Key Stats
Founded: 1925 (as NRMA Insurance); 2000 (as listed company)
Headquarters: Sydney, New South Wales, Australia
CEO: Nick Hawkins (since November 2020)
Employees: Approximately 14,000
Stock Symbol: ASX: IAG
Insurance Australia Group Limited (IAG) is a multinational general insurance company headquartered in Sydney, Australia. It is the largest general insurer in both Australia and New Zealand, commanding roughly 29% of the Australian general insurance market.
IAG operates as an umbrella organization for numerous consumer-facing insurance brands, including NRMA Insurance, CGU, SGIO, SGIC, WFI, and Swann in Australia, and NZI, State, AMI, and Lumley in New Zealand. The IAG name itself does not appear as a customer-facing brand.
The company provides a range of personal and commercial insurance products, primarily motor vehicle, home and contents, and compulsory third party insurance. IAG is listed on the Australian Securities Exchange and is a constituent of the S&P/ASX 50 index.
Insurance Australia Group History
1925
NRMA Insurance Founded
The National Roads and Motorists’ Association (NRMA) begins providing insurance to its members in New South Wales and the Australian Capital Territory.
1981
Largest Home Insurer
NRMA Insurance becomes the largest non-government home and contents insurer in NSW and the ACT.
1998
Western Australia Expansion
NRMA acquires SGIO (State Government Insurance Office) in Western Australia and its South Australian business, SGIC. The company also enters the Asian market by acquiring an interest in Thailand’s Safety Insurance.
2000
Demutualisation and ASX Listing
NRMA demutualises, separating its road services and insurance operations. NRMA Insurance Group Limited is listed on the Australian Securities Exchange.
2001
New Zealand Expansion
IAG acquires State Insurance, New Zealand’s largest general insurance company, and acquires the policies and renewal rights to HIH’s Australian workers’ compensation business.
2002
IAG Name Adopted
NRMA Insurance Group Limited changes its name to Insurance Australia Group Limited.
2003
CGU Acquisition
IAG acquires CGU in Australia (including Swann Insurance), NZI in New Zealand, and Zurich Insurance’s NSW workers’ compensation business.
2012
AMI and Asian Expansion
IAG completes the purchase of AMI insurance, the second largest direct personal lines insurer in New Zealand. The company also acquires interests in Bohai Property Insurance (China) and AAA Assurance (Vietnam).
Key People
Nick Hawkins
Managing Director and CEO (since November 2020)
Hawkins joined IAG in 2001 and previously served as Deputy CEO and Chief Financial Officer for 12 years. Before IAG, he was a partner at KPMG. He holds a Bachelor of Commerce and is a Fellow of Chartered Accountants Australia and New Zealand. He completed a two-year term as President of the Insurance Council of Australia in January 2025.
Julie Batch
CEO, NRMA Insurance (since March 2021)
Batch leads IAG’s retail insurance operations in Australia, including the NRMA Insurance, ROLLiN’ Insurance brands and the RACV insurance partnership. She previously served as Chief Strategy & Innovation Officer and has extensive experience in customer experience and digital transformation.
Insurance Australia Group Acquisitions
IAG has grown primarily through acquisition, assembling a portfolio of established insurance brands across Australia, New Zealand, and Asia.
The 1998 acquisition of SGIO and SGIC gave IAG entry to Western Australia and South Australia. The 2000 demutualisation separated the insurance business from NRMA’s roadside assistance operations and enabled the company to pursue further acquisitions as a publicly listed entity.
The 2001 acquisition of State Insurance made IAG the largest general insurer in New Zealand. Two years later, the purchase of CGU Australia (including Swann Insurance) and NZI significantly expanded the company’s commercial insurance and broker distribution capabilities.
IAG purchased AMI insurance in New Zealand in 2012, adding the second-largest direct personal lines insurer in that market. That same year, the company acquired strategic interests in Bohai Property Insurance in China and AAA Assurance in Vietnam.
In 2018, IAG sold its operations in Thailand, Malaysia, and Vietnam to Tokio Marine, refocusing on its core Australian and New Zealand markets. More recently, in 2024-2025, IAG acquired RACQ’s insurance underwriting operations in Queensland and strengthened its partnership with RACV in Victoria.
Insurance Australia Group Revenue
Insurance Australia Group generated A$15.99 billion in total revenue for fiscal year 2024, with gross written premiums of approximately A$17.1 billion. The company’s revenue has fluctuated over the past decade due to natural disaster claims, competitive pressures, and strategic divestitures.
Insurance Australia Group Market Cap
Insurance Australia Group has a market capitalization of approximately A$15.6 billion as of February 2026. The company’s valuation has seen considerable movement over the past decade, influenced by natural disaster events, premium growth, and broader insurance sector trends.
Insurance Australia Group Competitors
The Australian general insurance market is concentrated, with four companies accounting for roughly three-quarters of the market. IAG leads with approximately 29% market share, followed by Suncorp at 27%, QBE at 10%, and Allianz at 8%.
| Company | Headquarters | Key Brands |
|---|---|---|
| Suncorp Group | Brisbane, Australia | AAMI, GIO, Bingle, Apia, Shannons |
| QBE Insurance Group | Sydney, Australia | QBE, Australia Post Insurance |
| Allianz Australia | Sydney, Australia | Allianz, various bank partnerships |
| Hollard Insurance | Sydney, Australia | Hollard, CommInsure |
| Youi | Gold Coast, Australia | Youi |
| Chubb Australia | Sydney, Australia | Chubb |
| Zurich Australia | Sydney, Australia | Zurich |
| RAA Insurance | Adelaide, Australia | RAA (now owned by Allianz) |
| RACT Insurance | Hobart, Australia | RACT |
| Tower Insurance (NZ) | Auckland, New Zealand | Tower |
FAQs
What is Insurance Australia Group (IAG)?
IAG is Australia’s largest general insurance company. It operates multiple consumer brands including NRMA Insurance, CGU, SGIO, and SGIC in Australia, and NZI, State, and AMI in New Zealand.
Who owns NRMA Insurance?
NRMA Insurance is owned by Insurance Australia Group Limited (IAG). NRMA Insurance was demutualised in 2000, separating from the NRMA roadside assistance organization, and is now a publicly traded company.
What brands does IAG own?
IAG owns NRMA Insurance, CGU, SGIO, SGIC, WFI, Swann, and ROLLiN’ in Australia, and NZI, State, AMI, and Lumley in New Zealand. It also has an insurance partnership with RACV.
Is IAG the same as NRMA?
No. IAG (Insurance Australia Group) is a separate company from the NRMA motoring club. The two split during demutualisation in 2000, with IAG taking the insurance operations and NRMA retaining roadside assistance services.
How big is IAG?
IAG employs approximately 14,000 people and serves about 6.3 million direct customers. The company has gross written premiums exceeding A$17 billion and a market capitalization of around A$15.6 billion.