Despite revealing that it is still committed to the Chinese general insurance market after its attempted acquisition for China Pacific Property Insurance Company was suspended, Insurance Australia Group is reportedly seeking further opportunities in the Indian market, The Economic Times has reported.
According to the news provider, a research note from JPMorgan analysts said: Insurance Australia Group (IAG) remains committed to the Chinese market, however in light of this announcement it seems likely to us that China will remain insignificant for IAG. We expect IAG’s attention is now likely to focus on India and Britain/Europe.
Citing IAG’s CEO Michael Hawker as its source, China Knowledge reported that the proposed acquisition for a 25% stake in the Chinese insurer failed due to the frequent delays and uncertainty within China Pacific Property Insurance Company (CPIC), among other reasons.
Although the group is disappointed at the turnout of the deal, Mr Hawkers said that the group will remain committed to the Chinese general insurance market and will continue to pursue various opportunities in the region.
However, he did not disclose additional information on the possible outlook of opportunities outside the Chinese market.