IAG Announces $200 Million Share Buyback, Raises Dividend

A man walks past the Insurance Australia Group head office in Sydney, July 13, 2015. AAP Image/Mick Tsikas

Insurance Australia Group (IAG) has announced a $200 million (US$130 million) share buyback and raised its dividend after its profit from insurance lifted 75 percent to $614 million (US$400 million) in the first half.

Gross written premiums rose 12.5 percent to $7.9 billion (US$5.1 billion) in the six months to Dec. 31, IAG said on Feb. 16, reaffirming its 2023/24 guidance.