December 6, 2018 / 1:54 AM / a year ago

Australia's Freedom Insurance flags remediation costs; may face liquidity woes

Dec 6 (Reuters) - Australia’s Freedom Insurance Group’s on Thursday said it will record remediation costs following communication from Australia’s securities watchdog and may face a liquidity shortfall during calendar year 2019.

The beleaguered firm, whose shares have fallen more than 88 percent this year as of last close, stopped new business sales of all direct insurance products in October following damaging revelations at the Royal Commission.

The New South Wales-based insurer expects to make a provision between A$3 million ($2.17 million) and A$4 million in its financial accounts for the period ending Dec. 31, 2018.

$1 = 1.3812 Australian dollars Reporting by Aditya Soni in Bengaluru; Editing by Rashmi Aich

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below