IAG NZ profit slides 38% as competition for business customers drives down prices

Fri, 19 Aug 2016

By Paul McBeth Aug. 19 (BusinessDesk) - Insurance Australia Group's New Zealand division posted a 38 percent slide in annual profit as rampant competition for commercial customers drove down prices and as the country's biggest general insurer faced a higher risk margin on the Canterbury earthquakes. Sydney-based IAG's New Zealand unit includes Lumley Insurance, NZI, AMI and State brands on this side of the Tasman. The local division posted an insurance profit of A$135 million in the 12 months ended June 30, down from A$216 million a year...

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