State Insurance decision close

Friday 2nd February 2001

Norwich Union is expected to announce as early as next week whether Australia's NRMA Insurance or Britain's Royal & SunAlliance have bought State Insurance.

Neither company would comment but State, which employs 1350 staff around the country and has a market share of around 19%, is expected to fetch about $375 million.

The fire, accident, health and marine insurer reported calendar 1999 total assets of $486 million and made a profit of $18.6 million, down from $30.2 million a year earlier. Royal & SunAlliance already has a New Zealand operation with around 15% of the market but NRMA has yet to venture outside Australia. NRMA recently demutualised and listed.

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