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
LEAD AUDITOR'S INDEPENDENCE DECLARATION
Under Section 307C of the Corporations Act 2001
Print

TO: THE DIRECTORS OF INSURANCE AUSTRALIA GROUP LIMITED (“IAG”)
LIMITED (“IAG”)I declare that both the Firm and I were and remain independent in accordance with professional rules and statutory requirements on auditor independence in relation to the audit for the financial year ended 30 June 2005 (“the audit”).

In making this declaration I draw your attention to a contravention of Section 324CF(2) of Corporations Act 2001 (“the Act”) which requires disclosure in terms of Section 307C.

During the six months to 30 June 2005 a tax partner in the Sydney office of KPMG was made aware by IAG (through the process of advising a change in address) that he had been allocated 847 shares in IAG by virtue of the demutualisation. Dividends owing to him amounted to $559.

The shareholding was identified by the Firm’s internal control system. The partner, who has never worked in any capacity on IAG, has since disposed of these shares.

To the best of my knowledge and belief, in relation to the audit the only matter which requires disclosure in relation to auditor independence requirements as set out in the Act or any applicable code of professional conduct is the situation described above.

KPMG

Dr Andries B Terblanché
Partner
Sydney, 19th August 2005