IAG CEO Michael Hawker has admitted the insurer will be making an acquisition in Asia by the end of next year, with some rumours that he already has a good idea of which company he wants to buy.

It’s hardly news – Mr Hawker said much the same thing in an interview in February – but the fact that he can say where the ideal markets are is interesting. He told Reuters last week China, India, Malaysia and Thailand are likely areas for expansion.

Mr Hawker expects to be occupied bedding down the CGU-NZI acquisition for another year, after which he will hit the Asia acquisition trail. That will coincide with the time as China opens up its insurance market in accordance with its obligations to the World Trade Organisation.

IAG is already working in China providing insurance – “but not the underwriting” – for motoring association members in Beijing. Mr Hawker told Channel Seven’s Sunday Sunrise two weeks ago that IAG owns the motoring association – the largest in China – outright. It obtains the insurance from local giants Ping Ang Insurance and PICC Insurance.

“It’s growing quickly and we’re providing insurance through that to our customers. We think that’s a more prudent way, not being in the underwriting there, as we learn the business.”

IAG also owns a 20% share of Safety Insurance, a listed insurer in Thailand.

The group’s more detailed growth plan may become clearer at the end of this year, when it is expected to announce new growth targets to the market.