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IAG completes $314 million share buyback

AAP logoAAP 9/10/2016

IAG has completed a $314 million share buyback following what the insurer called "strong" demand from shareholders.

Insurance Australia Group, which owns brands including NRMA and CGU, purchased 2.6 per cent of the company's issued capital at $4.91 per security, exceeding the $300 million it said it was targeting when announcing the buyback in August.

"We are pleased with the strong response to the buyback from our shareholders. Completion of this capital management initiative is in line with IAG's objective of maximising total shareholder returns," chief financial officer Nick Hawkins said.

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