Ageas looks to expand footprint in Asia

Belgium-based insurer Ageas is looking to expand its footprint in non-life products in Asia, as economies boom in this part of the world.

Frank van Kempen, chief commercial officer for Asia, says Ageas' non-life operations in Asia currently account for only 10 percent of the firm's business, while in Europe, non-life insurance accounts for 40 percent. Therefore, the company has a lot of room to grow in Asia.

Ageas already operates in five parts of Asia, namely Thailand, Malaysia, mainland China, Hong Kong and India.

Ageas believes acquisitions in Asia could be a path to growth for the company. It says it is happy with its partnership with MTI even though it only has a 15 percent stake.

In Europe, Ageas operates in seven countries, but the firm has been watching the flow of investment into Asia and growth of its middle class as European economies struggle. The company wants to cash in on this region's growth.

Van Kempen has identified several markets that have potential for both life and non-life insurance business, namely Indonesia, Vietnam, the Philippines, South Korea and Taiwan. But he said the company was giving primary importance to boosting premium income from the non-life segment.