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Financials

Insurance Australia Group reports 9 pct drop in H1 profit

Feb 6 (Reuters) - Insurance Australia Group on Wednesday said first-half profit dropped 9.3 percent, hurt by costly damage from a hailstorm that battered Sydney and the Central Coast in December.

Net profit fell to A$500 million ($361.70 million) in the six months ended Dec. 31, compared with A$551 million a year ago.

Australia’s biggest general insurer wrote A$5.88 billion worth of gross premiums during the half, a 4.1 percent drop from A$5.83 billion in same period last year. ($1 = 1.3824 Australian dollars) (Reporting by Aditya Soni and Nikhil Kurian Nainan in Bengaluru; editing by Jonathan Oatis)

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