Australia’s IAG raises stake in AmAssurance

SYDNEY: Insurance Australia Group Ltd, Australia’s top car and home insurer, is increasing its interest in Malaysian general insurance venture AmAssurance to 49 per cent from 30 per cent.

IAG said today it is restructuring the venture, splitting the existing AmAssurance into general insurance and life insurance components.

The group will be selling its 30 per cent interest in the life insurance business, and increasing its interest in the general insurance business to 49 per cent.

This business will be renamed AmG Insurance (AmG).

Last week, IAG announced it would invest A$170 million (US$111.3 million) in a general insurance venture with State Bank of India, taking its first step into the fast growing Indian insurance market. – Reuters

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