Insurance Australia Group
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Insurance Australia Group (IAG) has effectively hung out the ‘for sale’ sign on its poor performing UK business. The company announcement said IAG’s options for the UK division include ‘a continuing focus on improving the business’ performance … refining the business’ strategy to a more focused specialist motor offering, and exploring options for a potential sale of all or part of the business’.
In reality, chief executive Mike Wilkins would love to offload the entire UK business and reinvest the proceeds in faster growing markets across Asia, as recently discussed in IAG: Little reassurance on 16 May 12 (Hold – $3.36). Further details will be released when the company announces its full year result in August.
IAG’s share price might increase if Wilkins can find a buyer prepared to pay a decent price. A total sale would make IAG a less complicated business and uncertainty surrounding the UK division would be removed. The balance sheet would also be in better shape and a sale might even foreshadow a special dividend. This remains speculation for now, but it’s another reason to HOLD.
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