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Insurance Australia Group Ltd. registered a 59% jump in net profit to $1.23 billion Australian ($1.16 billion) for the year ended June 2014, Radio New Zealand reported.
IAG's gross written premium in New Zealand increased nearly 4%.
The insurer expects 17% to 20% growth in premiums this year, majorly reflecting the acquisition of the Wesfarmers insurance business.
1. Turkish airlines cancel flights to Iran and Iraq amid war concerns
3. Zurich Insurance to stop underwriting new oil and gas projects
4. Bermudan, European reinsurers to suffer major hit from bridge collapse
5. Tycoon gets death sentence for multi-billion-dollar fraud
6. Inflation drives 10% increase in sum insured for windstorms