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Insurance Australia Group (IAG) has a portfolio of general insurance businesses, with leading and established brands across its home markets of Australia and New Zealand, a specialist underwriter in the United Kingdom and a growing presence in Asia.
The Group receives annual gross written premium of more than US$6.39 billion for the year ended 30 June 2009. IAG has been assigned a "Strong" Insurer Financial Strength Rating of "A+" from S&P. The Group has a workforce of around 13,500 people.
IAG’s Australian operations distribute a range of personal and commercial insurance products, both directly to the customer and indirectly through a network of intermediaries. IAG's operations insure more than 5.5 million cars, 2.2 million homes, 207,500 businesses and 73,400 farms, and provides workers' compensation services to around 145,000 employers.
In New Zealand, IAG is the leading general insurance provider in New Zealand across both direct and intermediated channels. Insurance products are predominantly sold directly to customers under the State brand and through intermediaries under the NZI brand.
IAG has a growing presence in Asia:
- in Thailand, it owns commercial insurer NZI Thailand and personal insurer Safety Insurance;
- in Malaysia, IAG has an interest in the general insurance arm of AmAssurance, AmG;
- in India, IAG has signed a joint venture agreement with SBI to establish a general insurance company. SBI has over 100 million customers and 11,000 branches across the country and access to an additional 46 million customers and 4,500 branches when including its subsidiaries; and
- in China, IAG has a roadside assistance operation and insurance agent, CAA.
In the UK, IAG has a specialist motor underwriting operation, Equity Red Star. Commencing operations in 1946, Equity Red Star has grown to become the largest personal lines syndicate at Lloyd’s, providing insurance to business and personal lines customers. It was acquired by IAG in 2007. The UK business also includes Equity Broking affinity business and specialist commercial broker Barnett & Barnett.
Our Major Brands
1. RACV is via a distribution relationship and underwriting joint venture with RACV Limited
2. RACV has a 30% interest in The Buzz
3. 49% ownership of AmG Insurance, which is part of AmAssurance
4. 98% voting rights in Safety Insurance, based in Thailand
5. 26% ownership of SBI General Insurance Company, a joint vanture with the State Bank of India
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