'Based on our first quarter trading results, our guidance for the 2016 financial year is unchanged, with GWP growth expected to be relatively flat, and an insurance margin in the range of 14 - 16%,' Mr Wilkins said.

'Our guidance reflects the competitive conditions we're seeing in our main markets, the continuing relative absence of claims inflation pressures, and the underwriting discipline that we continue to exercise.

'We expect underlying profitability to remain strong and be similar to the previous financial year, which means we are in a very strong position to pursue our longer term strategic agenda. We can look to the future with considerable confidence.'

IAG's Chairman Brian Schwartz AM advised shareholders at the meeting that he would be stepping down as Chairman and Director during this current financial year.

'It has been a privilege to chair IAG for the last five years, and contribute as a Director for the last 11 years. I am pleased that I will be leaving IAG in good shape.'

Mr Schwartz also used the meeting as an opportunity to introduce shareholders to Peter Harmer, who will commence in the role of Managing Director and CEO on 16 November 2015.

Mr Harmer told shareholders he was delighted and proud to lead IAG at a time of rapid and exciting change.

'Customer benchmarks are increasingly being set by companies that provide a digitally-enabled, omni-channel customer experience rather than by traditional competitors. We need to acknowledge this change and look beyond insurance for new and better ways of doing things - because we live in an age of disruption.

'I believe these challenges create many exciting opportunities for us, and because of the platform Mike and our team have created, we can embrace them from a position of strength,' Mr Harmer said.

Mr Schwartz closed the meeting by thanking retiring Managing Director and CEO Mike Wilkins for his service to the company.

'Mike leaves IAG in a far stronger position than when he joined us - which is exactly what you hope to achieve as CEO.

'We have all benefited greatly from Mike's leadership; he has set a high standard of excellence and created a 'can do' attitude across all of IAG. In particular I want to acknowledge his commitment to creating an inclusive culture that encourages and welcomes diversity,' Mr Schwartz said.

See all information about the 2015 AGM

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