"麦格理：澳洲保险行业展望与建议"

The document from Macquarie on the Australian general insurance industry provides an insightful analysis on the key players in the market, with a focus on Insurance Australia Group (IAG AU). The report highlights the 2H19 actual performance and 1H20 outlook for IAG, comparing it to its peer SunCorp (SUN). In terms of gross written premium (GWP) growth, IAG outperformed SunCorp with a growth rate of 2.1% compared to 1.9%. However, when it comes to underlying margin, IAG reported a margin of 16.9% while SunCorp lagged behind at 12.4%. In terms of reserve release as a percentage of net earned premium (NEP), IAG reported 1.2% compared to SunCorp's 3.6%. Looking ahead to 1H20, Macquarie's research estimates a decrease in GWP growth for both IAG and SunCorp, with IAG projected to have a growth rate of 1.6% compared to SunCorp's 0.8%. The underlying margin for IAG is expected to remain stable at 16.9%, while SunCorp is projected to see a decline to 9.9%. Similarly, the reserve release as a percentage of NEP is expected to decrease slightly for both companies, with IAG at 1.2% and SunCorp at 3.5%. Based on this analysis, Macquarie has issued a recommendation of "Underperform" for Insurance Australia Group (IAG AU). This suggests that they believe IAG's performance may not meet expectations compared to its peers in the market. It is important for investors to take note of these insights and consider them while making decisions regarding their investments in the Australian general insurance industry. For more detailed information and important disclosures regarding this report, please refer to page 35 of the document or visit Macquarie's website at www.macquarie.com/research/disclosures.