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Insurance Australia Group Limited (ASX:IAG) is undertaking a strategic review of its UK business.



The insurance company which owns motor insurer Equity Red Star, will consider refining the business’ strategy to focus on a more specialist motor offering as well as explore options for a potential sale of all or part of the business.



IAG’s chief says, one of its key strategic priorities is to return the UK to profitability, which reported a net loss of $5 million in the first half of this year.



IAG reported a net profit of $167 million in the first half of its 2012 financial year.