IAG has completed a $314 million share buyback – returning more than initially planned due to strong demand.

The insurer announced in August its intention to return $300 million to shareholders under its capital management plan, including returning surplus capital.

“We are pleased with the strong response to the buyback from our shareholders,” CFO Nick Hawkins said.

“Completion of this capital management initiative is in line with IAG’s objective of maximising total shareholder returns by returning surplus capital through an effective means, while maintaining a strong balance sheet and regulatory position.”

The buyback involves about 64 million shares – about 2.6% of IAG’s ordinary issued capital.