Insurer forgoes China plans

Australia’s largest insurer has announced a change of plans regarding its future investment in the Chinese market.

IAG has announced that it will no longer be pursuing opportunities to expand into the Chinese market, a decision made in accordance with the company’s shareholder objectives.

IAG Managing Director and CEO Mike Wilkins says that the decision has been made to drop the Chinese market in favour of other growth opportunities.

“While we believe in the fundamentals of China, our future focus will be on pursuing growth opportunities in our other Asian markets and our core businesses in Australia and New Zealand,” Wilkins says.

The resolution comes shortly after the announcement of Peter Harmer’s appointment to the role of CEO, effective this November.