Insurance Australia Group upgrades profit margin projections

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Insurance Australia Group Ltd. has upgraded its forecasts for full-year profit margin to the 18% to 18.3% range from previous projections of 14.5% to 16.5%, Sydney Morning Herald reported.

The insurer attributed the change to calmer weather and a lack of claims. IAG chief executive Mike Wilkins said the increased estimate "reflects the relatively benign natural peril activity in the second half of the financial year, notably in Australia, and a more favorable financial impact from narrower credit spreads than previously anticipated," reports Sydney Morning Herald.

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