February 13, 2018 / 9:37 PM / 3 months ago

Insurance Australia Group H1 profit rises over 23 pct

Feb 14 (Reuters) - Insurance Australia Group, the country’s biggest general insurer by market share, on Wednesday reported a more than 23 percent rise in profit, helped by higher fees to counter surging payouts.

IAG said in a statement that net profit rose to A$551 million ($432.92 million) in the six months ended Dec. 31 compared with A$446 million a year ago, beating the A$457 million estimate of two analysts polled by Thomson Reuters I/B/E/S. ($1 = 1.2728 Australian dollars) (Reporting By Shashwat Pradhan in Bengaluru; Editing by Stephen Coates and XXXX)

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