Insurance Australia Group's annual net profit up 59%

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.

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