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.
Provided by Dow Jones By Alice Uribe SYDNEY Insurance Australia Group Ltd. said it expects to report a 427 million Australian dollar (US$315.2 million) loss 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 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.
IAG CEO and Managing Director Nick Hawkins today announced key appointments to the company's Group Leadership Team to support its ambition to deliver a.
IAG CEO overhauls leadership to make business more resilient
10-03-2021
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Australian general insurer IAG has unveiled several key leadership changes, including a senior hire from Chubb, in a move its chief executive Nick Hawkins hopes will make the company s business model stronger and more resilient .
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