The Insurance Australia Group Ltd (ASX: IAG) share price has been on fire in August. Shares in the Aussie insurer have climbed 12.4% higher since the start of the month to close at $5.45 on Thursday afternoon.
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The IAG share price is soaring this month
The biggest news this month was IAG's full-year results release on Wednesday.
Australia's largest general insurance company reported a 170% jump in cash earnings to $747 million as its insurance profit climbed 35.9% to $1,007 million.
However, IAG reported a 130 basis point drop in its underlying insurance margin to 14.7% and a $427 million net loss after tax.
The IAG share price started Wednesday's trade strongly following the result. It wasn't a good day for investors though as IAG shares closed down 2.7% at $5.15 per share.
That indicates Wednesday's earnings result was far from the only explanation for the recent share price gains.
Interestingly, the IAG share price shot 6.0% higher in Thursday's trade. That was despite no further announcements from the Aussie insurer following the full-year result.
Yesterday's strong gains may have something to do with a different Aussie insurer. The QBE Insurance Group Ltd (ASX: QBE) share price jumped 8.1% on Thursday to close at $12.51 per share – just shy of a 52-week high.
That came after the ASX insurer reported its half-year financial results with a stronger underwriting result and interim dividend. QBE reported an adjusted cash profit up US$463 million compared to a US$66 million loss in 1H 2020.
Investors appeared to also bid up the IAG share price as both Aussie insurance shares enjoyed a strong day in the markets.
Foolish takeaway
The August reporting season is always an interesting time to watch ASX shares. The IAG share price saw a muted reaction to its own results before flying higher on the back of QBE's increased dividends.
Investors will be hoping for further gains to close out a strong month for the Aussie insurer.
