Australia's home and car insurance company, Insurance Australia Group (IAG), has finally managed to take a U-turn and enter into the list of those companies which have managed to show good profits.

The big general insurance firm saw its half-yearly profits return strongly and posted a net profit of $329 million. The period under consideration ended December last year. For the first six months' period, the profit was at merely $34 million.

The insurer has seen a rise in its insurance profit as well. The profit from operations increased to $488 million, up from $227 million for the last period. Improvement in the results, as the comparative figures show, is due to the substantial rise in the insurance profit of the firm. With the market expectations getting better, the company expects to perform even better in the next period.

Talking about the performance, IAG's Managing Director, Mike Wilkins said that the plans followed by the management have finally started to bear results. It is because of proper planning and proper execution of those plans that the firm has shown such good results.

Shares of IAG rose 1 per cent.