IAG COULD PUT ASIAN EXPANSION ON HOLD
News on the future of Insurance Australia Group Asian expansion is expected this week. Local reports suggest the programme could be put on the backburner. Michael Wilkins, who took over as chief executive of the group in April, is due to report on an organizational review of the group on Wednesday. Today reports in the Sydney Morning Herald suggested around 500 jobs would be cut at the firm, with the majority going in Australia, but an earlier analyst note from Credit Suisse hinted that IAG could its overseas expansion plans on hold, while it consolidates and reviews its existing position in various markets. “We note that this is consistent with the previously announced $7m per annum cost saving expected from restructure of the corporate office,” the analysts wrote. IAG already provides insurance operations in Thailand under the Safety Insurance and NZI Thailand brands. In Malaysia, it has an interest in personal insurer AmAssurance and in China it has a roadside assistance operation and insurance agent, called the China Automobile Association (CAA).
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