Insurance Australia (ASX:IAG) recently reported its financial performance for the fiscal year.

The company’s revenue from regular operations amounted to A$19,851 million, compared to A$18,347 million from the previous year.

Insurance Australia further revealed a profit attributable to A$832 million, a significant boost from A$347 million in the preceding year.

The firm’s cash earnings touched A$452 million, marking a substantial rise from A$213 million.

Additionally, this year’s gross written premium reached A$14,729 million, an improvement from A$13,317 million.

For the upcoming fiscal year, Insurance Australia envisions low double-digit growth in gross written premium.

The company also forecasts a reported insurance margin guidance of 13.5% to 15.5%.

Insurance Australia anticipates an increase in natural peril allowance to A$1,147 million in FY24.

The projected insurance margin guidance is expected to yield an insurance profit between roughly A$1.2 billion and A$1.45 billion.

The company has revised its ambitious goals to deliver a 15% insurance margin and a reported return on equity of 13% to 14% on a ‘through the cycle’ basis.

By FY24, Insurance Australia foresees modest volume growth coupled with an increase in customer numbers.

Insurance Australia is a leading general insurance company specializing in car, home, business, and travel insurance among other services.