IAG boosts UK claims reserves
Insurance Australia Group (IAG) said that due to a "significant deterioration in UK claim experience", in particular bodily injury claims, it has conducted an independent actuarial review of its UK business.
As a result, in FY10 the group expects to recognise an associated one-off, pre-tax charge of approximately $365m and to report a full year insurance margin of 6% - 7%, down from previous guidance of 9.5% - 11%.
The group has also announced FY11 insurance margin guidance of 10.5% - 12.5% which it said "reflected confidence in the continued underlying improvement in its overall business".
The anticipated $365m charge in FY10 mainly relates to claim reserve strengthening, and includes an
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