UPDATE 3-Storms hit Australia's IAG year profit growth

Newswire

(Adds analyst comments, CEO briefing, updates shares) By Daniel Morrissey SYDNEY, Aug 19 (Reuters) - Insurance Australia Group Ltd. (IAG), the country's biggest home and car insurer, posted a smaller-than-expected 14 percent rise in annual profit, squeezed by losses on storm claims and price cutting, and warned of tougher competition ahead. Investors took the results and the company's comments about "increasingly aggressive price competition" by local and offshore rivals as a reason to ...

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