IAG NZ boosts profit on Lumley acquisition

Fri, 21 Aug 2015

By Suze Metherell Aug. 21 (BusinessDesk) - Insurance Australia Group's New Zealand unit, the country's biggest general insurer, lifted annual profit 20 percent and gross written premiums 19 percent as it benefited from the acquisition of Lumley Insurance last year. Including income from its fee-based business, the New Zealand division increased net profit to A$220 million in the year ended June 30, from A$183 million a year earlier, the Sydney-based company said in a statement. Insurance profit rose 20 percent to A$216 million. Gross w...

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