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Tag: IAG

  • Australia’s IAG to sell Thai, Indonesia units to Tokio Marine for $390 million

    Australia’s IAG to sell Thai, Indonesia units to Tokio Marine for $390 million

    Insurance Australia Group (IAG) said on Tuesday it will sell its Thai and Indonesian operations to Japanese insurer Tokio Marine Holdings or A$525 million ($390 million).

    The Japanese company’s unit, Tokio Marine & Nichido Fire Insurance, will buy IAG’s 98.6 percent stake in Thailand’s Safety Insurance and 80 percent of PT Asuransi Parolamas in Indonesia.

    “We believe Tokio Marine is an ideal owner given its experience in the region, and that this is a good outcome for the associated employees, customers and other stakeholders,” IAG Chief Executive Peter Harmer said in a statement.

    IAG said in February it was reviewing its Asian operations as it faced a lack of buying opportunities to boost growth in a competitive region attractive for its low penetration rates.

    Separate to the Tokio Marine deal, IAG said it has also agreed to sell its 73.07 percent stake in Vietnam-based AAA Assurance Corp. It did not give more details on the deal.

    IAG said it would record an after-tax profit of at least A$200 million in its fiscal 2019 results from the combined transactions, after certain deductions.

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  • IAG to construct freight facility

    IAG to construct freight facility

    IAG Cargo has announced that it is set to build a new premium freight facility at its London Heathrow Hub. The new building will be twice the size of IAG Cargo’s existing Premia facility and has been designed around the modern demands of premium airfreight.

    With a larger dedicated Constant Climate Quality Centre for pharmaceuticals; new delivery and collection doors and an advanced warehouse management system that will prioritise freight. The facility is designed to support the future demands of international premium trade.  Set to become operational in 2018, the building will operate alongside IAG Cargo’s existing Premia facility.

    The new building will manage the flow-through of all express Prioritise shipments and passive Constant Climate shipments.

    Drew Crawley, CEO of IAG Cargo said: ‘IAG Cargo’s four airlines now carry more premium freight than at any point in their combined history. With the continued growth of high speed e-commerce and cool chain logistics in particular , as well as the ongoing expansion of the IAG family and network, we need facilities that are ready for the next generation of premium freight.’

    ‘We believe that the  blend of our next generation aircraft, new freight facilities such as this one and our expanding  network means that IAG Cargo is extremely well positioned in the market to meet the current and future premium freight demands of all our customers. Our new premium warehouse will be built away from existing Premia, leaving our current operation and customer service unaffected.”

    Sarah Coulson, Head of Strategy and Business Development at IAG Cargo said: ‘Over the past few years we have continued to see year on year growth in premium freight. Our commitment to consistently deliver a high level of service to our customers has undoubtedly influenced our strong performance in this market. We want to continue our growth and performance in this sector and our new facility will help deliver this.’

    IAG is in the midst of a major fleet renewal programme, which is opening up new route opportunities and providing greater capacity on key trade lanes. The new facility will be designed to accommodate this growth, offering optimised handling capabilities and an enhanced premium proposition.

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