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Report: Insurance Australia Group taps Goldman Sachs for possible Asian ops sale

Insurance Australia Group Ltd. is reviewing a possible sale of its Asian businesses and has tapped Goldman Sachs to help it find a buyer for the assets, The Australian reported Feb. 15.

The insurer announced a strategic review of its Asian businesses during its earnings release Feb. 14, citing limited opportunities for growth via market consolidation and increased ownership in the region. The group said it would explore all possible options for the businesses, with the review expected to be concluded by the end of the year.

The Asian assets consist of the group's businesses in Thailand, Vietnam and Indonesia, as well as investment in associates in Malaysia and India. The division contributed a total profit of A$15 million for the fiscal first half ended Dec. 31, 2017.