.50 |
|
Basic earnings per ordinary share (cents) |
10.01 |
12.08 |
4.39 |
9.32 |
(14.11) |
|
Ordinary share price at 30 June ($) (ASX: IAG) |
3.48 |
3.40 |
3.41 |
3.51 |
3.47 |
|
Convertible Preference Share price at 30 June ($) (ASX: IAGPC) |
98.10 |
– |
– |
– |
– |
|
Reset Exchangeable Securities price at 30 June ($) (ASX: IANG) |
99.30 |
103.00 |
100.00 |
74.75 |
81.89 |
|
Issued ordinary shares (million) |
2,079 |
2,079 |
2,079 |
2,071 |
1,878 |
|
Issued convertible preference shares (million) |
4 |
– |
– |
– |
– |
|
Market capitalisation (ordinary shares) at 30 June ($ million) |
7,235 |
7,069 |
7,089 |
7,269 |
6,517 |
|
Net tangible asset backing per ordinary share ($) |
1.20 |
1.23 |
1.16 |
1.16 |
0.93 |
(a) The financial information for the 2008 year has been reclassified to provide comparable figures for the segment reporting adopted in 2009. This includes reallocation of corporate expenses and reinsurance to the operating divisions.
(b) This included an unrealised gain/(loss) on embedded derivatives of ($96 million) for 2010, $27 million for 2009 and $69 million for 2008.
(c) This included impairment charges for acquired identifiable intangible assets and goodwill of $297 million for 2012, $150 million for 2011, $87 million for 2010, $18 million for 2009 and $342 million for 2008.
(d) The loss ratio refers to the net claims expense as a percentage of net earned premium.
(e) The expense ratio refers to the underwriting expenses as a percentage of net earned premium.
(f) The combined ratio refers to the sum of the loss ratio and expense ratio.
(g) Insurance margin is a ratio of insurance profit over net premium revenue.