Reclassification of FY12 results - UK operations held for sale
25 Jan 2013
On 14 December 2012, Insurance Australia Group Limited (IAG) announced the sale of all its UK operations. The announcement also stated that the UK operations would be classified as a business held for sale at 31 December 2012.
In the forthcoming results announcement for the six months ended 31 December 2012 (1H13), the contribution from the UK business will be identified as a single line item in the statement of comprehensive income and will be designated 'discontinued operations'. It is a requirement of the relevant accounting standard, AASB 5, that the equivalent figures for the prior period, being the year ended 30 June 2012 (FY12), be reclassified to reflect the changed treatment of the UK business.
Please find attached a reclassification of IAG’s FY12 results, as will appear as comparative figures in the 1H13 results to be announced on 21 February 2013.
In the balance sheet at 31 December 2012, the UK operations will be disclosed separately as the individual line items 'assets held for sale' and 'liabilities held for sale'. There is no requirement to reclassify any balance sheet comparatives.
