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13 May 2024

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Suncorp raises synergy target from Promina buy
Suncorp-Metway, Australia's second-biggest car and home insurer, raised its synergy target from last year's purchase of Promina Group, but cut its insurance trading margin because of unfavourable weather in the first half. Suncorp...

Australian insurer 'welcomes' competition from rivals' merger
SYDNEY - Insurance Australia Group Ltd (IAG) boss Michael Hawker says the company welcomes the competition the proposed A$8 billion ($9.04 billion) merger between rivals Promina Group Ltd and Suncorp Metway will bring."We've got...

Promina records profit despite difficulties
Ausralasian general insurer Promina Group's record annual profit reported today included an "outstanding" result from its financial services business in New Zealand.The company's net profit after tax for the 2006 calendar year...

Suncorp sees strong result next year
SYDNEY - Australian banking and insurance group Suncorp-Metway, set to take over rival Promina in a A$7.6 billion ($8.8 billion) deal, said it sees another strong result in 2007.In a speech to shareholders yesterday, chief executive...

Rival bids on cards for Promina
Suncorp-Metway's A$7.9 billion ($9 billion) offer for Promina may spur rival bids by Australian companies such as QBE Insurance and Westpac Banking Corp, bankers and analysts say."Suncorp bidding for Promina will trigger other...

Oct 12 - Open: NZ sharemarket up on news of takeover offer for Promina

Takeover rumours push Promina up
SYDNEY - Shares of Promina Group, Australia's second-largest vehicle and home insurer, had their biggest rise in three years amid speculation Suncorp-Metway may make a takeover bid.Promina shares jumped 8.7 per cent to A$6.82...

Promina to sell Vero Mortgages for A$220m
Promina Group today announced it had agreed to sell Vero Lenders Mortgage Insurance (VLMI) to Genworth Financial Mortgage Insurance Pty for about A$220 million ($263m).The sale price is about A$25m above the book value of VLMI,...

Promina cops fine
Promina, Australia's second-largest car and home insurer, was fined A$100,000 ($114,000) for not disclosing to the stock exchange that it was in takeover talks with Suncorp-Metway. Promina became aware of Suncorp's A$7.8 billion...

Promina's earnings up 8 per cent
Trans-Tasman general insurer Promina announced an 8 per cent rise in annual net profit yesterday, aided by a strong showing from its New Zealand financial services arm.

Insurance - Advisers keep an eye on Suncorp/Promina deal

Suncorp says merger not designed to protect it from takeover
SYDNEY - Suncorp-Metway boss John Mulcahy says the company's proposed merger with insurer Promina Group Ltd is not designed to protect it from takeover.Asked today whether the deal was designed to prevent a third-party offer for...

Suncorp pays $9b for Promina
SYDNEY - Suncorp-Metway has agreed to buy Promina Group for A$7.9 billion ($9 billion) in cash and stock, seeking to double policy sales and become Australia's second-largest car and home insurer.Suncorp will sell as much as A$1.9...

Promina confirms Suncorp bid

Promina shares shoot up on takeover confirmation
Shares in Australasian insurer Promina Group jumped 15 per cent in early trading in New Zealand after it confirmed that it had received a takeover proposal from Suncorp-Metway Ltd.Promina traded up $1.14 or 15.5 per cent to $8.50...

Tower NZ role for Promina executive
Auckland-based Rob Flannagan will take over at Tower New Zealand once the transtasman group is split into two entities.The Promina Group chief information officer said yesterday he was looking forward to taking charge at Tower...

Vero sold for $271m
Australasian insurer Promina Group has completed the sale of its Vero Lenders Mortage Insurance company for A$220 million ($271 million). The sale, announced on May 31, represents a premium of about $30 million to VLMI's book...