This article needs additional citations for verification .(December 2006) |
Company 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 |
Area served | Australia New Zealand Thailand Malaysia |
Key people | Tom Pockett (chair and independent non-executive director) Nick Hawkins (managing director and CEO, executive director) |
Products | General, commercial, vehicle, home and contents insurance |
Revenue | A$11.8 billion (2017) [1] |
A$929 million (2017) [1] | |
Number of employees | 13,500+ |
Subsidiaries | NRMA Insurance, CGU Insurance, SGIO, SGIC, Swann Insurance, NZI, AMI Insurance, NZI Thailand, Safety Insurance, AmAssurance, Lumley Insurance, Coles 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, [2] 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.
Insurance-организация которая основана @denhkxs в 2024 году "insurance" величественные люди чем мы занимаемся? Insurance будет очищать комьюнити(км) от тех самых манядоксеров,скамеров и "воздуханов и бомжей" в нашем отряде есть доксеры,сватеры,сносеры,осинтеры и т.д лучше с нами не связываться Работаем по всему миру мы ищем и найдем все что нам нужно будет
it has acquired. [2] 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.
Insurance Australia Group has operations in Australia and New Zealand and a presence in five countries in Asia. Its businesses and brands 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 Victoria.
In 2014, IAG signed a ten-year agreement to distribute home and car policies for Coles Insurance.
In 2004, there was speculation that IAG would merge with Australia's then largest insurer QBE Insurance, however IAG denied the merger. [8] Speculation emerged and was denied again in 2006. [9]
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. [10]
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 by Insurance Manufacturers of Australia Pty Limited (IMA), which is 70% owned by IAG and 30% by RACV. If one of IMA's shareholders were to experience a change of control, the other has a pre-emptive right to acquire that shareholder's interest in IMA at market value. The duration of the arrangements governing RACV's distribution of RACV-branded products in Victoria would be a relevant factor in determining this market value (as would the duration of the arrangements governing IMA's reinsurance of NRMA-branded products in NSW and the ACT).
On 16 December 2013 IAG announced that it had agreed to purchase Wesfarmers Insurance underwriting businesses. The acquisition comprised companies trading under the WFI and Lumley brands, as well as a ten-year distribution agreement with Coles.
In 2015, IAG share price has fallen 9% since it reported its interim result. The insurer's net profit for the six months to December fell 10% to $579m due to intensifying competition and a jump in natural disaster claims. Disaster claims of $421m exceeded the company's expectations by $71m, mainly on account of $165m in claims following Brisbane's November hail storm – the worst seen in 30 years.
IAG's New Zealand business delivered a 26% rise in gross written premiums, though entirely on account of adding Wesfarmers' NZ-based operations. The underlying profit margin increased from 14.2% to 15.9% due to a period of few natural disasters but the company is still feeling pain from the massive 2011 Canterbury earthquakes. [11]
In June 2015, Berkshire Hathaway acquired a 3.7 percent stake in the group for a fee of around $388 million in a partnership aimed at reducing IAG's capital requirements. [12]
The NRMA is an Australian organisation offering roadside assistance, advocacy for motorists and road-users, motoring advice, car servicing, International Driving Permits, travel, and other services in all of Australia except Victoria. It is a member-owned mutual company limited by guarantee. It was formed in 1920.
Tokio Marine & Nichido Fire Insurance Co., Ltd., commonly called Tokio Marine Nichido, is a property/casualty insurance subsidiary of Tokio Marine Holdings, the largest non-mutual private insurance group in Japan. Tokio Marine Holdings was formerly known as Millea Group, which underwent a name change in July 2008. Its headquarters are in Marunouchi, Chiyoda, Tokyo.
The Hongkong and Shanghai Banking Corporation Limited, commonly abbreviated as HSBC and formerly known as HongkongBank, is the Hong Kong–based Asia-Pacific subsidiary of the HSBC banking group, for which it was the parent entity until 1991. The largest bank in Hong Kong, HSBC operates branches and offices throughout the Indo-Pacific region and in other countries around the world. It is also one of the three commercial banks licensed by the Hong Kong Monetary Authority to issue banknotes for the Hong Kong dollar.
The Royal Automobile Club of Victoria (RACV) is a motoring club and mutual organisation. It offers various services to members, including insurance and roadside assistance.
Dunlop Tyres is a brand of tyres which is managed by different companies around the world. It was founded by pneumatic tyre pioneer John Boyd Dunlop in Belfast, Ireland, in 1888.
Wesfarmers Limited is an Australian conglomerate, headquartered in Perth, Western Australia. It has interests predominantly in Australia and New Zealand, operating in retail, chemical, fertiliser, industrial and safety products. With revenue of A$43.5 billion in the 2023 financial year, it is one of Australia's largest companies by revenue. Wesfarmers is also one of the largest private employers in Australia, with approximately 107,000 employees.
SGIO was an insurance company founded and based in Western Australia. Established in 1926 as the State Government Insurance Office by the Government of Western Australia, it provides business insurance. It is a subsidiary of Insurance Australia Group (IAG).
Coles Group Limited is an Australian public company operating several retail chains. Its chief operations are primarily concerned with the sale of food and groceries through its flagship supermarket chain Coles Supermarkets, and the sale of liquor through its Coles Liquor outlets. Since its foundation in Collingwood, Victoria in 1914, Coles has grown to become the second-largest retailer in Australia after its principal rival, Woolworths, in terms of revenue.
Australia's insurance market can be divided into roughly three components: life insurance, general insurance and health insurance. These markets are fairly distinct, with most larger insurers focusing on only one type, although in recent times several of these companies have broadened their scope into more general financial services, and have faced competition from banks and subsidiaries of foreign financial conglomerates. With services such as disability insurance, income protection and even funeral insurance, these insurance giants are stepping in to fill the gap where people may have otherwise been in need of a personal or signature loan from their financial institution.
QBE Insurance Group Limited is an Australian multinational general insurance and reinsurance company headquartered in Sydney, Australia. QBE offers commercial, personal and specialty products and risk management products. The company employs around 13,500 people in 27 countries.
AmBank Group comprises AMMB Holdings Berhad is one of the largest banking groups in Malaysia whose core businesses are retail banking, wholesale banking, Islamic banking, and life and general insurance.
AIA Group Limited, often known as AIA, is an American-Hong Kong–based multinational insurance and finance corporation. It is the largest publicly traded life insurance group in the Asia-Pacific region. It offers insurance and financial services, writing life insurance for individuals and businesses, as well as accident and health insurance, and offers retirement planning, and wealth management services, variable contracts, investments and securities.
nib Group is an Australian health care fund. It was established in 1952 to provide health insurance for workers at the BHP Newcastle Steelworks, and has since grown into a national and international operation. As of 2017, nib held an 8.3% share of the Australian private health cover market.
IAG New Zealand is the New Zealand subsidiary of Insurance Australia Group. It is the largest general insurance company in New Zealand, just as its parent is the largest in Australia. It has a number of insurance brands it has acquired, including AMI Insurance, NZI and State Insurance. Its head office is in Auckland, New Zealand, and it has several offices throughout the country.
NZI or New Zealand Insurance is a major insurance company in New Zealand. NZI was formed in Auckland in 1859 as the New Zealand Insurance Company and is one of New Zealand's largest and longest-serving fire and general insurance brands. NZI is a subsidiary of IAG New Zealand.
Dalgety plc—as Dalgety and Company—was for more than a century a major pastoral and agricultural company or stock and station agency in Australia and New Zealand. Controlled from London it was listed on the London Stock Exchange and Australasian exchanges.
The Colonial Mutual Life Assurance Society Limited, later Colonial Limited, and commonly known as Colonial Mutual, Colonial Mutual Life, and/or CML, was a diverse international financial services company headquartered in Melbourne, Australia. Colonial's core businesses were life and general insurance, retirement savings, banking and funds management. The company operated in the United Kingdom, New Zealand and the Fiji Islands for more than a century.
The Ascott Limited is a Singaporean real estate and lodging company and a subsidiary of CapitaLand.
Culturally accepted Americas group by the callsign International Assistance Group is a global alliance of independent assistance companies providing worldwide: medical, travel, roadside, assistance, home, business/employee as well as legal assistance. Every year, IAG handles more than 10 million cases including nearly 50,000 reparations on behalf of travel insurance underwrtiers, tour operators, public and private corporations, governments and NGOs operating globally.
AMI Insurance began in Christchurch, New Zealand, in 1926 as the South Island Motor Union (SIMU), and grew to be the second biggest residential insurer in New Zealand. It was a mutual insurance company, meaning it was owned by its policy holders, until it was bought out by IAG New Zealand in 2011, following the 2011 Christchurch earthquake.