• Net profit after tax up 91.2% to $778 million
• Insurance profit up 55.9% to $957 million
• Reported insurance margin of 19.4%, up from 13.7% in 1H24

IAG has reported a net profit after tax of $778 million for the first half of FY25, up 91.2% from the prior corresponding period. This was driven by a 55.9% increase in insurance profit to $957 million, reflecting a 9.7% rise in net earned premium, an improvement in the underlying insurance margin, and favorable net natural perils experience. The reported insurance margin was 19.4%, up from 13.7% in 1H24. The underlying insurance margin of 15.1% was also higher than the prior period, reflecting an improved claims ratio and lower expense ratio, partially offset by higher non-quota share reinsurance costs and lower investment yields. The Group's Retail Insurance Australia division delivered 6.1% growth in gross written premium, with strong performance in personal short-tail and CTP insurance. The Group's capital position remained strong, with a Prescribed Capital Amount (PCA) multiple of 2.40 and a Common Equity Tier 1 Capital (CET1) multiple of 1.42 at 31 December 2024.

IAG expects to deliver a full-year FY25 insurance profit margin in the range of 15-17%, subject to no material changes in claims experience or investment market conditions.

IAG remains focused on delivering sustainable growth and profitability through disciplined underwriting, prudent capital management, and continued investment in digital and customer initiatives. The Group is well-positioned to navigate the evolving insurance market and capitalize on opportunities to drive long-term value for shareholders.