CANBERA (dpa-AFX) - At the Annual General Meeting, Insurance Australia Group Ltd.'s (IAUGY.PK, IAUGF.PK) Chief Executive Officer, Nick Hawkins, said that he remains confident in the ability of business and staff to deliver on the targets the company has set.
The CEO said that the company has taken steps to manage own carbon footprint and it has made a commitment to achieve Net Zero emissions by 2050.
The company is on track to meet its target to cease insuring entities predominately in the business of extracting fossil fuels - including oil and gas - and power generation from coal by the end of fiscal year 2023.
Looking ahead for fiscal year 2023, the company forecasts mid-to-high single digit growth in gross written premium and reported insurance margin in the range of 14% to 16%. It is a step towards aspirational goals to deliver a 15% to 17% insurance margin and a 12% to 13% Return on Equity over the medium term.
Nick Hawkins noted that fiscal year 2023 result will benefit from the pre-tax A$360 million reduction in the COVID-19 Business Interruption provision following a resolution of some of the legal issues.
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