Equity owner reports UK loss

Australia

The figure released by IAG, the owner of Equity Red Star, was an improvement on the AU$60m lost in the previous six months by the division and far ahead of the AU$119m deficit for the same period a year ago.

The insurer also revealed that in the six months to 31 December 2011, its UK arm produced a combined operating ratio of 102.8%, an improvement from 127.7% in the previous six months.

Gross written premiums for IAG's UK division - the group also owns commercial brokers Barnett & Barnett along

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