IAG's New Zealand unit boosts annual profit 56%

Tue, 19 Aug 2014

By Tina Morrison Aug. 19 (BusinessDesk) - Insurance Australia Group's New Zealand unit, the nation's largest general insurer, boosted annual profit 56 percent after hiking household premiums, increasing customer sales through the internet and as a higher local currency boosted the unit's returns to its Australian parent. The New Zealand division increased earnings to A$183 million in the 12 months ended June 30, from A$117 million the year earlier, the Sydney-based company said in a statement. The local unit raised its gross written premi...

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