GIO General
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| Subsidiary | |
| Industry | Insurance |
| Founded | 1927 |
| Headquarters | Sydney, Australia |
| Parent | Suncorp Group Limited |
| Website | [1] |
GIO is an Australian home and motor insurance provider. The company, which is owned by the Suncorp Group, offers insurance products, such as car, home and contents, CTP, boat, caravan, travel, business, public liability and workers compensation and life, primarily in the state of New South Wales and the Australian Capital Territory. The insurer was founded as the Government Insurance Office New South Wales in 1927 to provide workers compensation insurance and adopted the name, GIO. The insurer listed on the Australian Stock Exchange in August 1992 and in January 1999 was acquired by AMP Limited. In 2001, the Suncorp Group acquired GIO as part of AMP's general insurance interests. Throughout GIO’s 80-year history, it has maintained a strong commitment to the local community and currently supports organisations such as Fire and Rescue NSW, New South Wales Rugby League, Wheelchair Sports NSW and Youngcare.
GIO was founded as the Government Insurance Office in 1927 by the Government Insurance Act of New South Wales. It was established to provide workers compensation insurance under the Workers' Compensation Act of 1926 and to take over activities previously carried out by the NSW Treasury Insurance Branch. The Act was amended over the years to widen its scope to life insurance.
In 1989 the name GIO Australia was adopted to reflect the business nationwide. In April 1991, an association was formed with the Home Building Society in Western Australia which made GIO’s personal and life insurance products available through 30 Home Building Society outlets.
GIO listed on the Australian Stock Exchange in August 1992 following a public and institutional offer.
In January 1999, AMP Limited acquired a majority shareholding (57.47%) in GIO Australia Holdings Limited and GIO became a listed subsidiary of the institution. At that time, GIO had nearly $10 billion in assets under management, a significant customer base and a growing retail market share.
On 1 July 2001, Suncorp Group acquired AMP's Australian general insurance interests, including GIO. On acquisition, the Suncorp Group’s general insurance customer base doubled and the business mix became more diversified, with growth in personal and business lines and the addition of workers compensation.
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