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Insurance Australia Group
From Wikipedia, the free encyclopedia
| Insurance Australia Group Limited | |
|---|---|
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| Type | Public (ASX:IAG) |
| Founded | 2000 (renamed from NRMA Insurance Group in 2002) |
| Headquarters |  Sydney, Australia |
| Area served | Australia New Zealand United Kingdom Thailand Malaysia China |
| Key people | James Strong AO, Chairman Michael Hawker, CEO |
| Industry | Insurance |
| Products | General, commercial, vehicle, home and contents insurance, roadside assistance |
| Revenue |  A$7,381 million (2007) |
| Operating income |  A$963 million (2007) |
| Profit | A$552 million (2007) |
| Employees | 16,500+ |
| Subsidiaries | NRMA Insurance, CGU Insurance, SGIO, SGIC, Swann Insurance, NZI, State Insurance, CAA, NZI Thailand, Safety Insurance, AmAssurance, Hastings Insurance, Equity Insurance Group |
| Website | www.iag.com.au |
Insurance Australia Group Limited (IAG) is an Australian publicly-listed company with its shares traded on the Australian Stock Exchange as ASX: IAG.
The company 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 retail name, however it represents the holding company that holds the many retail brands together.
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Insurance Australia Group operates a number of different insurance brands in Australia, Asia and the UK including:
- NRMA Insurance
- SGIO, acquired in 1998
- SGIC, acquired in 1998
- CGU Insurance, acquired in 2003
- Swann Insurance, acquired in 2003
IAG has a 70% shareholding in Insurance Manufacturers of Australia Limited (the other 30% being held by RACV), which issues insurance under the RACV Insurance name that is sold by RACV.
IAG's biggest competitor in Australia is Suncorp-Metway Limited, who operates the Suncorp, GIO, AAMI, Vero, Just Car and other insurance brands.
- State Insurance, acquired in 2001
- NZI, acquired in 2003
- Hastings, acquired in 2006
- Equity Insurance Group, acquired in 2006
- Safety Insurance, Thailand, held a stake in 1998, now holds 96% voting rights
- NZI Thailand, acquired in 2003
- AmAssurance, Malaysia, acquired in 2006
In China, Insurance Australia Group owns CAA, the China Automobile Association, the largest roadside assistance provider in the country. IAG held a stake in CAA since 1999, increasing to full ownership in 2003.
- James Strong AO, Chairman. Also chairman of Woolworths Limited, Rip Curl and Australian Council for the Arts. Also on the board of QANTAS.
- Michael Hawker, CEO
- Michael Wilkins, Chief Operating Officer & Deputy Managing Director
- Hugh Fletcher[1], Non-executive director
- Anna Hynes[1], Non-executive director
- Phillip Colebatch, Non-executive director
- Geoffrey Cousins, Non-executive director
- Neil Hamilton, Non-executive director
- Rowan Ross, Non-executive director
- Brian Schwartz, Non-executive director
- Michael Hawker, CEO Insurance Australia Group
- Michael Wilkins, Chief Operating Officer & Deputy Managing Director
- Justin Breheny, CEO Asia
- Tony Coleman, Chief Risk Officer and Group Actuary
- Nicholas Hawkins, CEO IAG New Zealand
- David Issa, CEO Personal Insurance
- Jacki Johnson, CEO Business Partnerships
- Christine McLoughlin, Group Executive - Strategy, People and Reputation
- Mario Pirone, CEO CGU Insurance (Departing Late January 2008, replaced by Duncan West)
- Neil Utley, CEO IAG United Kingdom
- Jan Van Der Schalk, CEO Asset Management and Reinsurance
- George Venardos, Group Chief Financial Officer
- Leona Murphy, Group Executive, Business Services
Peter Connell served on the executive team until mid 2007, however a restructure of the executive team saw Mr. Connell now reporting to Neil Utley. Neil Utley's position now stands as CEO IAG UK Operations with Peter Connell as Deputy CEO UK. Peter Connell continues to run the Hastings Insurance business in the UK.
In mid October, 2007 Sam Mostyn left the IAG executive team. Christine McLoughlin has taken responsibility of the Culture and Reputation portfolio along with Group Strategy. The combined divisions have named Corporate Development, People and Performance.
Ms Mostyn will continue to report to Mike Hawker as an Executive Advisor to the Executive Team of IAG on issues such as Climate Change, Flexible Work Practices and People Strategy.
On December 14th 2007 it was announced that Mario Pirone would be leaving CGU and his position of CEO, to be replaced by Duncan West, the previous CEO of Vero Australia, part of the Promina Group.[2]
- Sam Mostyn, IAG Executive Advisor
Ms Mostyn will have responsibility for providing advice to the IAG Executive, on issues such as climate change, sustainable people and business practices.
On 31 August 2006, IAG was placed on the Dow Jones Sustainability Index[3]. 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.[4]
| This article needs additional citations for verification. Please help improve this article by adding reliable references. Unsourced material may be challenged and removed. (December 2006) |
- ^ a b Media release: IAG board appointments. Insurance Australia Group (30 August 2007). Retrieved on 2007-09-06.
- ^ Announcement from ASX. ASX Website. Retrieved on 2007-12-14.
- ^ Dow Jones Sustainability Index 2006 [1]
- ^ Carbon Neutral Announcement Media Release. IAG Website. Retrieved on 2007-02-25.