Annual Report Introduction
IAG's Four Principles Paying Claims Understanding & Pricing Risk Managing Costs Reducing Risk
Group Operating Performance
Chairman's Review
CEO's Review
Business Overview
Executive Team
Review of Operations
Board of Directors
Corporate Governance
Financial Report
Five Year Financial Summary
Directors Report
Directors Report
Statements of Financial Performance
Statements of Financial Position
Statements of Cash Flows
Notes to Financial Statements
Directors' Declaration
Independent Auditors Report
Shareholder Information
Corporate Directory
Financial Postion
As at 30 June 2005
Print
  NOTES CONSOLIDATED
2005
$m		 CONSOLIDATED
2004
$m
Assets
Cash assets 456 424
Investments 10,375 9,686
Premium receivable 1,710 1,606
Other receivables 654 742
Current tax assets 4 -
Reinsurance and other recoveries receivable 1,053 915
Inventories 2 2
Property, plant and equipment 258 231
Prepayments 70 63
Deferred levies and charges 105 104
Deferred reinsurance expense 194 184
Deferred acquisition costs 621 558
Deferred tax assets 264 296
Investment in joint ventures and associates 3 7
Intangible assets 7 18
Goodwill 1,371 1,455
Total assets 17,147 16,291
Liabilities
Payables 915 937
Restructuring provision 11 29
Current tax liabilities 193 222
Unearned premium liability 3,586 3,472
Employee benefits provision 206 188
Deferred tax liabilities 163 99
Outstanding claims liability 6,840 6,327
Interest-bearing liabilities 793 793
Total liabilities 12,707 12,067
Net assets 4,440 4,224
Equity
Contributed equity 8(a) 3,802 3,802
Foreign currency translation reserve 8(b) (6) (5)
Retained profits / (accumulated losses) 8(c) 59 (259)
Equity attributable to shareholders of Insurance Australia Group Limited 3,855 3,538
Outside equity interests in controlled entities 8(d) 585 686
Total equity 8 4,440 4,224

The above consolidated statement of financial position is to be read in conjunction with the notes to the financial statements and the discussion and analysis.