IAG is still on the acquisition trail in Asia, searching for a good deal in Malaysia, Thailand, China, India, Singapore or Hong Kong.

Speaking at a Merrill Lynch Australia investment conference last week, IAG CFO George Venardos said the insurer expects to be able to “supplement current returns with some acquisitions” before July next year.

IAG has been actively looking in the region for more than two years and has conducted substantial due diligence, as well as bidding for a number of companies, Mr Venardos says.

The insurer is currently establishing a regional office in Singapore. It already has an office in Beijing and recently opened another in Shanghai.