IAG writes off nearly AU$300m on UK arm
IAG has written off AU$297m [£196m] of all remaining goodwill and intangible assets for its UK division.
The insurer cited the "continuing challenging economic and industry conditions in the local market" as part of the decision and confirmed again that the on-going strategic review could lead to a sale.
IAG said the move resulted in a post-tax net profit of AU$207m for the year to 30 June 2012 (FY 2011: AU$250m).
IAG's UK arm largely comprises of Lloyd's motor insurer Equity Red Star, but it is also made up of Equity Insurance Partnerships, affinity business and specialist brokers Barnett &
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