Insurance Australia

IAG expects to see elevated reserve releases in FY17 of ~5% of NEP, and has
upgraded insurance margin guidance to 13.5-15.5%.

We think IAG is now expensive for a general insurer, trading on 18x  FY18 earnings.

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Given the current tailwinds, any pullback in price will be moderate and at $6.50 the stock is well supported by a 5% dividend yield.

IAG remains an attractive buy-write.



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