2 ASX Dividend Stocks With Surprising Growth: Origin Energy (ASX: ORG) & Insurance Australia Group (ASX: IAG)

Dividends AND Growth? Meet The ASX Double Agents!

When you think of dividend stocks, you might picture reliable, slow-and-steady giants—great for security, not so thrilling on the growth front. But what if a few ASX blue chips could deliver both juicy dividends and exciting earnings upgrades? Enter Origin Energy and Insurance Australia Group: these two have broken the mold in 2025, combining healthy yields with some of the market’s most surprising profit growth and bold guidance for the years ahead. Let’s dive into why you don’t have to pick between income and upside—sometimes you really can have it all!

Origin Energy (ASX: ORG): Powering Dividends with Renewables

2025 Dividend Power-Up

Origin’s shareholders have reason to celebrate—the company’s FY25 dividend was supercharged, with a fully franked final dividend of $0.30 per share paid in October 2025. This took the total dividend for the year to $0.60 per share, a hefty increase on previous years and placing Origin’s yield at about 4.7%, notably above the sector average for energy stocks.

Strong Financials and a Bright Outlook

Origin’s numbers tell the story of transformation and resilience:

Statutory Profit: $1,481 million, edging up from $1,397 million last year.

Underlying EBITDA: $3,411 million, reflecting core strength.

Revenue: Up 6.7% to $17 billion, driven by 104,000 net new retail customer accounts and standout performance in LNG trading.

Growth Engines: Renewables, Batteries & Digital

Origin’s pivot from “classic utility” to a forward-facing renewables leader is sharply boosting its growth profile. The company ramped up investment in battery and renewables projects, including major expansions at Eraring and Mortlake and the rollout of Yanco Delta wind farm. Strategic digital acquisitions like SolarQuotes, and a focus on electrifying customer homes, now position Origin to tap into future energy trends and insulated profits.

Looking Ahead

Guidance for FY26 points to Energy Markets EBITDA of $1.4–$1.7 billion, underpinned by greater renewable and battery assets as well as continued strength in customer growth. The company is leveraging the energy transition to future-proof earnings, aiming for stable or even rising profits while targeting net zero by 2050.

Insurance Australia Group (ASX: IAG): Storm-Proof Profits AND Growing Payouts

2025 Dividend Surprise

Insurance Australia Group delivered a punchy 2025 dividend profile, surprising investors with a final payout of $0.19 per share and raising the total FY25 dividend to $0.31 (up 15% year-on-year). This puts IAG’s yield near 3.5%—with room for more if earnings strength continues.

Financials That Beat Expectations

IAG delivered a blockbuster year:

Net Profit: $1.36 billion, soaring 51% compared to last year.

Revenue: $17.4 billion (up 8.5% year-on-year).

EPS: $0.57, sailing past consensus forecasts.

Growth Drivers: Premiums, Partnerships & Prudent Risk

A major factor in IAG’s leap forward was the ability to increase premiums broadly—a response to inflation and a more sophisticated risk environment. New partnerships, such as those with Royal Club Western Australia and Queensland, are expected to generate an extra $3 billion in gross written premiums and $300 million in insurance profit moving forward.

IAG’s smart risk management worked in its favor: natural disaster claims totaled A$1.09 billion in 2025, which was $200 million below forecast. High rates of customer retention further contributed to its robust bottom line.

Growth Outlook

For FY26, IAG’s profit forecast stands at an impressive $1.45–$1.65 billion, with full steam ahead for operational improvements and broader partnership growth. Analysts expect the company’s momentum—and the potential for higher dividends—to continue as stability in renewals and operating efficiency underpin future performance.

What Sets Origin & IAG Apart

Growth + Dividends, Sector Leadership, Upgraded Guidance

Both Origin and IAG are rare among ASX stocks for their ability to lift dividend distributions while still growing their profits—in 2025, they did just that, and both are positioned in leadership roles for their markets. Origin is a pace-setter in Australia’s energy transformation while IAG towers over the general insurance space with scale, smart partnerships, and product innovation.

What’s more, it’s not just past results—management teams in both cases have upgraded their forward guidance, backing up the argument that these are not merely “one-off” winners, but companies with the operational strength and future-facing strategy to sustain the double act of income and capital growth.

A Few Risks to Watch

1. Origin’s capital cycle: Ambitious renewables and storage rollouts are expensive. Some EPS softness is forecast for the next year as this capex is absorbed—but cash payouts should remain robust.
2. IAG’s weather gamble: While 2025’s lighter-than-expected catastrophe claims were a win, insurance profits remain partly at the mercy of nature. That said, prudent risk management is clearly paying off.

The Bottom Line: Dividend Stocks That Refuse To Stand Still

Origin Energy and Insurance Australia Group are proof that “dividend stock” doesn’t have to mean “slow stock.” Both delivered compelling yields AND surprise earnings growth for 2025, plus bold guidance into 2026 and beyond. Investors who want a blend of growing income and true upside potential—backed by sector leadership and resilient balance sheets—should take a close look. In today’s market, these two really are double agents: giving you the power to collect now, and grow for tomorrow.

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