• Net profit after tax (NPAT) $778m, up 91.2%
• Insurance profit $957m, up 55.9%
• Gross written premium (GWP) $8,426m, up 6.0%

IAG today announced its first half results for financial year 2025, reporting a net profit after tax of $778m, up 91% (1H24: $407m). This increase was mainly driven by the $140m post-tax release of the COVID Business Interruption provision, an increase in net earned premiums, and an improvement in the insurance profit. The pre-tax insurance profit of $957m was up 56% (1H24: $614m) and equated to a reported margin of 19.4% (1H24: 13.7%). The company's natural perils costs were $215m below allowance for the half and had a significantly positive impact on the insurance profit. The IAG Board declared an interim dividend of 12cps. IAG Managing Director and CEO Nick Hawkins said the result reflects the quality of IAG's business as it continues to see consistent, reliable performance across its portfolios and steady progress against its strategic priorities. The company has made significant improvements in its claims management capability and customer experience, with high customer satisfaction and renewal levels in its retail business. IAG is working to minimise the impact of premium increases on customers, particularly those facing financial hardship due to the cost-of-living crisis, and has provided financial support to more than 10,000 customers across Australia and New Zealand who are experiencing difficulties. The company's investment in operational initiatives, including migrating over 3 million policies to its Retail Enterprise Platform, has delivered significant improvements in customer experience and efficiency. Looking ahead, IAG is confident in its ability to support customers, deliver strong returns for shareholders, and help build resilience and strength across Australia and New Zealand.

IAG's FY25 guidance includes a reported insurance profit of $1,400m to $1,600m, a reported insurance margin towards the top end of the 13.5% to 15.5% range, and GWP growth towards the lower end of mid-to-high single digit. This assumes FY25 natural peril costs of $1,283m, continued positive momentum in the underlying performance of IAG's businesses, no material prior period reserve releases or strengthening, and no material movement in macro-economic conditions.

IAG is confident in its ability to support customers, deliver strong returns for shareholders, and help build resilience and strength across Australia and New Zealand as it moves into the next phase of growth with its streamlined structure, investment in technology, and commitment to quality customer service.