Insurance Australia Group (IAG) AGM 2024 summary

Opening remarks and agenda

• The meeting opened with acknowledgment of traditional land, Welcome to Country, and introductions of the board and leadership team, outlining procedural instructions for voting and questions.

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

• The agenda included financial performance review, board updates, shareholder questions, director re-elections, remuneration, and incentive allocations.

Financial performance review

• Net profit after tax rose 7.9% to $898 million, with pre-tax insurance profit at $1,438 million and net earned premiums up 11% to $9.2 billion.

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

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

• Shareholder returns reached almost 30% for the year, with $550 million returned to shareholders over two years.

• Claims paid totaled $10,747 million, with a 98% acceptance rate in Australia and New Zealand.

Dividend announcements

• Final dividend declared at 17.0 cents per share (50% franked), bringing the full-year dividend to 27.0 cents per share, up 80% on FY23, with a payout ratio of 72%.