IAG lifts NZ insurance profit by 12 percent on AMI contribution, gains in GWP

Thu, 22 Aug 2013

Aug. 22 (BusinessDesk) – Insurance Australia Group’s New Zealand unit posted a 12 percent gain in full-year insurance profit as the owner of the Lantern, NZI and State brands benefited from a 12-month contribution from AMI Insurance. Insurance profit rose to A$115 million in the 12 months ended June 30, the Auckland-based division said in a statement. The size of the New Zealand business, as measured by gross written premium (GWP), jumped more than 30 percent to A$1.58 billion, largely as a result of the AMI purchase. IAG acquired the ‘good’...

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