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AUSTRALIAN INSURANCE STOCKS FALL ON AMP PLANS TO SPIN OFF UK CO.
SYDNEY, May 1 Asia Pulse - Insurance stocks tumbled today, after AMP Ltd (ASX:AMP) announced plans to spin off its United Kingdom business into a separate entity.
AMP said it would raise A$1.5 billion (US$900 million) in additional equity, through a $1 billion institutional bookbuild and a $500 million share purchase plan, to fund the move.
"It ... has implications obviously for other insurance stocks," Commonwealth Securities senior insurance and banking analyst Peter Horn said.
"Instos (institutions) will be trading out of IAG, QBE, AXA, potentially into this."
At 1131 AEST, Insurance Australia Group Ltd (IAG) shares were ...
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Source: HighBeam Research, AUSTRALIAN INSURANCE STOCKS FALL ON AMP PLANS TO SPIN OFF UK CO.