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SYDNEY, Dec 17 AAP

December 17 2012, 08:52AM

Insurance Australia Group has sold its UK commercial insurance broker business for about STG10 million ($A15.41 million).

The company announced on Friday the Independent Commercial Brokers business was to be sold to its exising management team, but was yet to finalise the details.

The sale is part of IAG's exit from its loss-making UK businesses.

The company, which owns the CGU and NRMA Insurance brands in Australia, still expects its UK sales to come at a loss of $240 million.