Reuters: Financial Services and Real Estate: Australia's IAG looking for opportunities in Indonesia

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Australia's IAG looking for opportunities in Indonesia May 2nd 2012, 02:32 SYDNEY | Tue May 1, 2012 10:32pm EDT SYDNEY May 2 (Reuters) - Insurance Australia Group said it is looking enter the Indonesian market, as Australia's largest home and car insurer seeks to expand its footprint in faster-growing Asian markets. "We have completed a detailed strategic review of the Indonesian market and we believe it represents a very strong opportunity and there is the added appeal of being able to own up to 80 percent," Mike Wilkins Chief Executive Officer IAG said in notes for a speech to a business audience on Wednesday. Asia is growing in importance for IAG, which aims to for the region to reach 10 percent of group revenue over the next four years. The insurer has operations in India, Thailand, Malaysia, China and its most recent move into Vietnam with a 30 percent stake in motor insurer AAA. (Reporting by Amy Pyett; Editing by Lincoln Feast)

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