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Insurance Australia Group Limited

( ASX:IAG ) - ASX200 Insurance

News

IAG To Shutter All New Zealand AMI Stores

Insurer IAG is starting a major cost cut with plans to close all its AMI insurance outlets across New Zealand. IAG announced on Tuesday that it would review aspects of its direct distribution model, which would see 53 AMI insurance stores close across NZ, along with one its one remaining State store in Christchurch.

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Analyst Views

IAG – UBS rates the stock as Neutral

The company’s investor briefing signalled confidence to UBS. The broker believes, while potentially disruptive challenges were acknowledged, the strength of the brand and margin tailwinds allow the business to conduct the necessary fixes to legacy systems and prepare for change.

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