Insurance Australia Group: AGM update

About the author:

Richard Coles
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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