Thursday, May 24, 2018

IAG reviews Asian operations

Insurance Australia Group is in the process of reviewing its operations in Asia.

The review, which is expected to be completed before the year ends, comes after the company logged a sharp surge in its first half 2017 profits, owing to higher premiums.

During the first half of 2017, it recorded a A$50 million (US$39.3 million) writedown to the carrying values of its Asian businesses.

The insurer has now said it is “considering all options” for them.

IAG has a presence in five markets in Asia, including Thailand, Vietnam, Indonesia, Malaysia and India.

Peter Hammer, chief executive officer of IAG, noted that the review has been prompted by an inability to make progress on the firm’s long-standing ambition of growing preferred markets either by way of increased ownership or through participation in industry consolidation.

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