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Insurance Australia Group reports lower earnings YOY

Insurance Australia Group Ltd. reported profit attributable to shareholders of A$372 million in its fiscal second half ended June 30, down from A$483 million in the prior-year period.

Full-year 2018 profit attributable to shareholders was A$923 million, compared to A$929 million in full year 2017.

Underwriting profit was A$555 million in fiscal second half, higher than A$492 million in the year-ago period. Full-year underwriting profit was A$1.18 billion, up from A$1.04 billion.

The company notched insurance profit of A$662 million in the second half, down from A$692 million in the prior-year period. Full-year insurance profit reached A$1.41 billion, up from A$1.27 billion.

Gross written premium increased to A$6.00 billion from A$5.82 billion, and to A$11.65 billion from A$11.44 billion for the full year.

Net earned premium fell to A$3.50 billion from A$4.09 billion, and to A$7.67 billion from A$8.20 billion for the full year.

The board of directors also approved a final fully franked dividend of 20 cents per ordinary share, higher than the interim fully franked dividend of 14 cents.

The dividend is payable Sept. 27 to shareholders of record as of Aug. 22.