IAG has cut its full-year margin guidance as a result of the Auckland floods and an anticipated increase in natural perils costs and with inflationary impacts exceeding expectations during the first half.
The reported insurance margin is expected to be around 10% compared to the previously anticipated 14-16% range. The company continues to target a 15-17% margin in the medium term.
“The Auckland event, combined with the escalation in supply chain inflation has delayed our ability to…