IAG gains in NZ, confident of approval for Wesfarmer’s takeover

Fri, 21 Feb 2014

By Suze Metherell Feb. 20 (BusinessDesk) – Insurance Australia Group, New Zealand’s largest general insurer, reported a 75 percent gain in its kiwi operations for the first-half, as the company expects to finalise the purchase of Wesfarmers’ insurance underwriting business by the second quarter of 2014. Earnings for the division was A$93 million for the six months ended Dec. 31, up from A$53 million in the same period a year earlier, the insurer said in a statement. IAG had an 18 percent gain in its gross written premium (GWP) revenue to A$8...

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