NRMA Insurance had grown to be the largest non-government home and contents insurer in NSW and the ACT.
NRMA expanded interstate, with eight offices in Victoria, and a move into Queensland.
NRMA acquired the SGIO Group, including SGIO Insurance, the largest fire and general insurer in Western Australia, and SGIC, the largest general insurer in South Australia. It also entered the Asian market, acquiring an interest in Thailand's Safety Insurance.
A joint venture was formed between the insurance businesses of NRMA and Royal Automobile Club of Victoria (RACV).
NRMA demutualised in 2000, separating its road services and insurance operations. The new NRMA Insurance Group Limited was listed on the ASX.
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.
NRMA Insurance Group Limited became Insurance Australia Group Limited (IAG).
IAG acquired CGU in Australia (including Swann Insurance), NZI in New Zealand, and Zurich Insurance's NSW workers' compensation business.
IAG expanded its presence in Asia, increasing its business in Thailand and moving into Malaysia.
IAG acquired UK insurer, Equity Insurance Group.
IAG established a joint venture with the State Bank of India to offer general insurance products.
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.
In April, 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).
In December, IAG announced an agreement to purchase the insurance underwriting businesses of Wesfarmers Limited for $1.845 billion, strengthening its position in its home markets of Australia and New Zealand. The acquisition comprises Wesfarmers' underwriting companies trading under the WFI and Lumley Insurance brands, as well as a ten-year distribution agreement with Coles.
On 30 June 2014, IAG completed the acquisition of Wesfarmers’ insurance underwriting businesses in Australia and New Zealand.
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.