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Australian insurer IAG slumps into year loss

Thu Aug 21, 2008 6:47pm EDT

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SYDNEY, Aug 22 (Reuters) - Insurance Australia Group Ltd (IAG.AX), the nation's top car and home insurer, reported an annual loss of A$261 million ($229 million) on Friday, hurt by heavy restructuring and impairment charges.

The company said claims costs from natural perils rose 22 percent to A$502 million, well above allowances, for the year ended June 30. Insurance profit fell to A$448 million from A$767 million a year ago.

In 2006/07, IAG reported a profit of A$552 million.

The company paid a final dividend of 9 cents for the year, down from 16 cents a year earlier.

IAG shares are down 10.4 percent so far in 2008 compared with an 23.1 percent fall in the benchmark S&P/ASX 200 Index .AXJO.

(Reporting by Mette Fraende)



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