Insurance Australia Group: Difference between revisions
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*Thailand – IAG holds a 98.6% beneficial interest in Safety Insurance, based in Thailand, which trades under the Safety and NZI brands |
*Thailand – IAG holds a 98.6% beneficial interest in Safety Insurance, based in Thailand, which trades under the Safety and NZI brands |
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*Malaysia – IAG owns 49% of the general insurance arm of Malaysian-based AmBank Group, AmGeneral Holdings Berhad, which trades under the AmAssurance and Kurnia brands |
*Malaysia – IAG owns 49% of the general insurance arm of Malaysian-based AmBank Group, AmGeneral Holdings Berhad, which trades under the AmAssurance and Kurnia brands |
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*India – IAG owns 26% of SBI General Insurance Company, a joint venture with [[State Bank of India]], India’s largest and most recognised financial services organisation |
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*Vietnam – IAG owns 63.17% of AAA Assurance Corporation |
*Vietnam – IAG owns 63.17% of AAA Assurance Corporation |
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*Indonesia – IAG owns 80% of PT Asuransi Parolamas. |
*Indonesia – IAG owns 80% of PT Asuransi Parolamas. |
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Latest revision as of 04:14, 27 August 2023
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| Type | Public |
|---|---|
| Industry | Insurance |
| Founded | 2000 (renamed from NRMA Insurance Group in 2002) |
| Headquarters | Level 13, Tower Two, Darling Park 201 Sussex Street Sydney NSW 2000 Australia |
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Area served |
Australia New Zealand Thailand Malaysia |
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Key people |
Elizabeth Bryan (Chair) |
| Products | General, commercial, vehicle, home and contents insurance |
| Revenue |  A$11.8 billion (2017)[1] |
| A$929 million (2017)[2] |
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Number of employees |
13,500+ |
| Subsidiaries | NRMA Insurance, CGU Insurance, SGIO, SGIC, Swann Insurance, NZI, AMI Insurance, NZI Thailand, Safety Insurance, AmAssurance, Lumley Insurance, WFI, ROLLiN’ Insurance |
| Website | iag |
Insurance Australia Group Limited (IAG) is a multinational insurance company. It is the largest general insurance company in Australia,[3] and also the largest in New Zealand through its subsidiary IAG New Zealand. IAG had its origins in the National Roads and Motorists’ Association NRMA. It is headquartered in Sydney, Australia.
The NRMA Insurance business demutualised in July 2000, separating from NRMA, with an issue of shares to NRMA members. NRMA Insurance Group Limited changed its name to Insurance Australia Group Limited on 15 January 2002, according to its website. IAG is an umbrella organization with numerous well known insurance brands it has acquired.[3] The name IAG is not itself a customer-facing brand.
IAG is listed on the Australian Securities Exchange and is a constituent of the S&P/ASX 50 index.
Operations[edit]
Insurance Australia Group has operations in Australia and New Zealand and a presence in five countries in Asia. Its businesses and brands include:
Australia[edit]
- NRMA Insurance
- SGIO, acquired in 1998
- SGIC, acquired in 1998
- CGU Insurance, acquired in 2003
- Swann Insurance, acquired in 2003
- WFI, acquired in 2014
- MotorServe, acquired 2019[4][5]
- ROLLiN’ Insurance
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 Victoria.
In 2014, IAG signed a ten-year agreement to distribute home and car policies for Coles Insurance.
New Zealand[edit]
Asia[edit]
- Thailand – IAG holds a 98.6% beneficial interest in Safety Insurance, based in Thailand, which trades under the Safety and NZI brands
- Malaysia – IAG owns 49% of the general insurance arm of Malaysian-based AmBank Group, AmGeneral Holdings Berhad, which trades under the AmAssurance and Kurnia brands
- Vietnam – IAG owns 63.17% of AAA Assurance Corporation
- Indonesia – IAG owns 80% of PT Asuransi Parolamas.
History[edit]
In 2004, there was speculation that IAG would merge with Australia’s then largest insurer QBE Insurance, however IAG denied the merger.[6] Speculation emerged and was denied again in 2006.[7]
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.[8]
Important items that were considered when QBE made its proposal: 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 Limited. These products are distributed by RACV and manufactured…
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