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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. ....
By Alice Uribe Banks are seeking urgent authorization from Australia s competition regulator for a renewed program of loan deferrals amid Sydney s worsening Covid-19 outbreak, according to the Australian Banking Association. The national package would be available to borrowers significantly affected by current lockdowns or recovery from recent lockdowns, irrespective of geography or industry. Australia s banks had largely run down loan deferrals that were introduced in 2020 during the Covid-19 outbreak, but their return comes as Sydney grapples with the infectious Delta strain. This pandemic demonstrates why strong and stable banks are so important for the nation s economy. Banks are ready to do whatever they can to shield their customers from the impact of these recent lockdowns , ABA Chief Executive Anna Bligh said. ....
SYDNEY National Australia Bank Ltd. will undergo a formal review by Australia s financial intelligence regulator over concerns that it breached anti-money laundering and. | June 6, 2021 ....
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