Insurance Australia Group
From Wikipedia, the free encyclopedia
Insurance Australia Group Limited 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 on 15 January 2002, NRMA Insurance Group Limited changed its name to Insurance Australia Group Limited.
Insurance Australia Group operates a number of different insurance brands in Australia and Asia including:
- CGU Insurance (acquired in January 2003)
- SGIO (acquired in 1998)
- SGIC (acquired in 1998)
- Swan Insurance (acquired in January 2003)
- NRMA Insurance
- NZI (New Zealand and Thailand)
- Safety Insurance (Thailand)
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 then sold by RACV.
IAG also owns State Insurance (acquired in February 2001) and NZI Insurance (finalised in January 2003) in New Zealand. IAG's New Zealand subsidiary is a shareholder in Loyalty New Zealand Limited the operator of Flybuys in New Zealand. IAG holds this shareholding through its ownership of State Insurance.
IAG's biggest competitor is likely to be the Promina Group who operate AAMI, Just Car and other insurance brands.
[edit] Sustainability policies
On August 31, 2006, IAG was placed on the Dow Jones Sustainability Index[1]. IAG is the first Australian insurance company to achieve this recognition.
