Insurance Australia Group Limited (ASX:IAG) has received approval from the Reserve Bank of New Zealand for its purchase of Lumley General Insurance in New Zealand.
The approval progresses the insurance company’s proposed purchase of Wesfarmers Limited
(ASX:WES) insurance underwriting business.
The deal was inked at the end of last year and the company says it hopes to have it completed by the middle of this year.
IAG booked a net profit of $676 million in the first half of the 2014 financial year.
