IAG outlines growth strategy
Insurance Australia Group (IAG) has reset its priorities with an emphasis on accelerating growth in Australia, New Zealand and Asia, having targeted Asia for 10% of gross written premium, by 2016
In Australia the group will build on its direct business, while in Asia growth will be focused on its existing markets of Malaysia, Thailand and India, plus markets identified in China, Vietnam and Indonesia.
Having successfully launched an Indian joint venture, IAG says it has made “substantial progress” in discussions with a potential joint venture partner in China.
Speaking at a market strategy briefing today, the group’s managing director and chief executive officer, Mike Wilkins, also announced that the collective insurance margin of the group’s Australian and New Zealand businesses increased from 5.5% in the first half of the 2009 financial year, to 17.8% today.
Turning to the UK, IAG will focus on restoring profitability but doesn’t expect to move towards breakeven until the 2012 financial year.
Category: Companies News, Financials, Insurance News
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