IAG downgraded to Sell

Insurance Australia Group’s (IAG) share price has increased 116% since it was upgraded to outright Buy on 9 Aug 11 (Buy – $2.82) amidst a succession of natural disasters across Australia and New Zealand. Insurance companies are highly cyclical businesses by nature and premiums have been increasing, but Mike Wilkins has also added plenty of value, cutting costs, increasing margins and largely offloading the problematic UK businesses purchased by his predecessor.

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Nathan Bell

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