IAG intends to continue its push into Asia, focusing on Thailand, Malaysia, India and China.

The major insurer says in its 2010 annual report published last week that the new joint venture with SBI General in India has been a priority for the year.

“The long-term potential of our new joint venture in India is impressive,” IAG Asia CEO Justin Breheny says.

“With access to the distribution network of the State Bank of India, the joint venture is targeted to become a ‘top three’ player within the next decade.”

IAG paid about $126 million for a 26% stake in the Indian company, which started selling policies in March.

The Asian operations of IAG reported a pre-tax profit of $5 million for the year on a turnover of $199 million.

In Thailand, the reported gross written premium was up 8.1% in Thailand to THB 5.4 billion ($184.5 million). The company says the stronger Thai performance was due to improved underwriting and risk selection in safety insurance. 

The political unrest in the country earlier this year did not affect turnover as IAG has made a concerted effort to expand its branch network outside Bangkok.

The Malaysian operation also reported strong premium growth, up 11.7% for the year. Although the amount of premium was not specified, the business contributed $3 million to IAG’s overall profit.