Insurance Australia Group (ASX:IAG) shares have fallen as much as 3% to A$5.66, marking their largest intraday drop since March 20.

The stock has hit its lowest point since July 18.

The country’s leading general insurer has posted fiscal year cash earnings of A$452 million ($289.69 million), a significant increase from A$213 million a year prior.

However, these cash earnings fell short of analysts' average estimate of A$656.7 million.

The company has declared a final dividend of 9 Australian cents per share, which is an increase from the 5 cents per share a year ago.

In addition, the company is projecting lower double-digit growth in gross written premiums (GWP) for fiscal 2024.

Despite the earnings miss, the company’s stock has risen 23% this year as of the most recent close.

Insurance Australia Group (ASX:IAG) is the country’s top general insurer.