2356 GMT - IAG's bull at Citi wonders whether the Australian general insurer might be looking for more bolt-on acquisitions. Analyst Nigel Pittaway tells clients in a note that IAG's capital should rebuild quickly following its recent A$855 million underwriting purchase. He sees scope for further consolidation among motor and home insurers, but thinks any acquisitions are likely to be smaller scale. He adds that IAG has suggested that smaller players may be facing capital challenges. Citi raises its target price by 16% to A$9.55 and keeps a buy rating on the stock. Shares are up 1.0% at A$8.615. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
December 03, 2024 18:56 ET (23:56 GMT)
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