Closing AMI branches costs IAG more than A$20m

Fri, 07 Aug 2020

Insurance Australia Group’s decision to close its New Zealand AMI branch network has cost the general insurer more than A$20 million. The trans-Tasman insurer said the pandemic accelerated plans to close 53 branches as its customers stopped calling in and instead picked up the phone or logged in online. That weighed on IAG’s NZ earnings, with its insurance profit down 15.4 percent at A$330 million in the 12 months ended June 30. A south Canterbury hailstorm also pummelled earnings. IAG is NZ’s biggest general insurer with the NZI, AMI, St...

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