Insurance Australia Group Ltd. history, profile and corporate video
Insurance Australia Group Ltd. is an international insurance company. It provides commercial and motor fleet, motor vehicle, commercial liability, commercial property, construction and engineering, home and contents, income protection, marine and niche insurance services. The company operates through the following business segments: Australia Direct Insurance, Australia Intermediated Insurance, New Zealand Insurance, United Kingdom Insurance, Asia Insurance and Corporate & Other. The Australia Direct Insurance segment comprises insurance products distributed through a network of branches, franchises and country service centers throughout Australia as well as call centers and online facilities using predominantly the NRMA Insurance, SGIO and SGIC brands as well as via a distribution relationship and underwriting joint venture with RACV Ltd. The Australia Intermediated Insurance segment includes insurance products primarily sold under the CGU and Swann insurance brands through insurance brokers, authorized representatives and distribution partners. The New Zealand Insurance segment involves in the general insurance business underwritten through subsidiaries in New Zealand. The United Kingdom Insurance segment comprises the general insurance underwriting and broker distribution services operating through subsidiaries in the United Kingdom. The Asia Insurance segment involves primarily the direct and intermediated insurance business underwritten through subsidiaries in Thailand and the share of the operating result from the investment in associates in Malaysia, Vietnam, India and China. The Corporate and Other segment comprises other activities, including corporate services, funding costs on the group’s interest bearing liabilities, inwards reinsurance from associates, investment management and investment of the equity holders’ funds. The businesses offer personal and commercial insurance products through local brands. Insurance Australia Group history roots back to 1925, was founded on September 26, 1924 and is headquartered Sydney, Australia.“
“Insurance Australia Group History
While IAG’s direct heritage dates back to 1925 when the National Roads and Motorists’ Association (NRMA) started providing insurance to its members in NSW and the ACT, through our CGU business, we have been providing insurance services in Australia for almost 160 years.
1981
NRMA Insurance had grown to be the largest non-government home and contents insurer in NSW and the ACT.
1994-1995
NRMA expanded interstatae, with eight offices in Victoria, and a move into Queensland.
1998
NRMA acquired SGIO, a previously government-owned insurer in Western Australia, and its South Australian business, SGIC. It also entered the Asian market, acquiring an interest in Thailand’s Safety Insurance.
1999
A joint venture was formed between the insurance businesses of NRMA and Royal Automobile Club of Victoria (RACV), and the Group purchased an interest in the China Automobile Association (CAA).
2000
NRMA demutualised in 2000, separating its road services and insurance operations. The new NRMA Insurance Group Limited was listed on the ASX.
2001
The Group acquired New Zealand’s largest general insurance company, State Insurance, and the policies and renewal rights to HIH’s Australian workers’ compensation business.
2002
NRMA Insurance Group Limited became Insurance Australia Group Limited (IAG).
2003
IAG acquired CGU in Australia (including Swann Insurance), NZI in New Zealand, and Zurich Insurance’s NSW workers’ compensation business.
2005
IAG expanded its presence in Asia, increasing its business in Thailand and moving into Malaysia.
2007
IAG acquired UK insurer, Equity Insurance Group.
2009
IAG established a joint venture with the State Bank of India to offer general insurance products.
2012
In March 2012, IAG completed the purchase of AMI insurance, the second largest direct personal lines insurer in New Zealand.
In April 2012, we completed our acquisition of a 20% strategic interest in Bohai Property Insurance Company Ltd, headquartered in Tianjin in Northern China.
In September 2012, IAG’s 49%-owned Malaysian associate, AmG completed the acquisition of Kurnia Insurans (Malaysia) Berhad, making AmG the largest general insurer in Malaysia, with 13% of Malaysia’s general insurance market and a clear number one position in motor insurance.
In May 2012, IAG completed the acquisition of 30% of Vietnam-based AAA Assurance Corporation (AAA), delivering exposure to the rapidly growing Vietnamese insurance market via an established participant.
2013
In April 2013, IAG completed the sale of the Equity Red Star business to Aquiline Capital Partners, a private equity investment firm specialising in financial services, for £87 million (approximately $130 million).
Today, IAG is a diversified insurance group operating throughout Australia and in New Zealand and Asia. We continue to focus on our strategic intent of creating a portfolio of high performing, customer-focused, diverse operations that provide general insurance in a manner that delivers superior experiences for our stakeholders and creates shareholder value.”
*Information from Forbes.com and Iag.com.au
**Video published on YouTube by “IAGCorporateOffice“