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IAG announces weak earnings and management changes
Problems with earnings are affecting another big insurer that has a major position in New Zealand.
Insurance Australia Group (IAG) has announced that its head of New Zealand operations, Ian Foy, has been appointed to head its underperforming UK business.
IAG owns State Insurance, NZI, and Mike Henry in New Zealand.
Foy was appointed as CEO in New Zealand in 2008 having previously headed up the NZI business. Before joining NZI, Mr Foy was Managing Director of CGU Bonus, a specialist UK commercial insurer and subsidiary of CGU Insurance Group.
He will be replaced by Aussie Jacki Johnson, currently boss of IAG’s online business, and this may signal a more on-line focussed approach in New Zealand, from a company not especially strong in this here.
These changes were announced as IAG revealed lower earnings, with 2010 net at half the levels reported in 2009.
4 Comments
When times are tough we
When times are tough we still have to pay increasing rates, taxes, mortgages and other expenses, but why insurances ???
Agreed, WK. I just went down
Agreed, WK. I just went down to 3rd party car from comprehensive, and let the house contents lapse. Saved me $1020. Never had a claim and maybe I'm due! But it's the reality of our times.
These fraudsters needs to be
These fraudsters needs to be taken to court for making false insurance claims, no wonder our premiums are going up. they are getting away too easily. The insurance companies have full right to take them to court and should do so...this way innocent customers like us will not be penalised by paying unnecessary higher premiums, also penalise those making frequent claims...i dont understand how some people are always prone to accidents, they are just careless and irresponsible...if everyone did their part, premiums shouldnt rise as they have been...
I used to be with state but
I used to be with state but ended up dealing with a call centre and no service.When my car needed repair I was told to take it to a state designated repairer,and got it back with a crooked bonnet,the left front lights not working and all the wheel nuts only hand tightened.I wrote a letter of complaint but heard nothing,so I changed to AMI,who I have had a wonderful time with,plus they have a local office and are alot cheaper.I am advising farmers to take their insurance to AMI and cut their premiums in half rather than paying insurance premiums into a world market.