IAG New Zealand has announced an insurance profit of A$606m ($395m) (FY2024: AU$457m) for the financial year ended 30 June 2025, delivering a reported insurance margin of 27.4% (FY2024: 22.5%).
This result reflects the lower cost of natural disasters (A$156m below allowance) and achieving a stronger underlying margin of 20.1% (FY2024: 16.9%) due to lower claims costs.
Gross written premium (GWP) increased by 0.3% to A$3.8bn (FY2024: A$3.796bn), with growth of 1.7% in local currency terms.
“Our financial performance in FY2025 reflects the investment we have made in our business to deliver on our strategy, meet customers’ needs and create a stronger, more resilient IAG,” said IAG New Zealand CEO Amanda Whiting.
“New Zealand is highly exposed to natural hazards and weather-related disasters and their growing impacts. We must remain financially strong to be able to pay claims and help our customers recover from the next big event, and today’s results help us do this.”
Said Ms Whiting, “This year, we have been focused on improving our ability to understand, prepare for and respond to disasters so that we can be there for our customers when they need us most. We have also made great progress in simplifying our claims process and we are continuing to invest in streamlining our business to help us bring new, world-class products and services to our customers.
“We are conscious of the financial pressures many New Zealanders are experiencing. Delivering on our strategy and investing for growth, alongside falling inflation has allowed us to provide lower rate increases for customers over the course of the year and we expect this to continue in FY2026.”
Throughout FY2025, IAG New Zealand insured over NZ$1.07tn ($636.4bn) in assets and continued to protect around one in two New Zealand households. More than half a million claims were received in FY2025 and NZ$2.17bn was paid out to support customers.
Sustainability
“IAG is committed to keeping insurance accessible and affordable for New Zealanders and will continue to advocate for a pragmatic approach to address the growing risk of extreme weather and natural hazards. The path forward is clear: invest in better hazard data, make smarter planning decisions, strengthen infrastructure, and, where necessary, relocate communities out of high-risk areas,” said Ms Whiting.
“We are also focussed on helping our customers to understand the changing climate, better understand insurance and how to manage the risks they face, as well as reducing our environmental footprint.”