By Alice Uribe
SYDNEY--Insurance Australia Group Ltd. said it expects to report a 427 million Australian dollar (US$315.2 million) loss in the 2021 fiscal year, as it reintroduced guidance for the coming 12 months.
IAG said the forecast loss for the 12 months through June compares to a net profit of A$435 million in the previous year.
The Australian insurer on Friday also said a preliminary assessment of its cash earnings--a measure tracked by analysts that excludes certain costs and one-time items--for fiscal 2021 is A$747 million, up from A$279 million the previous year.
"Our underlying financial results for the year are sound and within expectations," said Chief Executive Nick Hawkins. "However, we have had challenges with issues that have been identified and provisioned for in our preliminary results."