Insurance Australia FY12 Net Profit Drops 17.2%

Insurance Australia Group Ltd

reported a 17.2% drop in its net profit for fiscal 2012. Insurance Australia's net profit for the period declined to A$207 million, from A$250 million, in the year-ago period. IAG's insurance profit climbed 26% to A$832 million in the same period. IAG also declared a full-year dividend of 17 cents per share, versus 16 cents per share in the previous year.