Insurance australia abandons plan to boost china business – bloomberg business

Insurance australia abandons plan to boost china business - bloomberg business

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Insurance australia abandons plan to boost china business - bloomberg business

” The company’s shares rose 4.7 percent, the most on an intraday basis since June, to A$5.25 at 10:41 a. m. in Sydney. The insurer’s earlier efforts to expand into China have not always run smoothly.

In 2007, IAG ended three years of talks to buy a stake in China Pacific Property Insurance Co., citing resistance from the Chinese company’s parent. Insurance Australia’s decision underscores the challenges faced by Australian companies in seeking growth in China even as the government touts the benefits of a free-trade accord reached with Beijing last year. IAG is expanding in Asia as part of a plan to reduce reliance on Australia and New Zealand and capture emerging market growth. It has joint ventures in India, Malaysia and has a presence in Vietnam and Thailand. It has also identified Indonesia as a market of interest, according to its website.

Insurance australia abandons plan to boost china business - bloomberg business

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