Cyclone claims send insurer's profit down

Insurance Australia Group, the country's biggest home and car insurer, posted a 6.4 per cent fall in annual profit to A$759 million ($909 million) after claims for Cyclone Larry and lower average premiums.

IAG, which has brands such as NRMA, and CGU in Australia and State and NZI in New Zealand, said it had potential acquisitions in Asia and Europe in the pipeline.