Insurance Australia group has reported a net after tax profit of $347 million, which compares well to last year?s $427 million loss.
The company said the net result also includes a strengthening of prior period reserves and a challenging operating environment with a higher incident of natural perils, volatile investment markets and higher inflation.
?Our FY22 financial results reflect the quality of our underlying business as we build a stronger and more resilient IAG. We had strong GWP growth and the performance of our business was steady despite the challenging external environment,? said CEO Nick Hawkins.
The IAG share price rose just over 1% following the announcement.