New Zealand chief Ian Foy to run insurer’s UK operations
Neil Utley, chief executive of Insurance Australia Group’s UK operations, will be replaced by New Zealand chief Ian Foy after heavy UK losses dragged group profits down.
Based on preliminary numbers, IAG expects to make a net profit after tax of A$91m for the year ended 30 June 2010, compared with A$181m for the previous year. Full-year insurance profit is expected to be A$493m, down from A$515m in 2009.
IAG reported on 2 June that the UK operations would take a net charge of A$367m in the second half of the year to strengthen reserves as a result of increased bodily injury claims in its motor book. As a result, the UK business is expected to make a “substantial full-year loss”.
IAG’s insurance result was also hit by A$463m of natural catastrophe claims, higher than the budgeted A$250m.
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