Insurance Australia Group

Insurance Australia Group
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Insurance Australia Group Limited

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.

Contents [hide]
1 Insurance business
1.1 Australia
1.2 New Zealand
1.3 United Kingdom
1.4 Asia
2 Other business
3 Executive structure
3.1 Board of Directors
3.2 Executive team
4 Sustainability
5 References
6 See also
7 External links



[edit] Insurance business
Insurance Australia Group operates a number of different insurance brands in Australia, Asia and the UK including:


[edit] Australia
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.


[edit] New Zealand
State Insurance, acquired in 2001
NZI, acquired in 2003

[edit] United Kingdom
Hastings, acquired in 2006
Equity Insurance Group, acquired in 2006

[edit] Asia
Safety Insurance, Thailand, held a stake in 1998, now holds 96% voting rights
NZI Thailand, acquired in 2003
AmAssurance, Malaysia, acquired in 2006

[edit] Other business
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.


[edit] Executive structure

[edit] Board of Directors
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
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

[edit] Executive team
Michael Hawker, CEO Insurance Australia Group
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 - Corporate Development, People and Performance.
Mario Pirone, CEO CGU Insurance
Neil Utley, CEO UK Operations
Jan Van Der Schalk, CEO Asset Management and Reinsurance
George Venardos, Chief Financial Officer
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.


[edit] Sustainability
On 31 August 2006, IAG was placed on the Dow Jones Sustainability Index[2]. 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.[3]


[edit] References
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.
^ Dow Jones Sustainability Index 2006 [1]
^ Carbon Neutral Announcement Media Release. IAG Website. Retrieved on 2007-02-25.

[edit] See also
NRMA

[edit] External links
Insurance Australia Group



[hide]v • d • e S&P/ASX 50 companies of Australia
AGL Energy Limited · Alumina Limited · Amcor Limited · AMP Limited · Aristocrat Leisure Limited · Asciano Limited · ASX Limited · Australia and New Zealand Banking Group · AXA Asia Pacific Holdings Limited · BHP Billiton Limited · Bluescope Steel Limited · Brambles Industries Limited · Centro Properties Group · Coles Group Limited · Commonwealth Bank of Australia · CSL Limited · Fairfax Media Limited · Foster's Group Limited · Goodman Group · GPT Group · Insurance Australia Group Limited · Lend Lease Corporation Limited · Macquarie Airports · Macquarie Bank Limited · Macquarie Infrastructure Group · Mirvac Group · National Australia Bank Limited · Newcrest Mining Limited · News Corporation · Orica Limited · Origin Energy Limited · Publishing & Broadcasting Limited · Qantas Airways Limited · QBE Insurance Group Limited · Rio Tinto Limited · Santos Limited · St George Bank Limited · Stockland · Suncorp-Metway Limited · Tabcorp Holdings Limited · Telecom Corporation Of New Zealand Limited · Telstra (Installment Receipts) · Telstra Corporation Limited · Toll Holdings Limited · Transurban Group · Wesfarmers Limited · Westfield Group · Westpac Banking Corporation · Woodside Petroleum Limited · Woolworths Limited · Zinifex


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Category:Insurance companies of Australia
From Wikipedia, the free encyclopedia
Jump to: navigation, search
Pages in category "Insurance companies of Australia"
There are 16 pages in this section of this category.

A
AMP Limited
AXA
Allianz
G
GMHBA Health Insurance
H
HCF Health Insurance
H cont.
HIH Insurance
I
Insurance Australia Group
M
Manufacturers Mutual Insurance
P
Promina Group
Q
QBE Insurance
R
Royal Automobile Association
R cont.
Royal Automobile Club of Victoria
S
SGIC
SGIO
Suncorp-Metway
T
T &