IAG's results dented by UK performance
Insurance Australia Group's (IAG) half-year 2012 results were knocked by the performance of its recently-sold UK business.
Although the group's post-tax profit was AU$521m (£350m), its UK operation - which consisted of Equity Red Star and Independent Commercial Brokers (ICB) - recorded a loss of AU$182m.
ICB, which includes Barnett & Barnett and NBJ, was sold for AU$15m while Equity Red Star was earlier sold to private equity house Aquiline Capital Partners at the end of 2012.
The sale of Equity Red Star is set to be completed in the second half of the current financial year.
IAG said that, until the deal is tied
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