AMI underpins 40 percent lift in IAG's New Zealand premium revenue

Thu, 21 Feb 2013

By Paul McBeth Feb 21 (BusinessDesk) - Insurance Australia Group's $380 million purchase of the beleaguered AMI Insurance helped boost the firm's New Zealand premium revenue by 40 percent in its first half. The New Zealand unit, the country's biggest underwriter across the NZI, State and AMI bands, lifted profit to A$53 million in the six months ended Dec. 31 from A$34 million a year earlier, with a 40 percent increase in gross written premium (GWP) revenue to A$751 million. The bulk of the premium increase came from the AMI acquisition, and...

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