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INSURANCE AUSTRALIA GROUP LIMITED

(IAG)
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Australia regulator proposes exposure limits of life insurers to offshore reinsurers

04/08/2021 | 02:07am EDT

April 8 (Reuters) - Australia's insurance regulator on Thursday proposed to limit the exposure of life insurers to offshore reinsurers, given its lack of oversight of foreign players.

The Australian Prudential Regulation Authority (APRA) said it was starting a consultation period that would end on June 25, to set a standard by the end of the year.

"The recent growth in life insurers placing business with offshore reinsurers has been a prudential concern, as APRA does not have regulatory authority over these reinsurers," the regulator's Deputy Chair Helen Rowell said. (https://bit.ly/3rZK41M)

As part of the draft proposal, APRA plans to raise its aggregate limit for the value of assets of statutory fund for offshore reinsurers to 12.5% from the 5.0% proposed in 2019.

The proposal will not materially increase the vulnerability of the country's financial system to global events and allows APRA to oversee enough of the Australian life insurance market, according to the regulator. (Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Shounak Dasgupta)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
INSURANCE AUSTRALIA GROUP LIMITED 0.83% 4.86 End-of-day quote.3.40%
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Sales 2021 7 560 M 5 844 M 5 844 M
Net income 2021 -143 M -111 M -111 M
Net cash 2021 4 240 M 3 278 M 3 278 M
P/E ratio 2021 -88,8x
Yield 2021 3,94%
Capitalization 11 910 M 9 209 M 9 207 M
EV / Sales 2021 1,01x
EV / Sales 2022 0,95x
Nbr of Employees 13 650
Free-Float 99,9%
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Number of Analysts 13
Average target price 5,57 AUD
Last Close Price 4,86 AUD
Spread / Highest target 27,6%
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Spread / Lowest Target 2,88%
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Nicholas Barrie Hawkins Chief Executive Officer, Director & MD
Michelle McPherson Chief Financial Officer
Elizabeth Blomfield Bryan Chairman
Neil Morgan Chief Operating Officer
Thomas William Pockett Independent Non-Executive Director
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