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Insurance Australia Group

Insurance Australia Group Limited (IAG) is the largest company in and , headquartered at Level 9, Tower Two, Darling Park, 201 Sussex Street, , NSW 2000, and listed on the Australian Securities Exchange (ASX: IAG). As the parent company of a diversified group, as of 30 June 2025, IAG underwrote $17.1 billion in gross written premiums, serving approximately 6.3 million direct customers through leading brands including NRMA Insurance, CGU, WFI, SGIO, SGIC, NZI, , and AMI. Following the September 2025 acquisition of RACQ's underwriting operations, the company added approximately 840 employees, bringing the total to around 14,000, and focuses on personal, commercial, and institutional products, including home, motor, business, and compulsory lines like , while emphasizing and initiatives such as achieving procurement for its Australian and New Zealand operations in FY25. IAG's heritage traces back to 1925, when the began offering to its members in and the Australian Capital Territory, marking the origins of its flagship NRMA Insurance brand. The company underwent significant expansion through in 2000, when NRMA Insurance Group Limited was formed and listed on the ASX, followed by a to Insurance Australia Group Limited in 2002. Key acquisitions shaped its growth, including the 1998 purchase of SGIO Group to enter Western and , the 2003 acquisitions of CGU in and NZI in , the 2014 acquisition of ' insurance businesses, and the 2025 acquisition of RACQ's insurance underwriting operations on 1 September, which added substantial premiums and further diversified its across retail and intermediary divisions in . In FY25, ending June 30, 2025, IAG reported a net profit after tax attributable to shareholders of $1,359 million, driven by a 4.3% increase in gross written premiums to $17,106 million and insurance profits bolstered by favorable natural perils outcomes, while paying out $10.2 billion in claims. Under the leadership of Managing Director and CEO Nick Hawkins, who assumed the role in November 2020, the company continues to prioritize strategic alliances—such as with RACV and RAC—digital platforms enabling nearly 70% of premiums, and community support programs like Help Nation, reinforcing its position as a resilient leader in the general insurance sector amid evolving climate and regulatory challenges.

Overview

Corporate profile

Insurance Australia Group Limited (ASX: IAG), the legal name of the company, traces its origins to the , founded in 1925 to provide insurance services to motorists in , . Following in 2000, Insurance Group Limited was formed and listed on the Australian Securities Exchange, and renamed Insurance Australia Group Limited in 2002, marking the formal establishment of IAG as a distinct entity focused on . Headquartered at Level 9, Tower Two, Darling Park, 201 Sussex Street, , 2000, , IAG operates as the largest general insurance provider in and . Its core business encompasses general insurance risks and managing investments, primarily serving personal and commercial lines through brands including Insurance, CGU, WFI, SGIO, SGIC, NZI, , and AMI. For the fiscal year ending 30 June 2025, IAG reported total assets of $26.3 billion and gross written premiums exceeding $17 billion, underscoring its scale in the industry. As a publicly listed on the ASX, IAG has a dispersed ownership structure with no single majority ; the largest holdings are held by institutional nominees such as Custody Nominees at approximately 31% as of July 2025. The employs around 13,000 people across its operations, supporting its and activities.

Market position

Insurance Australia Group (IAG) is the largest general insurer in and by gross written premium, achieving $17.1 billion in FY2025 and maintaining a leading of approximately 30% in Australian personal lines as of 2025. This position underscores its dominance in key segments such as motor, home, and business insurance, where it leverages established brands like , CGU, and AMI to capture significant portions of the market. In comparison to major competitors, IAG reported group of $17.4 billion in FY2025, trailing QBE Insurance's trailing twelve-month of approximately $24 billion USD (equivalent to about $36 billion AUD) but surpassing Suncorp Group's $15.5 billion AUD for the same period. Its reached approximately $18.8 billion AUD as of 2025, positioned between QBE's $29.8 billion AUD and Suncorp's $20.7 billion AUD, reflecting its strong but regionally focused scale within the broader sector. IAG's strategic positioning emphasizes a multi-channel distribution model, including sales, intermediaries, and brokers, supported by ongoing initiatives such as its Enterprise Platform, which has migrated over 5 million policies. This approach serves a base of 8.3 million policyholders, primarily in and , enabling efficient scaling and enhanced through and online tools.

Operations

Australia

Insurance Australia Group (IAG) maintains its primary operations in Australia through a portfolio of specialized brands tailored to diverse customer segments. NRMA Insurance focuses on personal lines such as motor vehicle, home, and contents coverage, with a strong presence in New South Wales, Victoria, Queensland, and other states including the Australian Capital Territory, Tasmania, Western Australia, and South Australia. CGU serves intermediary and commercial customers nationwide, offering policies for vehicles, property, and business risks via brokers and agents. WFI targets high-net-worth individuals, rural clients, and businesses with customized insurance for farms, homes, and workers' compensation, supported by over 80 locations across the country. ROLLiN' provides youth-oriented, pay-per-use car insurance using telematics technology, appealing to tech-savvy younger drivers throughout Australia. SGIO and SGIC offer personal motor, home, and contents insurance primarily in Western and South Australia. Swann Insurance specializes in vehicle insurance, including motorcycles. Following the acquisition completed in September 2025, RACQ Insurance provides personal and commercial lines in Queensland under the RACQ brand through a 25-year strategic partnership, with IAG handling underwriting, products, pricing, and claims. IAG holds market leadership in Australia's personal motor and home insurance sectors, underpinned by NRMA Insurance's longstanding association with roadside assistance services originating from the National Roads and Motorists' Association founded in 1920, which began offering insurance to members in 1925. As the largest general insurer in Australia by gross written premium, IAG commands significant shares in these categories, with high customer renewal rates exceeding 90% for direct products. Operations are distributed through direct channels including online platforms, call centers, branches, and agencies, alongside indirect partnerships with brokers, authorized representatives, motor dealerships, and financial institutions. Key operational hubs are located in major cities such as Sydney, the company's headquarters, and Melbourne, facilitating efficient service delivery nationwide. Australian operations contribute the majority of IAG's , accounting for approximately 77% of group in FY2025, with gross written premiums reaching $13.3 billion from retail and intermediated segments combined out of a total $17.1 billion. IAG's handling of claims is particularly robust in , addressing perils like floods and bushfires through a 24/7 Major Event Command Centre and advanced for rapid assessments. In FY2025, net natural perils claims totaled $1.088 billion, including significant payouts for events such as the Mid and Hunter floods ($108 million) and severe thunderstorms ($101 million), supported by a five-year program covering up to $680 million annually for such risks.

New Zealand

IAG operates in through its subsidiary IAG New Zealand Limited, which serves as the largest insurer in the country by gross written premium volume, reporting AU$3.807 billion (approximately NZ$4.11 billion) in FY25 ending June 2025. This entity underwrites a broad range of products, insuring over NZ$1.07 trillion in assets and maintaining relationships with nearly half of New Zealand households and businesses. The subsidiary manages key brands tailored to different market segments, including State Insurance and AMI for personal lines offered directly to consumers, NZI and Lumley for commercial and intermediary channels via brokers, and , , and Swann for additional direct personal and business insurance. AMI focuses on home and contents following its acquisition by IAG in 2012. These brands collectively provide accessible coverage, with , AMI, , , and Swann focusing on everyday personal needs and NZI and Lumley addressing business-specific requirements through brokers. IAG New Zealand emphasizes products such as motor —including compulsory third-party coverage—home and contents policies, and commercial , all adapted to local hazards. Policies incorporate protections against New Zealand's prevalent natural risks, such as , where private insurers like IAG cover excess losses beyond the Earthquake Commission's cap, and volcanic activity, with tailored assessments for ashfall and eruption-related damage. Holding a dominant position in the general insurance market, IAG New Zealand commands approximately 45% share based on its FY25 premiums relative to the industry's NZ$9.1 billion total as of 2025. While integrated with the broader Insurance Australia Group for reinsurance arrangements to manage large-scale risks, operations maintain local autonomy, particularly in claims processing to align with New Zealand's regulatory environment.

Asia

Insurance Australia Group (IAG) maintained a presence in Asia through joint ventures and subsidiaries until 2018, when it divested these operations to focus on its core markets in Australia and New Zealand. The divestment included the sale of its 99% stake in Safety Insurance Public Company Limited in Thailand and 80.5% stake in PT Asuransi Bina Dana Arta in Indonesia, along with its operations in Vietnam, to Tokio Marine & Nichido Fire Insurance Co., Ltd. for approximately A$700 million (US$525 million). In , IAG's involvement was through AAA Assurance Corporation, a established in 2012 where IAG held a 30% stake alongside local partners, focusing on non-life products including lines. The sale transferred full control to , marking IAG's exit from direct retail and activities in the region. Similarly, in , the Safety Insurance operations emphasized , but post-sale, IAG ceased operational involvement. No current s with entities like Muang Thai Insurance or Bao Viet were identified in recent records. IAG also exited in 2019 by selling its 26% stake in Company Limited, a with launched in 2010, for approximately Rs 3,400 (US$476 million). This completed IAG's withdrawal from Asian markets, driven by a strategic shift to strengthen domestic operations amid challenges such as stringent regulatory environments, intense competition from regional giants like and local state-owned insurers, and the need for capital efficiency. As of fiscal year 2025, IAG reports no direct insurance operations or premium contributions from , with total gross written premiums of A$17.1 billion derived entirely from and . Reinsurance entities such as IAG Re Labuan in and IAG Re Singapore were liquidated by July 2025, eliminating any residual presence. Post-2020 strategic initiatives, including digital enhancements and services, have prioritized Australian and New Zealand growth rather than Asian re-entry, with contributing 0% to overall premiums.

Products and services

Personal insurance

Insurance Australia Group (IAG) offers a range of personal insurance products tailored for individual policyholders, primarily through its consumer-facing brands such as in and in . These products focus on protecting personal assets and liabilities, including home and contents insurance, which covers buildings, personal belongings, and additional living expenses in the event of damage from perils like , storms, or . Motor vehicle insurance forms a core component, with options for comprehensive coverage that includes protection against accidents, , and third-party , as well as basic third-party policies for legal obligations to others. Travel insurance under these brands provides coverage for trip cancellations, medical emergencies, lost baggage, and personal while abroad or domestically, with customizable levels of protection to suit varying trip durations and activities. Key features enhance accessibility and value for customers, such as bundled with motor policies, offering 24/7 towing, battery jumps, and changes at no extra cost for eligible comprehensive plans. IAG's ROLLiN' brand introduces a pay-per-use model for motor , allowing monthly policies with flexible cancellation and no long-term commitment, targeted at younger drivers seeking affordability. Digital claims processing streamlines submissions via mobile apps and online portals, enabling faster assessments and payouts through AI-assisted tools that verify damage and reduce processing times. These offerings target everyday consumers, families, and young drivers, emphasizing affordability through online discounts—up to 10% for new policies—and customization options like add-ons for high-value items or specific risks. The underwriting process for personal risks, particularly motor policies, incorporates technology, as seen in ROLLiN's Safe 'n Save app, which tracks driving behavior to assess risk and offer premium discounts of up to 15% for safe habits.

Commercial insurance

Insurance Australia Group's commercial insurance segment provides specialized coverage for businesses, primarily through its CGU brand in Australia and NZI brand in , targeting corporate and clients with profiles. Key offerings include , which protects business assets such as buildings, equipment, and stock against perils like fire, theft, and weather events; , covering legal claims for third-party injury or ; , available under CGU to manage employee injury claims, rehabilitation, and return-to-work support; and fleet insurance, encompassing commercial motor vehicle coverage for single vehicles or larger fleets to address operational disruptions from accidents or breakdowns. Institutional insurance products, which overlap with commercial offerings, include specialized coverage for large organizations and compulsory lines such as . These products are tailored to meet the needs of small and medium-sized enterprises (SMEs) as well as large corporates, with customizable options for sector-specific risks. For instance, CGU and NZI offer solutions incorporating risk coverage through initiatives like Cylo backed by CGU, which provides SMEs with protection against data breaches, , and interruption from cyber incidents, including access to incident response services. coverage is integrated into broader and interruption policies, safeguarding against disruptions from supplier failures or logistics issues, often with endorsements for contingent interruption. This approach emphasizes comprehensive risk mitigation for interconnected business operations. IAG's commercial insurance operates predominantly via an intermediary model, distributing products through a of over 1,000 brokers who facilitate access for clients. This channel allows for in-depth assessments, where brokers and IAG specialists evaluate exposures using tools like site inspections and modeling to recommend appropriate coverage levels. Complementary prevention services include advisory programs on protocols, cybersecurity best practices, and planning to reduce claim frequency and severity. To enhance pricing accuracy, IAG integrates advanced data analytics into its commercial underwriting process, leveraging for fleet risks, geospatial data for exposures, and predictive modeling for and threats. This data-driven enables dynamic adjustments based on insights, improving competitiveness while maintaining margins.

History

Origins and early development

The National Roads and Motorists' Association () was founded in in , , as a to support motorists through advocacy, , and related services. On May 25, 1925, it launched NRMA , initially offering motor vehicle coverage to its members amid the growing popularity of automobiles in the country. This marked the origins of what would evolve into Insurance Australia Group (IAG), with early policies focusing on third-party liability to address the risks of an expanding road network. NRMA Insurance's early growth in and 1950s was closely linked to Australia's road infrastructure boom, including major projects like the in 1932 and post-World War II highway developments that spurred vehicle ownership. Membership grew significantly during this period. In , the company expanded beyond motor coverage to include , offering protection for property against common risks. In , it further diversified into fire insurance, responding to needs for comprehensive household safeguards amid urban growth and industrial activity. Key milestones in the included diversification into broader lines, with Insurance issuing half a million comprehensive motor policies by mid-decade, solidifying its position as a major player in non-life . This period saw the organization adapt to rising policy complexity, incorporating features like instalment payments introduced earlier in 1931 to make coverage more accessible. In the 1990s, Insurance began preparations for to transition from a member-owned mutual to a company, with initial proposals emerging in the early decade and a contentious attempt in 1994-1995 amid internal debates over and member benefits. These efforts were complicated by regulatory changes, including reforms to compulsory third-party motor schemes, and heightened from foreign insurers entering Australia's increasingly deregulated . , such as the 1994 eastern seaboard bushfires and the , also tested the company's claims handling and resilience.

Expansion and modern era

In July 2000, Insurance Group Limited demutualised and listed on the Australian Securities Exchange (ASX), marking a significant transition to a structure. This listing followed the separation from the broader motoring organisation and positioned the group as one of Australia's top insurers by market capitalisation. In 1998, the company acquired the SGIO Group, expanding into Western and . In 2001, the company acquired the policies and renewal rights to HIH Insurance's Australian business amid the collapse of HIH, bolstering its commercial portfolio. That same year, it entered the market by acquiring State Insurance, a major general insurer. By 2002, the company rebranded as Insurance Australia Group Limited (IAG), reflecting its broader ambitions beyond roots. In 2003, IAG expanded aggressively through the acquisition of CGU Insurance in , which included the Swann Insurance brand, NZI in , and Insurance's New South Wales business, significantly enhancing its market share in both countries. Speculation arose in 2004 about a potential merger with rival Group, which would have created a dominant player valued at nearly A$16 billion, but IAG firmly denied any such proposal. Further growth came in 2012 with the acquisition of 's for NZ$380 million, strengthening its position in the residential and contents insurance segments there. In 2014, IAG completed a landmark A$1.845 billion deal to acquire ' insurance underwriting businesses, incorporating the brand in and additional operations, which solidified its leadership in and lines. IAG first entered the market in 1998 through the acquisition of Safety Insurance in . Following the global financial crisis (GFC) of , IAG focused on recovery through strategic capital management and targeted acquisitions, such as the 2014 Wesfarmers transaction, which helped restore profitability and market dominance. The company also invested in , launching Firemark Ventures in 2016 to support insurtech startups and Firemark Labs in 2017 for internal in and claims processing. On September 1, 2025, IAG completed the acquisition of RACQ's underwriting operations for A$855 million (90% stake), adding substantial premiums and diversifying its portfolio. Recent developments include a surge in FY2025 profit to A$1.743 billion, driven by natural perils costs of A$1.088 billion—A$195 million below allowance—despite events like floods and storms. Amid these challenges, IAG advanced efforts, updating its Group Sustainability Framework to address climate risks, emissions reductions, and community resilience through initiatives like procurement and enhanced weather tracking tools.

Leadership and governance

Board of directors

The Board of Directors of Insurance Australia Group Limited (IAG) consists of ten members as of November 2025, comprising nine independent non-executive directors and one executive director, the Managing Director and CEO. Tom Pockett, BCom, CA, serves as the Chair and an independent non-executive director, having been appointed to the board on 1 January 2015 and elevated to Chair on 22 October 2021. The other independent non-executive directors include Simon Allen (BCom, BSc, CFInstD), Dr Helen Nugent AC (BA Hons, PhD, MBA), Scott Pickering (ANZIIF), George Savvides AM (BEng Hons, MBA), George Sartorel (MBA), JoAnne Stephenson (BCom, LLB Hons), Wendy Thorpe OAM (BA, BBus), and Michelle Tredenick OAM (BSc). The board maintains a strong emphasis on , achieving 36.4% female representation as of 30 June 2025, in line with its diversity target of 40% women, 40% men, and up to 20% of any other ; as of November 2025, following the retirement of David Armstrong in September 2025, female representation stands at 40%. This composition supports a balanced mix of skills in areas such as , , , and , drawn from the directors' extensive professional backgrounds. IAG's board operates through four standing committees to enhance governance: the Audit Committee, chaired by JoAnne Stephenson and comprising Helen Nugent, Scott Pickering, and Wendy Thorpe, which oversees financial reporting, tax risks, and auditor independence; the Nomination Committee, chaired by Tom Pockett with members Helen Nugent, George Savvides, and Wendy Thorpe as deputy, focused on board succession and diversity in appointments; the People and Remuneration Committee, chaired by Wendy Thorpe and including Simon Allen, George Sartorel, George Savvides, and Michelle Tredenick, responsible for remuneration policies and sustainability strategy reporting; and the Risk Committee, chaired by Michelle Tredenick with members Simon Allen, Helen Nugent, George Sartorel, George Savvides, and JoAnne Stephenson, which monitors material risks, compliance, and the independence of key risk officers. The board holds ultimate accountability to shareholders for IAG's performance, operations, and affairs, providing strategic oversight, approving major policies, and ensuring effective systems. It complies fully with the ASX Council's Principles and Recommendations (4th Edition) for the financial year ended 30 June 2025, including practices for board renewal, ethical conduct, and timely disclosure. Additionally, the board oversees , integrating factors into long-term strategy to support shareholder value. In 2025, the board saw the appointment of JoAnne Stephenson as an independent effective 12 May 2025, bringing expertise in and to strengthen and oversight, and the retirement of David Armstrong effective 12 September 2025 due to medical reasons. The board also approved IAG's FY2025 financial results, as detailed in the subsequent reporting section.

Executive management

The executive management of Insurance Australia Group (IAG) is led by Managing Director and Nick Hawkins, who has held the position since November 2020. Hawkins, holding a BCom and FCA qualifications, oversees the group's overall strategy, performance, and day-to-day operations. The is William McDonnell, appointed effective December 2023, with a BA and ACA. McDonnell manages IAG's financial operations, risk frameworks, and related strategic initiatives. Key members of the Group Leadership Team include Julie Batch, CEO of Insurance since March 2021, who leads retail insurance operations in , including brands like , SGIO, and Swann; she holds MCIStratInn, MAppFin, and ANZIIF (Fellow). serves as Group since April 2024, providing legal counsel across the group with a BA and LLB background. Jarrod Hill is CEO of CGU & WFI since September 2021, overseeing intermediated insurance in focused on commercial and broker channels. Neil Morgan, with a BSc (Hons) in Management Sciences, directs operational efficiency and technology integration. Christine Stasi, Group Executive for , Performance & Reputation since November 2019, handles , risk oversight in people functions, and reputation management; she has a BA and Master of . Peter Taylor, Group since May 2022, manages enterprise-wide risk with a BCom in and and GAICD. Whiting serves as CEO of IAG ; on 4 November 2025, IAG announced that Whiting has decided to return to , with a recruitment process underway for her successor, and she will continue leading until the transition is complete. The team reports to the and emphasizes insurance expertise alongside diverse professional backgrounds in , , operations, and . As of June 2025, the Group Leadership Team comprises nine members, with 37.5% female representation, reflecting IAG's commitment to in senior .

Financial performance

Key financial metrics

Insurance Australia Group (IAG) evaluates its performance using several core financial metrics standard to the general insurance industry, which provide insights into revenue generation, , profitability, and shareholder returns. These indicators, drawn from IAG's financial reporting, help stakeholders assess the company's discipline, outcomes, and overall financial health without relying on specific yearly figures. Gross written premium (GWP) measures the total premiums written by IAG before any deductions for or other adjustments, serving as a primary indicator of the scale of contracts issued and potential from sales. This metric captures the full volume of generated across personal and commercial lines, reflecting market demand and , though it does not account for claims or expenses. In IAG's context, GWP is foundational for tracking growth in income before cessions, as outlined in the company's statutory accounts. Net profit after (NPAT) represents the bottom-line profitability attributable to IAG shareholders after deducting all operating expenses, claims, es, and non-controlling interests from , including both and . It encapsulates the overall financial outcome, influenced by factors such as catastrophe events, returns, and cost , and serves as a key for and strategic at IAG. NPAT is calculated in accordance with Australian Accounting Standards and provides a comprehensive view of available for distribution or reinvestment. The combined operating ratio (COR) is a critical efficiency metric for IAG, calculated as the sum of the incurred and , or more precisely, (claims and service expenses + acquisition and operating costs) divided by earned premiums or . A COR below 100% signifies underwriting profitability before income, with IAG and industry peers typically targeting levels below 95% to ensure robust margins amid variable claims experience. This highlights operational discipline, as higher values indicate pressure from rising claims or costs relative to premiums earned. Return on equity (ROE) gauges IAG's efficiency in generating profits from shareholders' , computed as NPAT divided by average shareholders' over the period, expressed as a . It measures how effectively the company utilizes to produce returns, with IAG aiming for sustainable levels through the insurance cycle to balance growth and . ROE integrates both and investment performance, offering a holistic profitability assessment for investors. The indicates the proportion of NPAT distributed to shareholders as dividends, typically expressed as a and targeted by IAG at 60-80% to align with management goals and provide consistent returns. This metric reflects the company's commitment to while retaining for and growth, influenced by regulatory requirements and profit volatility in the sector. It is derived from declared dividends relative to post-tax , ensuring transparency in distribution policies.

Recent results

Insurance Australia Group reported strong financial performance for the 2025, ending June 30, 2025, with net profit after tax (NPAT) of $1.359 billion, representing a 51% increase from $898 million in FY2024. Net earned premiums, a key measure, rose 8% to $9.984 billion, driven by premium growth across its portfolios. Gross written premium (GWP) increased by 4.3% to $17.106 billion, reflecting sustained demand in personal and commercial insurance lines. The company's insurance profit reached $1.743 billion, up 21.2% from the previous year, supported by an underlying insurance margin of 15.5%. IAG declared a final of 19 cents per share, bringing the full-year payout to 31 cents per share, a 14.8% rise from FY2024's 27 cents. Natural perils costs for FY2025 totaled $1.088 billion, $195 million below the allocated provision, contributing to the improved profitability. For FY2026, IAG has set a natural perils provision of $1.32 billion to account for exposure growth and potential events. Key drivers of FY2025 results included an 8% increase in net earned premiums from pricing adjustments and volume growth, higher investment income of $403 million compared to $286 million in FY2024, and a $330 million pre-tax release from business interruption provisions. Favorable natural perils experience, with lower-than-expected claims severity, also bolstered margins. In October 2025, at its , IAG upgraded its FY2026 guidance following the acquisition of RACQ Insurance, projecting GWP growth of approximately 10%, reported insurance profit of $1.55 billion to $1.75 billion, and an insurance margin of 14% to 16%, up from a prior low-to-mid single-digit expectation for GWP. This outlook assumes a natural perils allowance of $1.47 billion, adjusted for the acquisition. As of November 2025, IAG reaffirmed this upgraded guidance amid recent natural peril events in , citing robust reinsurance protections to mitigate impacts.

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