UK underwriting loss for Equity owner
Equity Red Star owner, Insurance Australia Group (IAG), has revealed that it made an underwriting loss on UK business of AU$23m [£15.21m] for the year ended 30 June 2012.
The news came as IAG confirmed it had written off AU$297m of goodwill and intangible assets in the UK business and was still pursuing a strategic review which could lead to a sale.
The AU$23m underwriting loss was however a considerable improvement on the previous year when the UK division posted a AU$192m deficit.
The provider's UK combined operating ratio improved to 104.6% from 135.6% the previous year while gross written premiums fell 9% to AU$497m (2011: AU$546m).
The total result for the
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