What we do
IAG is the parent company of a general insurance group with controlled operations in Australia and New Zealand.
It is listed on the Australian Securities Exchange (ASX) with ordinary shares trading under the ticker “IAG.” References in the remainder of this profile to IAG and to “the Group” are to IAG and its subsidiaries on a consolidated basis. Financial data for the full year ended 30 June 2023 and a more comprehensive review of IAG and its operations is contained in the 2023 annual report and the FY23 Investor Report dated 21 August 2023, available in the Results & Reports section of this website.
IAG's businesses underwrite over $14 billion of premium per annum, selling insurance under many leading brands including NRMA Insurance, CGU Insurance, SGIO, SGIC, ROLLiN', Swann Insurance and WFI (Australia); and NZI, State and AMI in (New Zealand).
Standard & Poor’s has assigned a ‘Very Strong’ Insurer Financial Strength Rating of ‘AA-’ to the Group’s core operating subsidiaries.
Brief history
From its beginnings as a motor vehicle insurer in New South Wales (NSW), Australia, IAG has grown to become a general insurance group diversified by product, distribution channel and geography.
The Group’s heritage dates back to 1920 when the National Roads and Motorists’ Association (NRMA) was established and subsequently offered motor insurance to its members. Following demutualisation in 2000, the insurance arm of NRMA was listed on the ASX as NRMA Insurance Group Limited, and renamed Insurance Australia Group Limited in 2002.
The Group grew organically and through acquisitions primarily in its home market of Australia, and in New Zealand.
Business operations and brands
IAG is the name behind some of the most trusted and respected insurance brands in the countries in which it operates. The Group’s businesses are aligned around customers, brands and markets.
1 IAG’s short tail personal insurance products are distributed in Victoria under the RACV brand, via a distribution relationship and underwriting joint venture with RACV. These products are distributed by RACV and manufactured by Insurance Manufacturers of Australia Pty Limited (IMA), which is 70% owned by IAG and 30% by RACV.
Business structure
IAG’s operating model has three core insurance businesses, with each division aligned to the insurance needs of specific customers, and the way those customers want to engage with us. The operating model provides greater clarity on roles and responsibilities and is more aligned to IAG’s brands and customer propositions.
Direct Insurance Australia is the largest division in IAG and plays an integral role in delivering on the Group's strategic priority to "Grow with our customers" by increasing customer reach and delivering personalised service, supported by digital capability.
Direct Insurance Australia is a leader in direct personal insurance in Australia, with products sold through well-known brands including NRMA Insurance, RACV, SGIO, SGIC and ROLLiN. The business also provides insurance to small-to-medium enterprises on a direct basis, and regards this as a significant growth opportunity.
Direct Insurance Australia has consistently produced strong financial returns, reinforcing the strength and resilience of the franchise and for FY23, accounted for 45% of IAG’s gross written premium.
Intermediated Insurance Australia is a leading provider of general insurance products sold through a network of intermediaries to businesses and individuals across Australia. Commercial insurance is sold under the CGU and WFI brands, with a significant share of the small-to-medium enterprise market and a leading presence in rural areas.
Intermediated Insurance Australia also provides personal insurance primarily through broker and partner channels, including a leading retailer and a number of financial institution partnerships. The division's profitability and simplification focus will be a key driver of IAG's strategic pillar to "Build better businesses".
For FY23, Intermediated Insurance Australia accounted for 33% of IAG’s gross written premium.
IAG is the largest general insurer in New Zealand, trading under the State, NZI and AMI brands. IAG New Zealand sells products through a combination of direct and intermediated channels. It’s Consumer Division sells products directly to customers mainly under the State and AMI brands, and distributes products through IAG’s banking partners ASB, Westpac, BNZ and the Co-Operative Bank. The Business Division distributes products through a nationwide network of qualified and experienced brokers under the NZI brand. For FY23, IAG New Zealand accounted for 22% of IAG’s gross written premium.
