Australian Investment Blog

ASX:IAG 19/06/2018

IAG sells out of Asia, reaches all-time highs!

Stock

Insurance Australia (IAG) $8.42 as at 19/06/2018

Event

IAG has sold out of its businesses in Vietnam, Thailand and Indonesia in two separate transactions following a strategic review into its Asian operations. The sales will add $200 mil to next year’s NPAT, coming 6 months after the review was announced. IAG still hold minority stakes in businesses in Malaysia and India, however today’s announcement sees the end of IAG controlling assets in the region. Insurance Australia (IAG) Chart IAG Chart

Market Matters Take/Outlook

Overall, the review found the businesses weren’t contributing to the company’s growth in a meaningful way, and the fund’s generated will find their way into shareholder’s pockets one way or another. It’s a positive for the company, however we are reluctant to chase the share price at current levels, preferring Suncorp and QBE for insurance exposure. View our technical take by accessing our chart pack today! Click here

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