Insurance Australia Group: AGM update
About the author:
- Author name:
- By Richard Coles
- Job title:
- Senior Analyst
- Date posted:
- 12 October 2023, 7:30 AM
- Sectors Covered:
- Insurance, Diversified Financials
- Insurance Australia Group (ASX:IAG) has given an AGM update.
- There were positives and negatives in the update. Broadly though, we think IAG should be tracking ahead of budget after 1Q24, given natural perils in the period were extremely low.
- We make relatively nominal changes to our IAG FY24 EPS forecasts of -2%. Our price target is lowered to (login to view).
- The recent pull back in IAG’s share price now means it is trading at a >10% discount to our price target, and we move back to an ADD recommendation.
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