IAG writes off nearly AU$300m on UK arm

change-just-ahead

The insurer cited the "continuing challenging economic and industry conditions in the local market" as part of the decision and confirmed again that the on-going strategic review could lead to a sale.

IAG said the move resulted in a post-tax net profit of AU$207m for the year to 30 June 2012 (FY 2011: AU$250m).

IAG's UK arm largely comprises of Lloyd's motor insurer Equity Red Star, but it is also made up of Equity Insurance Partnerships, affinity business and specialist brokers Barnett &

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