Business Services Industry
Storms dent insurers' profit hopes.
Australasian Business Intelligence, June, 2007
Byline: Danny John
Jun 13, 2007 (The Sydney Morning Herald - ABIX via COMTEX) -- Analysts have reduced their earnings forecasts for Insurance Australia Group (IAG) and Suncorp-Metway as a result of floods in New South Wales. They now expect IAG's 2007 earnings to fall to around $A532m, while Suncorp's profit is expected to fall to around $A1.08bn. The floods are now expected to result in insurance claims of at least $A250m. IAG shares closed $A0.09 lower at $A5.81 on 13 June, while Suncorp was down $A0.22 at $A20.69.
Publication Date: 14 June 2007
INSURANCE AUSTRALIA GROUP LIMITED - ASX IAG
SUNCORP-METWAY LIMITED - ASX SUN
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