Oct 10 (Reuters) - Insurance Australia Group Ltd IAG.AX :
* IAG (LON:ICAG) will buy back its shares to value of around $314 million
* Buybback will be conducted at a buy-back price of $4.91 after application of a buy-back discount of 11%. Source text for Eikon: ID:nASX1tKpdm Further company coverage: IAG.AX