IAG: sale of UK business a possibility

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Insurance Australia Group (IAG) is considering a sale of all or part of its UK business.

Mike Wilkins, managing director and CEO at IAG, said improvement in the UK economy and in the UK arm of the business made it an appropriate time to undertake a strategic review of that part of the business.

The UK business reported a loss of $5m (£3.2m) for the second half of 2011, compared with a $121m loss for the same period of 2010.

The group said it is considering a number of options, which include refining the business’ strategy to a more focused specialist motor offering, and exploring

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