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Insurance Australia Group Limited ( (AU:IAG) ) has issued an announcement.
IAG has completed the acquisition of RACQ’s insurance underwriting business, marking a strategic alliance with RACQ to enhance its retail business in Queensland. This acquisition, valued at $855 million, includes a 25-year distribution agreement, positioning IAG as RACQ’s exclusive partner for insurance underwriting. The partnership is expected to provide RACQ members with improved service through IAG’s advanced technology and underwriting expertise, while also creating new career opportunities for RACQ employees.
The most recent analyst rating on (AU:IAG) stock is a Hold with a A$9.50 price target. To see the full list of analyst forecasts on Insurance Australia Group Limited stock, see the AU:IAG Stock Forecast page.
More about Insurance Australia Group Limited
Insurance Australia Group Limited (IAG) is a leading general insurance company operating in Australia and New Zealand. It underwrites over $17 billion in insurance premiums annually through prominent brands such as NRMA Insurance, RACV, CGU, and WFI in Australia, and NZI, State, AMI, and Lumley in New Zealand.
YTD Price Performance: 6.84%
Average Trading Volume: 4,442,597
Technical Sentiment Signal: Strong Buy
Current Market Cap: A$20.6B
For a thorough assessment of IAG stock, go to TipRanks’ Stock Analysis page.