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Insurance Australia Group Agrees Sale of 26% Interest in SBI General

17 Oct 2019  |  08:36:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: IAG agrees sale of 26% interest in SBI General

Insurance Australia Group agreed to sell the whole of its 26% interest in its JV with the State Bank of India, SBI General Insurance Company (SBI General), via two transactions. Total consideration amounts to over $640m based on the current exchange rate. Once both transactions are complete, this is expected to result in an increase in Company's regulatory capital position of more than $400m and a net profit after tax of over $300m, which will be recognised in Company's FY 2020 results.

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