IAG's premiums up nearly 8% in first half

Insurance Australia Group Ltd.'s gross written premiums grew by 7.5% year-on-year to $7.1 billion Australian ($4.9 billion) in the first half ended Dec. 31, 2022, driven by rate increases that offset higher inflation, Reinsurance News reported. The insurer's net profit after tax increased to AUD468 million from AUD173 million in the year-ago period and included a post-tax COVID-19 business interruption provision benefit of AUD252 million.