February 11, 2020 / 9:25 PM / in 10 days

Insurance Australia Group posts 43% fall in first-half profit

Feb 12 (Reuters) - Insurance Australia Group posted a drop of more than 43% in first-half profit on Wednesday, hurt by rising claims from bushfires and hailstorms across the country.

Net profit was A$283 million ($189.98 million) in the six months ended Dec. 31, compared with A$500 million a year earlier.

Australia’s biggest general insurer reported a half-year insurance margin, a key profitability metric, of 13.5% for the period.($1 = 1.4896 Australian dollars) (Reporting by Arpit Nayak and Aby Jose Koilparambil in Bengaluru; Editing by Anil D’Silva)

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