Insurance Australia Group, IAG
(ASX:IAG) has announced the creation of a single Australian division with immediate effect.
IAG says the new Australian division will ensure the company maintains its leadership in the Australian market.
The company says the division will take advantage of its scale and expertise, so it can respond more effectively to rapidly changing customer needs.
Meantime, IAG expects its to reduce its gross operating costs by an annual run rate of at least 10 per cent, or by $250 million pre-tax, by the end of FY19.
Shares in Insurance Australia Group, IAG
(ASX:IAG) are trading 0.45 per cent higher to $6.77.
