IAG's NZ profit rises in 1H, warns $117M Kaikoura quake cost puts acid on risk pricing

Tue, 21 Feb 2017

By Sophie Boot Feb. 22 (BusinessDesk) - Insurance Australia Group's New Zealand division boosted first-half earnings although the local business is still wearing the impact of pricier reinsurance, with the Kaikoura earthquakes costing it $117 million. Sydney-based IAG's New Zealand business is the biggest general insurer in the country, with the AMI, State, NZI and Lumley Insurance brands on this side of the Tasman. The local division reported an insurance profit of A$36 million in the six months ended Dec. 31, up from A$11 million a year...

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