Insurance Australia Group Limited
(ASX:IAG) has ruled out further investment in China.
The multinational insurance company announced that it had completed significant work on assessing the opportunities to participate on a national scale in China, but had determined not to pursue further investment.
IAG opted to clarify its position in response to recent market speculation and shareholder feedback.
IAG Managing Director and CEO Mike Wilkins said future focus will be on pursuing growth opportunities in the company’s other Asian markets and its core businesses in Australia and New Zealand.
IAG recorded a net profit of $830 million at 30 June 2015.
