February 11, 2020 / 10:26 PM / 16 days ago

BRIEF-Insurance Australia Group H1 Profit Down 43%

Feb 12 (Reuters) - Insurance Australia Group Ltd:

* H1 REVENUE FROM ORDINARY ACTIVITIES UP 5.0 % TO $9,012 MILLION

* H1 NET PROFIT ATTRIBUTABLE $283 MILLION VERSUS $500 MILLION

* H1 GWP OF $5,962 MILLION REPRESENTED A 1.4% INCREASE

* DUE TO CATASTROPHIC WEATHER EVENTS, LOWERS FY2020 REPORTED INSURANCE MARGIN GUIDANCE RANGE BY 350BPS, TO 12.5-14.5%

* AS AT FEB 12, MAXIMUM EVENT RETENTION CUT TO ABOUT $50 MILLION AFTER EROSION OF DEDUCTIBLE ON CY2020 AGGREGATE CATASTROPHE REINSURANCE COVER Source text for Eikon: Further company coverage:

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