IAG in line to meet financial guidance

Insurance group IAG says it is on track to meet guidance for strong profit margins this year. Source: AAP

INSURANCE Australia Group says it is on track to meet guidance for strong profit margins and higher premiums this year despite the NSW bushfires.

IAG's chief executive Mike Wilkins told the company's annual general meeting on Wednesday that the major insurer, which owns brands such as NRMA and CGU, had recorded a solid underlying operating performance in the opening months of the 2012/13 financial year.

It has forecast an insurance margin - a key measure of an insurer's profitability - of 12.5 per cent to 14.5 per cent, compared to last year's record high 17.2 per cent.

Gross written premium growth guidance of five to seven per cent was maintained, following last year's 11 per cent rise to $9.5 billion and net profit of $776 million, the best in seven years.

IAG shares gained 17 cents, or 2.9 per cent, to $6.11.

The company told shareholders that it had received 660 claims from the NSW bushfires and expects to pay out net claims of $65 million to $85 million.

IAG has budgeted for net losses from natural perils in the current financial year of $640 million.

Insurance analysts have suggested the NSW bushfires will not have as great an impact as others, such as Victoria's 2009 Black Saturday fires.

IAG and rival Suncorp Group control about 70 per cent of the Australian home and car insurance market.

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