International Herald Tribune
Published: Thursday, July 10, 2008
Insurance Australia Group, Australia's biggest home and car insurer, will cut 600 jobs, or about 5 percent of its work force, to meet its plan of 130 million Australian dollars, or $124 million, in annual cost savings, the chief executive officer, Michael Wilkins, said at a media briefing.Insurance Australia, which earlier this year rebuffed a takeover proposal from its bigger rival, QBE Insurance Group, lowered its dividend payout ratio.But the company forecast that its insurance margins would recover to 10 percent plus in fiscal 2009, from 6 percent to 8 percent in the year earlier.....
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