What we do

IAG's businesses underwrite over $12 billion of premium per annum, selling insurance under many leading brands including NRMA Insurance, CGU, SGIO, SGIC, Swann Insurance and WFI (Australia); and NZI, State, AMI and Lumley (New Zealand).

IAG also has an interest in a general insurance joint venture in Malaysia. Standard & Poor’s has assigned a ‘Very Strong’ Insurer Financial Strength Rating of ‘AA-’ to the Group’s core operating subsidiaries. 

Business operations and brands

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^{1  IAG’s short tail personal insurance products are distributed in Victoria under the RACV brand, via a distribution relationship and underwriting joint venture with RACV.  These products are distributed by RACV and manufactured by Insurance Manufacturers of Australia Pty Limited (IMA), which is 70% owned by IAG and 30% by RACV.} 
2   IAG owns 100% of WFI Insurance Limited (WFI), the underwriter of general insurance products under the Coles Insurance brand.  These products are distributed by Coles under an authorised representative agreement with WFI.
³   IAG owns 49% of the general insurance arm of Malaysian-based AmBank Group, AmGeneral Holdings Berhad (AmGeneral), which trades under the AmAssurance and Kurnia brands.

Australian operations

IAG has leading market shares in personal and commercial insurance lines in Australia, with products sold under brands including NRMA Insurance, CGU, WFI, SGIO and SGIC. The business reported higher gross written premium of $4,606 million for the six months to 31 December 2019, representing 77% of IAG's gross written premium.

Consumer
IAG is the largest personal lines insurer in Australia, offering short tail motor and home products across the country under a range of brands, as well as long tail CTP offerings in NSW, the ACT and South Australia.

Business
IAG sells a range of commercial insurance products across Australia under the CGU, WFI, RACV, SGIO and SGIC brands, as well as niche products through brands such as Swann Insurance. IAG’s Business offering has a strong SME emphasis, and a leading market share in rural areas.

New Zealand operations

IAG is the leading general insurance provider in New Zealand across both the direct and intermediated channels. Insurance products are sold directly to customers predominantly under the State and AMI brands, and through intermediaries (insurance brokers and authorised representatives) predominantly under the NZI and Lumley Insurance brands. Personal lines and commercial products are also distributed under third party brands by IAG’s corporate partners, including large financial institutions.

New Zealand generated gross written premium of approximately $1, 268 million the full six months ended 31 December 2019, representing approximately 23% of IAG's gross written premium.  

Our investments

At 31 December 2019, IAG's overall investment allocation remained conservatively positioned. At that date, IAG had:

• total investments of $10 billion;
• technical reserves of $6 billion backing insurance liabilities, invested in fixed interest and cash; and
• shareholders’ funds of $4 billion.

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