Insurance Australia Group Limited (ASX:IAG) has completed the acquisition of New Zealand’s AMI insurance business following final regulatory approval.
The transaction is expected to generate about $24 million per annum in net synergies within two years. IAG also expects the Group’s New Zealand premium base to rise by around 30 per cent.
IAG reported a net profit of $167 million in the first half of its 2012 financial year.
