Opinion on General Insurance, Property and Casualty in Australia

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Type Product title / description Pub Price
Expert View
Expert View

AMP uses enhanced Elevate wealth protection to target Australian miners

AMP has upgraded its insurance offer, Elevate. The upgraded suite was launched at AMP Expo 2012, the first in a series of nationwide expos for financial planners and advisors running throughout May. The enhancements focus on improvements for people working in the mining industry, giving AMP a tailored option for the most important growth market for wealth managers in Australia.

Published By Datamonitor
14 Jun 2012
CommentWire
CommentWire

AMP: insurance sell-off will sharpen wealth focus

AMP has sold its insurance and reinsurance businesses to US company Enstar Group for A$585 million, booking a profit of around A$83million. The sale frees up capital for AMP and, more importantly, allows the group to focus on its core operations, including wealth management, a market set to benefit from new government retirement savings initiatives.

Published By Datamonitor
14 Dec 2007
CommentWire
CommentWire

AMP: profits fall amid tough economic conditions

AMP's 41% decline in net profits for 2008, which was driven by declining equity markets and a volatile financial environment, affected both the wealth management and insurance divisions of the company. However, despite this negative news, early trading saw AMP's stock rise by several percent, indicating that the market may have expected the company's announcement to have been even worse.

Published By Datamonitor
24 Feb 2009
CommentWire
CommentWire

ANZ: lowers dividend

Despite previous assurances, major Australian bank ANZ has announced that it is slashing its dividend by up to 25%, as a result of the global financial crisis. Although ANZ is the first of the large Australian banks to announce such a move, its rivals, including Commonwealth Bank and National Australia Bank, are now more likely to follow suit.

Published By Datamonitor
27 Feb 2009
CommentWire
CommentWire

Australia: Suncorp aims to raise capital

Australian insurance and banking company Suncorp has announced a capital raising of at least A$900 million, while also downgrading its interim after-tax profit to A$250-270 million, weighed down by spiraling expenses for bad debts. Furthermore, in a surprise move, the company's chief executive, John Mulcahy, is stepping down from his position as soon as a replacement can be found.

Published By Datamonitor
05 Feb 2009
CommentWire
CommentWire

Australian insurance: QBE launches takeover bid for IAG

Australia's largest property and casualty insurer, QBE Insurance Group, has launched a bid to take over Insurance Australia Group, the country's largest motor and home insurer. The prospective acquisition is set to deliver economic synergies for the combined entity, and comes at a time when IAG's stock price has been battered.

Published By Datamonitor
17 Apr 2008
CommentWire
CommentWire

IAG: insurer attempts turnaround

IAG, Australia's largest general insurer, has announced a radical turnaround plan following disappointing performance recently. The firm turned down a takeover bid from QBE a few weeks ago, a move which deflated its stock price. Therefore, shareholders will now be looking closely at the actions of top management.

Published By Datamonitor
10 Jul 2008
CommentWire
CommentWire

IAG: insurer criticized for rejecting takeover bid

IAG is currently enduring scathing criticism from major shareholders and industry observers, after having rejected a third takeover offer from QBE. The IAG share price has fallen to the same level as it was before QBE's first offer was made public on April 11, 2008.

Published By Datamonitor
22 May 2008
CommentWire
CommentWire

IAG: making a positive Equity move

Insurance Australia Group has bought Equity Insurance Group for GBP570 million, in a deal that will establish the Australian insurer as a leading player in the UK motor insurance market, and secure it access to consumers via a wide range of distribution channels. The move also reflects a wider trend within the general insurance industry of buying into intermediaries to support growth plans.

Published By Datamonitor
08 Dec 2006
CommentWire
CommentWire

IAG: restructuring UK operations

IAG has announced plans to sell off the distribution divisions of its motor dominated UK portfolio. However, the company will retain its underwriting division, Equity Red Star, which was the UK's fifth largest motor insurer in 2006. IAG's strategy appears to be a practical one, as repositioning will allow it to profitably rebalance its presence towards more commercial business.

Published By Datamonitor
11 Jul 2008

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