INSURANCE AUSTRALIA GROUP LIMITED (IAG)
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IAG

IAG - INSURANCE AUSTRALIA GROUP LIMITED

FNArena Sector : Insurance
Year End: June
GICS Industry Group : Insurance
Debt/EBITDA: N/A
Index: ASX50 | ASX100 | ASX200 | ASX300 | ALL-ORDS

Insurance Australia Group is an insurance company formed by the demutualisation of the NRMA Insurance business in July 2000. It is not a customer-facing brand, but an umbrella organisation that holds many well known insurance brands in Australia, NZ and Asia, incl NRMA Insurance and CGU.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$8.62

16 Sep
2025

-0.050

OPEN

$8.65

-0.58%

HIGH

$8.69

2,184,387

LOW

$8.56

TARGET
$9.134 6.0% upside
Franking for last dividend paid out: 40%
OTHER COMPANIES IN THE SAME SECTOR
AUB . CVW . FCL . GDG . HLI . MPL . NHF . NOL . QBE . SDF . SUN . TWR .
FNARENA'S MARKET CONSENSUS FORECASTS
IAG: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 57.5 44.1 xxx
DPS (cps) xxx 31.0 30.6 xxx
EPS Growth xxx 54.1% - 23.3% xxx
DPS Growth xxx 14.8% - 1.2% xxx
PE Ratio xxx N/A 19.2 xxx
Dividend Yield xxx N/A 3.6% xxx
Div Pay Ratio(%) xxx 53.9% 69.5% xxx

Dividend yield today if purchased 3 years ago: 6.87%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 3.67

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 29/08 - ex-div 17c (franking 50%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx57.5
DPS All xxxxxxxxxxxxxxx31.0
Sales/Revenue xxxxxxxxxxxxxxx17,708.0 M
Book Value Per Share xxxxxxxxxxxxxxx310.7
Net Operating Cash Flow xxxxxxxxxxxxxxx1,352.0 M
Net Profit Margin xxxxxxxxxxxxxxx7.67 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx19.43 %
Return on Invested Capital xxxxxxxxxxxxxxx13.77 %
Return on Assets xxxxxxxxxxxxxxx5.23 %
Return on Equity xxxxxxxxxxxxxxx19.43 %
Return on Total Capital xxxxxxxxxxxxxxx23.13 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx81 M
Long Term Debt xxxxxxxxxxxxxxx2,876 M
Total Debt xxxxxxxxxxxxxxx2,957 M
Goodwill - Gross xxxxxxxxxxxxxxx2,824 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx2,253 M
Price To Book Value xxxxxxxxxxxxxxx2.91

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx0.0 M
Capex % of Sales xxxxxxxxxxxxxxx0.00 %
Cost of Goods Sold xxxxxxxxxxxxxxx-
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx2,317 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx11,954 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.3

No. Of Recommendations

5
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

3

xxxxx-xxxxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Citi

08/09/2025

1

Buy

$10.00

16.01%

Citi notes investor concern that insurers’ share prices could weaken as premium rate growth slows and the cycle softens, particularly in property if the US hurricane season is mild.

The broker argues this view is too bearish, as earnings should remain resilient in the near term.

The analysts observe terms and conditions are holding, with early signs of stabilisation in classes such as Directors and Officers liability insurance and cyber, though further evidence is required.

Citi also believes insurers can absorb modest interest rate declines given margin flexibility and alternative levers.

The Buy rating and $10.00 target are kept for Insurance Australia Group.

Among general insurers under coverage, the broker's order of preference is QBE Insurance, Insurance Australia Group, and then Suncorp Group.

FORECAST
Citi forecasts a full year FY26 dividend of 33.00 cents and EPS of 47.00 cents.
Citi forecasts a full year FY27 dividend of 34.00 cents and EPS of 49.50 cents.

Ord Minnett

xx/xx/xxxx

-1

xx xxxxxx

xx.xx%

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Morgans

xx/xx/xxxx

4

xxxxxxxxx xx xxxx xxxx xxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

11/09/2025

3

Neutral

$8.50

-1.39%

Insurance Australia Group's proposed acquisition of Royal Automobile Club of Western Australia (RAC) faces heightened regulatory risks.

Jarden notes the ACCC’s statement of issues flagged material market concentration in WA, RAC’s strong position as a competitor, and limited prospects for new entrants.

The ACCC decision is due November 27, 2025. The broker suggests the muted share price reaction suggests the market had anticipated such concerns.

Approval following a Statement of Issues (SOI) typically requires structural remedies such as divestments, carve outs, or maintaining RAC as an independent operating entity, notes Jarden. All of which are expected to dilute deal economics or be unattractive to either party.

Absent a deal, Jarden expects management at Insurance Australia Group could pursue capital management.

The broker retains a Neutral rating and $8.50 target.

FORECAST
Jarden forecasts a full year FY26 dividend of 32.00 cents and EPS of 42.80 cents.
Jarden forecasts a full year FY27 dividend of 34.00 cents and EPS of 46.20 cents.
Access Extra Coverage Research History >

IAG STOCK CHART

FNArena News on IAG

1
Australian Broker Call *Extra* Edition – Sep 11, 2025

Sep 11 2025 - Daily Market Reports
2
Next Week At A Glance – 8-12 Sep 2025

Sep 05 2025 - Weekly Reports
3
Australian Broker Call *Extra* Edition – Aug 18, 2025

Aug 18 2025 - Daily Market Reports
4
FNArena Corporate Results Monitor – 14-08-2025

Aug 14 2025 - Australia
5
Rudi’s View: Five Bellwethers For August

Aug 06 2025 - Rudi's View

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