IAG's first-half NZ earnings soar 231% as lack of quakes keeps claims low

Tue, 13 Feb 2018

By Paul McBeth Feb. 14 (BusinessDesk) - Insurance Australia Group's first-half earnings in New Zealand more than tripled as an absence of earthquakes and natural disasters kept a lid on claims for the country's biggest general insurer. Insurance profit rose to A$119 million in the six months ended Dec. 31 from A$36 million a year earlier, the Sydney-based company said in a statement. While gains in premiums helped, the insurer earnings were largely bolstered by a 15 percent drop in claims expense to A$507 million with just A$17 million c...

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