IAG considers options for Asia operations
Insurance Australia Group (IAG) is reviewing its Asian operations after running out of buying opportunities, according to a Reuters Feb. 14 report.
IAG booked a A$50 million ($39.3 million) writedown to the carrying values of its Asian businesses and said it was “considering all options” for them.
“This has been prompted by an inability to make progress on our long-standing ambition of growing our preferred markets either by way of increased ownership or participation in industry consolidation,” IAG CEO Peter Hammer reportedly said at an investor briefing on Wednesday.
IAG, which has operations in five general insurance businesses in Asia including Thailand, Vietnam, Indonesia, Malaysia and India, said it expected to finalise its review by the end of 2018.
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