Friday 9th February 2001 |
Text too small? |
Australia's largest general insurer has secured a beachhead in the New Zealand market, buying State Insurance from CGNU for $A325 million ($406 million).
State, which employs 1400 staff and has a 19% share of the general insurance market, made an $18.6 million profit in 1999 on total assets of $486 million.
The foray is the first for NRMA into New Zealand but managing director Eric Dodd said State was "a good strategic fit" with complementary people, products and culture.
The company planned to save about $10 million a year by changing the distribution and claims network. The acquisition is expected to be earnings positive within 18 months.
No comments yet
2025 Annual Shareholders' Meeting and Director Nominations
Meridian Energy monthly operating report for July 2025
August 15th Morning Report
VGL upgrades aspirations, accelerates to meet client demand
August 14th Morning Report
VHP - Focus on Fundamentals: Driving Operational Performance
August 13th Morning Report
Devon Funds Morning Note - 12 August 2025
Spark announces sale of 75% of data centre business
Blackpearl Announces $15M Capital Raise & Market Update