IAG to sell south-east Asian operations
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The lure of Asia is irresistible for too many Australian companies. Plenty have tried to expand into the region, but few have been successful. IAG is the latest to pull back, with the sale of its operations in Thailand, Indonesia, and Vietnam for over $525m.
These markets only contributed around 3% of IAG's premiums with lower profitability compared to Australia and New Zealand. So we're supportive of the move to divest and focus on domestic operations where IAG has strong market positions. IAG has operations in India and Malaysia that may also be sold in time.
The sale proceeds will boost the insurer's common equity tier 1 ratio to comfortably above the board's target levels. That may pave the way for the return of capital to shareholders, most likely in the form of a special dividend. We'll find out more during IAG's year-end result in August. HOLD.
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