IAG insurance australia group limited
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  1. FNN News
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    16/12/13
    11:34
    Post #: 12705015
    .


    Insurance Australia Group Limited (ASX:IAG) will buy the insurance underwriting business from Wesfarmers Limited (ASX:WES) for $1.84 billion.


     


    The acquisition includes Wesfarmers’ underwriting companies trading under WFI and Lumley Insurance brands as well as a 10-year distribution agreement with Coles.


     


    IAG Managing Director and CEO Mike Wilkins says the deal is expected to deliver long term value for IAG shareholders.


     


    He says the acquisition will strengthen its position in Australia and New Zealand.


     


    The integration of Wesfarmers’ underwriting businesses is expected to generate net synergies of about $140 million per annum pre tax.


     


    IAG generated a net profit of $882 million in fiscal 2013.

    IAG Price at posting: $5.70 Sentiment: None Disclosure: Held
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