IAG takes A$297mn UK writedown
Australian insurer IAG reported a 17 percent drop in net profit to A$207mn for the year ending 30 June after it wrote off all the remaining goodwill in its UK business, which includes troubled Lloyd's motor insurer Equity Red Star.
The A$297mn writedown was taken as the insurer considers its options for the UK business, which include continuing with the current model, turning it into a specialist motor insurer and selling all or part of the unit.
It expects to...
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