Hawker searches for IAG’s passage to India
IAG has refused to comment on Indian press reports it is on the State Bank of India’s shortlist for a general insurance joint venture.
The Times of India claims IAG has been shortlisted from a list of nine insurers, along with a German and a US firm.
This morning an IAG spokesman declined to comment to insuranceNEWS.com.au, saying the insurer “cannot comment on speculation about talks with specific companies”.
“We will inform the market as appropriate if and when any of these opportunities result in an agreement or acquisition,” he said.
But he says IAG’s expansion strategy, which is “predominantly directed by CEO Mike Hawker”, is focusing on the Indian market, which has “large and high growth, with forecast gross written premium growth of over 15% over the medium to long term and limited levels of insurance penetration”.
“India is a priority target market and a key platform in our Asia strategy,” the spokesman said. “We are growing our business offshore to continue to generate sustainable earnings, diversify our risks and improve our resilience against the impact of regional insurance cycles.”
The Indian Government has flagged increasing the ownership cap on foreign investors, which currently stands at 26%.
Following the appointment in December of ex-Promina chief Mike Wilkins to deal with IAG’s operational aspects, Mr Hawker has been focusing on group strategy and international expansion.
The Times of India claims IAG has been shortlisted from a list of nine insurers, along with a German and a US firm.
This morning an IAG spokesman declined to comment to insuranceNEWS.com.au, saying the insurer “cannot comment on speculation about talks with specific companies”.
“We will inform the market as appropriate if and when any of these opportunities result in an agreement or acquisition,” he said.
But he says IAG’s expansion strategy, which is “predominantly directed by CEO Mike Hawker”, is focusing on the Indian market, which has “large and high growth, with forecast gross written premium growth of over 15% over the medium to long term and limited levels of insurance penetration”.
“India is a priority target market and a key platform in our Asia strategy,” the spokesman said. “We are growing our business offshore to continue to generate sustainable earnings, diversify our risks and improve our resilience against the impact of regional insurance cycles.”
The Indian Government has flagged increasing the ownership cap on foreign investors, which currently stands at 26%.
Following the appointment in December of ex-Promina chief Mike Wilkins to deal with IAG’s operational aspects, Mr Hawker has been focusing on group strategy and international expansion.