IAG’s UK-branch sees doubling of profits
The UK branch of Australian insurer IAG posted its first half results this week, with pre-tax profit more than doubling.
Gross written premiums for the unit increased marginally from £361 million in the same period last year to £364 million this year.
Pre-tax profits rocketed from AUS$51 million a year ago to AUS$105 million, despite the company selling off many of its UK businesses.
Neil Utley, UK CEO, said: “We have exited the UK’s highly competitive mass market sector, allowing us to sharpen our focus to our core, profitable underwriter, Equity Red Star.
“This has provided a solid platform to build for the future through an expertise in specialist underwriting, niche and profitable markets and a reputation for service with high profile brands.”
The insurer also retained UK broker Barnett & Barnett.
IAG said it “expects to continue growth” in the UK “through a balanced mixture of acquisition and organic growth in the commercial risk market.”
Category: Companies News, Financials, Insurance News
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