Insurance Australia Group


Insurance Australia Group

Infobox Company
name = Insurance Australia Group Limited

type = Public (ASX: [http://www.asx.com.au/asx/research/CompanyInfoSearchResults.jsp?searchBy=asxCode&allinfo=on&asxCode=IAG&companyName=&principalActivity=&industryGroup=NO IAG] )
foundation = 2000 (renamed from NRMA Insurance Group in 2002)
location = flagicon|AUS Sydney, Australia
key_people = James Strong AO, Chairman
Michael Wilkins, CEO
area_served = flagicon|AUS Australia
flagicon|NZL New Zealand
flagicon|GBR United Kingdom
flagicon|Thailand Thailand
flagicon|Malaysia Malaysia
flagicon|China China
industry = Insurance
products = General, commercial, vehicle, home and contents insurance, roadside assistance
revenue = increase A$7,381 million (2007)
operating_income = decrease A$963 million (2007)
net_income = decrease A$552 million (2007)
num_employees = 16,500+
divisions =
subsid = NRMA Insurance, CGU Insurance, SGIO, SGIC, Swann Insurance, NZI, State Insurance, CAA, NZI Thailand, Safety Insurance, AmAssurance, Hastings Insurance, Equity Insurance Group
homepage = [http://www.iag.com.au/ www.iag.com.au]
intl = yes

Insurance Australia Group Limited (IAG) is an Australian publicly-listed company with its shares traded on the Australian Stock Exchange as asx|IAG.

The company was formed by the demutualisation of the NRMA Insurance business in July 2000 and a return of shares to the members of NRMA. According to its website, NRMA Insurance Group Limited changed its name to Insurance Australia Group Limited on 15 January 2002. IAG is the name of the listed entity; it is not a customer-facing retail name, however it represents the holding company that holds the many retail brands together.

Insurance business

Insurance Australia Group operates a number of different insurance brands in Australia, Asia and the UK including:

Australia

*NRMA Insurance
*SGIO, acquired in 1998
*SGIC, acquired in 1998
*CGU Insurance, acquired in 2003
*Swann Insurance, acquired in 2003

IAG has a 70% shareholding in Insurance Manufacturers of Australia Limited (the other 30% being held by RACV), which issues insurance under the RACV Insurance name that is sold by RACV.

IAG's biggest competitor in Australia is Suncorp-Metway Limited, who operates the Suncorp, GIO, AAMI, Vero, Just Car and other insurance brands.

New Zealand

*State Insurance, acquired in 2001
*NZI (Insurance NZ), acquired in 2003

United Kingdom

*Hastings Direct, acquired in 2006
*Equity Insurance Group, acquired in 2006
*Open+Direct Insurance, acquired in 2007 (Northern Ireland Insurer)

Asia

*Safety Insurance, Thailand, held a stake in 1998, now holds 96% voting rights
*NZI Thailand, acquired in 2003
*AmAssurance, Malaysia, acquired in 2006

Other business

In China, Insurance Australia Group owns CAA, the China Automobile Association, the largest roadside assistance provider in the country. IAG held a stake in CAA since 1999, increasing to full ownership in 2003.

Executive structure

Board of Directors

* James Strong AO, Chairman. Also chairman of Woolworths Limited, Rip Curl and Australian Council for the Arts. Also on the board of QANTAS.
* Michael Wilkins, CEO
* Hugh Fletchercite web|url=http://www.iag.com.au/news/shareholder/docs/20070830-Board_Appointments_two_directors.pdf|date=30 August 2007|title=Media release: IAG board appointments|accessdate=2007-09-06|publisher=Insurance Australia Group] , Non-executive director
* Anna Hynes, Non-executive director
* Phillip Colebatch, Non-executive director
* Geoffrey Cousins, Non-executive director
* Neil Hamilton, Non-executive director
* Rowan Ross, Non-executive director
* Brian Schwartz, Non-executive director

Executive team

* Michael Wilkins, CEO Insurance Australia Group
* Justin Breheny, CEO IAG Asia
* Nicholas Hawkins, Group Chief Financuial Officer
* Gary Dansfield, Acting CEO Direct Insurance
* Jacki Johnson, CEO eVentures
* Christine McLoughlin, Executive Advisor
* Duncan West, CEO CGU Insurance
* Neil Utley, CEO IAG United Kingdom
* Ian Foy, CEO IAG New Zealand
* Leona Murphy, Group Executive, Business Services

Peter Connell served on the executive team until mid 2007, however a restructure of the executive team saw Mr. Connell now reporting to Neil Utley. Neil Utley's position now stands as CEO IAG UK Operations with Peter Connell as Deputy CEO UK. Peter Connell continues to run the Hastings Insurance business in the UK.

In mid October, 2007 Sam Mostyn left the IAG executive team. Christine McLoughlin has taken responsibility of the Culture and Reputation portfolio along with Group Strategy. The combined divisions have named Strategy, People and Reputation.

Ms Mostyn will continue to report to Mike Hawker as an Executive Advisor to the Executive Team of IAG on issues such as Climate Change, Flexible Work Practices and People Strategy.

On December 14th 2007 it was announced that Mario Pirone would be leaving CGU and his position of CEO, to be replaced by Duncan West, the previous CEO of Vero Australia, part of the Promina Group.cite web | url=http://www.asx.com.au/asxpdf/20071214/pdf/316h7tw6schx6h.pdf | title = Announcement from ASX | work = ASX Website | accessdate =2007-12-14 ]

In April 2008, Chief Operating Officer - Michael Wilkins announced the merger of the CGU and Business Partnerships divisions. This will creating one division focusing on Commercial Lines business with Intermediated markets. Former Business Partnerships CEO, Jacki Johnson will continue to serve on the executive team as the CEO eVentures. This new division will focus on strategy and implementation on the IAG brands marketing to an internet focused customer group.

News of the merger of CGU and Business Partnerships saw the resignation of long serving Business CEO - David Issa. Mr. Issa announced his resignation from IAG effective 5th May to pursue other interests. A suitable replacement is being sourced for the role of CEO Direct Insurance. (formally Personal Insurance).

Organisational Transformation and Change

It is reported that the organisation is currently undertaking a restructure due to massive profit losses. Mike Hawker has employed Leona Murphy formally of Promina (now Suncorp) to reshape and transform the organisation from one that has been siloed across geographical regions to an organisation that can leverage scale, add value to all customers and become an organisation with one balance sheet.

The result of the restructure was announced on 4th March by Leona at the Capitol Theatre. All employees from Business Services were invited to attend the annoucement. Many positions have been made redundant or moved reporting lines. Phase two of the restructure has commenced to be announced by the end of April 2008.

The sub divisions of Business Services include:
*Human Resources and Internal Communications (People and Culture) headed by Christine Sherwy
*Technology Services - headed by Larry Howard
*Asset, People and Safety Support - headed by Stuart Ulhorn
*Australian Financial Services - headed by David Hosking
*Acturial and Risk - headed by Brett Ward
*Business Improvement and Innovation - headed by TBA

The functions within Business Services are to be viewed as shared functions throughout the organiations and should not be replicated in the Business Divisions such as Personal Insurance or CGU Insurance to avoid duplication.

Executive Advisory

* Sam Mostyn, IAG Executive Advisor

Ms Mostyn will have responsibility for providing advice to the IAG Executive, on issues such as climate change, sustainable people and business practices.

ustainability

On 31 August 2006, IAG was placed on the Dow Jones Sustainability Index [Dow Jones Sustainability Index 2006 [http://www.sustainability-index.com/djsi_protected/djsi_world/components/DJSIWorld_Country_Rev2005.pdf] ] . IAG is the first Australian insurance company to achieve this recognition.

On 15 November 2006, IAG announced it intended to become carbon neutral within five years across all of its operations.cite web | url=http://www.iag.com.au/pub/iag/sustainability/media/carbon_neutral.pdf | title = Carbon Neutral Announcement Media Release | work = IAG Website | accessdate =2007-02-25 ]

QBE merger speculation

Visit www.iag.com.au for more information on recent events of the speculation of a merger between IAG and QBE Insurance.

References

ee also

*NRMA

External links

* [http://www.iag.com.au/ Insurance Australia Group]


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