Insurance Australia Posts Surge In H1 Profit

Insurance Australia Group

reported a strong rise in its first-half profit. Insurance Australia's net profit in the six months surged to 461 million Australian dollars (US$473 million), from A$144 million, in the year-ago period. However, analysts were expecting a profit of A$337 million. Insurance profit surged to A$815 million, from A$276 million. IAG announced its plans to pay an interim dividend of 11 cents per share, up from 5 cents in the year-ago period. Insurance Australia shares closed at $27.79 yesterday.