AccessMyLibrary provides FREE access to over 30 million articles from top publications available through your library.
Create a link to this page
Copy and paste this link tag into your Web page or blog:
INSURANCE AUSTRALIA GROUP EXPECTING US$8-21 MLN FY LOSS.
MELBOURNE, Aug 1 Asia Pulse - Insurance Australia Group (IAG) (ASX:IAG) yesterday warned that it expected to record a full year loss of between A$15 million (US$8.12 million) to A$40 million (US$21.66 million) because of the "worst performance" from investment markets in 14 years.
Shares in IAG, which owns the NRMA Insurance and SGIO brands, slumped almost five per cent, or 15 cents to A$2.91 (US$1.58), after the warning.
The advice came despite IAG's efforts earlier this year to reduce the volatility of reported earnings caused by the equity market downturn.
It also shows the bad year insurance companies, who invest a fair slice of their shareholders' funds in equities, have endured because of plunging world equity markets.
Yesterday funds management and insurance giant AMP Ltd warned it was unlikely to achieve its 10 per cent growth in operating margins in 2002 because of volatile stock markets.
Standard & Poor's Ratings Services then lowered its credit rating on some of AMP's key operating UK businesses.
IAG's warning also comes just a day after chief executive Michael Hawker said the market was well informed about IAG's position.
- Insurance Australia Group (IAG) Implements Saba Enterprise Performance Suite.
- Press release article from: Business Wire January 3, 2007 700+ words
...Saba Talent Suite. With the upcoming deployment, IAG plans to identify and develop approximately 700 high...organization with possible international expansion. About IAG Insurance Australia Group (IAG) is the largest general insurance group in Australia...
- IAG orient express.(Insurance Australia Group Ltd.)(Brief Article)
- News wire article from: Australasian Business Intelligence Este, Jonathan March 13, 2005 700+ words
...ABIX via COMTEX) Insurance Australia Group (IAG) is looking for acquisitions...believes that it is vital for IAG to expand offshore. Publication...12 March 2005 INSURANCE AUSTRALIA GROUP LIMITED - ASX IAG: CITIGROUP: CHINA PACIFIC...
- Insurance Australia Group Ltd (IAG) $3.12.
- News wire article from: Australasian Business Intelligence August 26, 2002 700+ words
...to buy shares in Insurance Australia Group (IAG). The firm's recent announcement...sector over the past year. IAG's underwriting operations...22 August 2002 INSURANCE AUSTRALIA GROUP LIMITED - ASX IAG All copyright subsisting under...
- IAG still committed to China; although Insurance Australia Group Limited (IAG)...
- Magazine article from: Australian Banking & Finance June 30, 2007 700+ words
Although Insurance Australia Group Limited (IAG) has suspended its planned investment in China...at CPIC level, which places new constraints on IAG's proposed investment in CPPI. IAG chief executive officer Michael Hawker said he was...
- Insurance Australia Group Ltd (IAG) $2.78.
- News wire article from: Australasian Business Intelligence August 12, 2002 700+ words
...Shares in Insurance Australia Group (IAG) have suffered because of...has been poorly understood. IAG's underwriting profitability...8 August 2002 INSURANCE AUSTRALIA GROUP LIMITED - ASX IAG All copyright subsisting under...
- IAG still eyeing China Pacific.(Insurance Australia Group Ltd., China Pacific...
- News wire article from: Australasian Business Intelligence Murray, Lisa April 7, 2005 700+ words
...ABIX via COMTEX) Insurance Australia Group (IAG) has not confirmed reports...region for the insurer, and IAG CEO, Michael Hawker, has...Date: 8 April 2005 INSURANCE AUSTRALIA GROUP LIMITED - ASX IAG: CHINA PACIFIC INSURANCE...
- IAG benefits from increased scale.(Insurance Australia Group Ltd., sales and...
- Magazine article from: Australian Banking & Finance August 24, 2004 700+ words
...business more efficiently. IAG owns some of the region's...in NSW and the ACT in 1925, IAG has become a fully diversified...changed its name to Insurance Australia Group. In January 2003, the acquisition...NZI was finalised, cementing IAG's position as Australasia...
- IAG plans an alliance in China.(Insurance Australia Group Ltd.)(Brief Article)
- News wire article from: Australasian Business Intelligence February 17, 2005 700+ words
...ABIX via COMTEX) Insurance Australia Group (IAG) has negotiated a deal with...Insurance. Sources say that IAG will buy a 25 per cent stake...17 February 2005 INSURANCE AUSTRALIA GROUP LIMITED - ASX IAG: CHINA PACIFIC INSURANCE...