IAG Takes Welcome First Step to Clean up Underperforming Asian Operations. AUD 7.30 FVE Unchanged
We welcome no-moat Insurance Australia Group’s decision to sell its Thailand, Indonesia, and Vietnam operations as part of the strategic review of the underperforming Asian operations. We have been actively calling for the disposal of the Asian operations and to redeploy valuable capital to the highly profitable Australia and New Zealand businesses. Despite trading at a slightly higher price to fair value premium than competitor Suncorp Group, we prefer Insurance Australia Group as we believe th...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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