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CGU'S REVISED OPERATING MODEL TO DELIVER $65M IN ANNUAL BENEFITS
IAG today announced its Australia Intermediated business, CGU, was revising its operating model as part of its next phase of development. The new model is expected to generate annual cost savings of around $65 million.
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CGU BUSINESS OVERVIEW DIVERSE PORTFOLIO MIX Large SME portfolio Australia's largest regional and rural insurer Growing capability in the corporate market Major provider of workers' compensation services PRODUCTS CUSTOMER SEGMENTS 7% 10% 8% Commercial Short Tail SME 11% 40% Personal Lines Consumer Commercial Long Tail 51% 39% Workers' Compensation Corporate 34% Other Note: Product and customer segment splits based on 1H12 GWP 24