Business Services Industry
Gio takes shine off Suncorp-Metway.
Australasian Business Intelligence, February, 2007
Byline: Danny John
Feb 20, 2007 (The Age - ABIX via COMTEX) -- A poor performance by its insurance division will put pressure on Australian-listed Suncorp-Metway. The general insurance division of the financial services group has posted earnings of $A383 million in the first half of 2006-07, a rise of 16 per cent. However, its subsidiary GIO has lost market share in New South Wales to AAMI, owned by Promina, and NRMA, owned by Insurance Australia Group. Suncorp's merger with Promina will combine their general insurance businesses. Investors will put increasing pressure on Suncorp to retain the management of the better-performing Promina insurance division.
Publication Date: 21 February 2007
SUNCORP-METWAY LIMITED - ASX SUN
PROMINA GROUP...
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