Corporate Action: IAG's Buyback Benefits Low/Nil Taxpayers and Superfunds in Pension Mode
Insurance Australia Group’s AUD 300 million off-market share buyback does not materially impact our fair value estimate of AUD 6.00 per share, nor does it affect our no-moat or high uncertainty ratings. Shareholders participating in the buyback must remember the buyback price will be lower than the market price by at least 4%, and potentially 14% below, and benefits must be judged in terms of selling on-market. We strongly suggest shareholders review the buyback booklet, which is available via t...Insurance Australia Group is engaged in the underwriting of general insurance and related corporate services and investing activities. Co.'s business divisions are: Consumer, which includes short tail insurance such as motor vehicle and long tail insurance such as compulsory third party, as well as travel insurance, life insurance, income protection and funeral products; Business, which provides business and farm insurance, and workers' compensation services; New Zealand, a general insurance provider in New Zealand; Asia, which provides personal and commercial insurance products through local brands in Asia; and Corporate and other, which includes placement of Co.'s reinsurance program.
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