Insurance Australia Group (IAG) has reported net income of A$91m (approx $81m) for the fiscal year 2010, a decrease of 49.7% compared to A$181m (approx $161m) for the same period in 2009.
Net earned premiums for the FY10 were A$7.06bn compared to A$7.23bn for the same period last year.
Gross earned premium in FY10declined to A$7.62bn from A$7.72bn in FY09.
The company posted insurance profit of A$493m for the FY10 compared to A$515m for the FY09.
IAG managing director and CEO Michael Wilkins said that a strong underlying performance from the businesses in the group’s home markets of Australia and New Zealand had underpinned the result, which was impacted by some adverse developments in the second half.
“This result demonstrates clear and ongoing improvement in our Australian and New Zealand businesses which represent nearly 90% of gross written premium (GWP). Collectively these businesses delivered an insurance margin of 13.2%, up from 6.8% last year,” Wilkins said.