As the highest-profile insurer in Australia, IAG’s expansion plans are always expected to produce more hopeful headlines than facts. That seems to be the insurer’s approach as it hoses down speculation about it taking a 25% stake in China Pacific Insurance Company’s property unit.

China Pacific is China’s second biggest insurer, and IAG has declined to comment on articles saying it’s a done deal. It has told the Australian Stock Exchange it has nothing to announce. And perhaps it doesn’t. 

China Pacific has 12% of the booming $16.8 billion Chinese property and motor insurance market. A 25% stake in the company is estimated to be worth about $US185 million.