Overseas investment decision for case 201120072 - IAG New Zealand Limited

An overseas investment in significant business assets, being the Applicant’s acquisition of property in New Zealand used in carrying on business in New Zealand for consideration exceeding $100m, that property being;

• the acquisition of assets and liabilities by AMI Insurance (Operations) Limited, a wholly owned subsidiary of AMI Insurance Limited, from AMI Insurance Limited and CLIC Car Insurance Limited; and
• the subscription by the Applicant of shares in AMI Insurance (Operations) Limited resulting in the Applicant owning 100% of the share capital of AMI Insurance (Operations) Limited (and any subsequent transfer(s) of the shares in, and/or the assets and liabilities of, AMI Insurance (Operations) Limited to any associate within the IAG Group).

Insurance Group Australia Limited (the parent company of the Applicant group) is an Australian incorporated entity listed on the Australian Securities Exchange. A strategic priority of Insurance Group Australia Limited is to accelerate growth in its home markets of Australia and New Zealand. The proposed transaction is consistent with this strategic priority.