Australia's Freedom Insurance Group annual profit falls 6 pct

Aug 29 (Reuters) - Life insurer Freedom Insurance Group Ltd said on Wednesday its annual net profit fell six percent, hurt by weak sales in the first half of the fiscal year.

The company said net profit for the fiscal year to June 30, 2018, fell to A$13.2 million ($9.66 million) from A$14.1 million a year ago.

The company, which was listed on Tuesday among 10 firms to appear next month at an inquiry into misconduct in the financial services industry, said annual net revenue rose about 20 percent to $A64.1 million. ($1 = 1.3669 Australian dollars) (Reporting by Bengaluru newsroom Editing by Paul Tait)

2018-08-29 01:42:13

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