IAG announces weak earnings and management changes

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.

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