Insurance Australia Group cuts dividend despite $347 million profit

Insurance Australia Group has cut its dividend despite turning a profit in the recent financial year, says Sky News Business Reporter Edward Boyd.

The group, which owns NRMA and CGU, posted a profit of $347 million, a sharp increase from the $427 million loss reported last year.

Natural disasters, however, cost the insurer $1.1 billion during the year, causing the dividend to drop to just $0.05 from $0.13 per share.

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