Insurance Australia Group (IAG) AGM 2024 summary

Opening remarks and agenda

• The meeting was formally opened with a Welcome to Country, acknowledging the traditional owners and cultural protocols of the Gadigal people.

• The agenda and Notice of Meeting were confirmed, and procedural matters for voting and questions were outlined for both in-person and online attendees.

• Emphasized the purpose of making the world safer and supporting customers and communities in Australia and New Zealand for long-term success.

Financial performance review

• Net profit after tax rose by 7.9% to AUD 898 million, with pre-tax insurance profit at AUD 1.438 billion and net earned premiums up 11% to AUD 9.2 billion.

• Gross written premium increased by 11.3% to AUD 16.4 billion.

• Reported insurance margin was 15.6%, above the FY24 guidance range.

• Shareholder returns, including dividends and share price growth, reached nearly 30% for the year.

• AUD 550 million was returned to shareholders via buybacks over two years, with a further AUD 350 million buyback announced.

Dividend announcements

• Final dividend declared at AUD 0.17 per share, franked to 50%, bringing the full-year dividend to AUD 0.27 per share, up 80% on FY23.

• Dividend payout ratio was approximately 72% of reported net profit after tax.