Insurance Australia Group Limited
 |
|
| Public | |
| Traded as | ASX: IAG |
| Industry | Insurance |
| Founded | 2000 (renamed from NRMA Insurance Group in 2002) |
| Headquarters | 388 George Street, Sydney, Australia |
|
Area served
|
Australia New Zealand United Kingdom Thailand Malaysia China |
|
Key people
|
Peter Harmer (CEO) |
| Products | General, commercial, vehicle, home and contents insurance, roadside assistance |
| Revenue |
 A$9.78 billion (2014) |
| Profit |
A$1.23 billion (2014) |
|
Number of employees
|
15,000+ |
| Subsidiaries | NRMA Insurance, CGU Insurance, SGIO, SGIC, Swann Insurance, NZI, State Insurance, China Automobile Association[1]NZI Thailand, Safety Insurance, AmAssurance, Lumley Insurance, WFI, Coles Insurance, Lumley Retail Warranty |
| Website | iag |
Insurance Australia Group Limited (informally IAG) is a multinational insurance company headquartered in Sydney, Australia.
IAG was formed by the demutualisation of the NRMA Insurance business in July 2000 and a return of shares to the members of NRMA. According to its website, NRMA Insurance Group Limited changed its name to Insurance Australia Group Limited on 15 January 2002. IAG is the name of the listed entity; it is not a customer-facing brand, however it represents the umbrella organization that holds many well known insurance brands.
IAG is listed on the Australian Securities Exchange and is a constituent of the S&P/ASX 50 index.
Insurance Australia Group has operations in Australia and New Zealand and a growing presence in Asia. Its businesses include:
IAG has a 70% shareholding in Insurance Manufacturers of Australia Pty Limited (the other 30% being held by RACV), which issues insurance under the RACV Insurance name that is sold by RACV.
In 2014, IAG signed a ten-year agreement to distribute home and car policies for Coles Insurance.
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Recognition for IAG's sustainable practices:
On 31 August 2006, IAG was placed on the Dow Jones Sustainability Index. IAG is the first Australian insurance company to achieve this recognition.
On 15 November 2006, IAG announced it intended to become carbon neutral within five years across all of its operations.
In 2004, speculation emerged that IAG would merge with Australia's largest insurer QBE Insurance however IAG denied the merger at the time. Speculation again emerged in 2006 only to be again denied.
On 10 April 2008, QBE proposed a takeover with each IAG share being exchanged for 0.135 QBE shares plus 50 cents cash (an effective value of $3.75 per IAG share at the time). This proposal was rejected by the IAG board the next day. QBE responded by increasing its proposal to 0.142 QBE shares plus 70 cents per IAG share. On 14 April 2008, IAG also rejected this proposal. On 16 May 2008, QBE increased its proposal to 0.145 QBE shares plus 90 cents per IAG share (an effective value of $4.60 per IAG share at the time). This was rejected by IAG four days later and on 21 May 2008 QBE confirmed talks had collapsed and withdrew its proposal.
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Wikipedia