IAG UPS STAKE IN MALAYSIAN JV’S NON-LIFE OPERATIONS

INSURANCE Australia Group Limited (IAG) has confirmed it is pulling out of the life operations of its Malaysian joint venture. But at the same time it is increasing its interest in the non-life operations of AmAssurance to 49% - the maximum allowed under Malaysian rules - from the current 30% level. It described the move as in line with its strategy of strengthening its position in select Asian general insurance markets. As part of the development, IAG is splitting the existing AmAssurance composite insurance joint venture into general insurance and life insurance components and selling its 30% interest in the life insurance business. This business will be renamed AmG Insurance and will retain the right to use the AmAssurance brand.