UPDATE: IAG's NZ unit doubles 1H profit, lifts premiums on Lumley acquisition

Wed, 18 Feb 2015

(Updates with share movement in lede, share price in 10th graph, adds details of Wesfarmers acquisition in 4th graph) By Paul McBeth Feb. 18 (BusinessDesk) - Insurance Australia Group's New Zealand unit, the country's biggest general insurer, more than doubled first-half profit and lifted gross written premiums 22 percent as it benefited from the acquisition of Lumley Insurance last year, outperforming the Australian division. The shares fell. The New Zealand division increased net profit to A$195 million in the six months ended Dec. 3...

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