IAG's first-half profit has dropped 4.3 per cent to $446 million after November's New Zealand earthquake helped push its natural peril claim costs over allowance.
The company says the quake resulted in $117 million of claims, pushing its total natural peril claims $80 million over allowance.
Gross written premium rose 4.7 per cent to an above-expectation $5.8 billion, but underlying margin - the company's preferred measure of performance - was down 1.6 percentage points to 12.6 per cent.
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