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Wesfarmers Ltd announces agreement to sell insurance underwriting operations To Insurance Australia Group Ltd

Sunday, 15 Dec 2013 06:02pm EST 

Wesfarmers Ltd:Says it has agreed to sell the Australian and New Zealand underwriting operations of its Insurance division to Insurance Australia Group Ltd for a A$1.845 bln.Says the underwriting operations of Wesfarmers’ Insurance division include predominantly commercial lines of business, including the Lumley and WFI brands, and a growing personal lines business sold through the Coles Insurance affinity partnership.Says sale agreement includes the underwriting operations for Coles Insurance which will continue with Coles Supermarkets under an agreement with a remaining 10 year term.Says the sale does not include the Insurance division’s broking operations in Australia, New Zealand and the UK, and its Australian and New Zealand premium funding businesses which will remain part of the Wesfarmers portfolio. 

Company Quote

-0.32 -0.81%
3 Sep 2015