Insurance Australia Group: Investor Day
About the author:
- Author name:
- By Richard Coles
- Job title:
- Senior Analyst
- Date posted:
- 15 June 2023, 7:00 AM
- Sectors Covered:
- Insurance, Diversified Financials
- Insurance Australia Group (ASX:IAG) has hosted its investor day in Sydney.
- Our key takeaways from the day were; 1) IAG has slightly lifted its expected medium term ROE target range, but simultaneously lowered medium-term insurance margin expectations; 2) the Intermediate Insurance Australia business is on track to achieve its A$250m profit target by FY24, and 3) Current home and motor price increases in the Direct Insurance Australia business are tracking well above current inflation levels.
- We provide a brief summary of the key points from each presentation section below.
- We alter our IAG FY24F/FY25F cash EPS forecasts by +1%/-1% on a broad range of assumption changes. Our IAG PT rises to (login to view) on our earnings changes and a valuation roll-forward. We maintain our Hold call on valuation grounds.
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