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Insurance Australia Group (IAG)

PRI reporting framework 2020

You are in Organisational Overview » Basic information

Basic information

OO 01. Signatory category and services

01.1. Select the type that best describes your organisation or the services you provide.

01.3. Additional information. [Optional]

IAG is the largest general insurance company in Australia and New Zealand, with leading brands in Australia including NRMA Insurance, CGU, WFI, SGIO, SGIC and Swann Insurance. With more than 8.5 million customers and information on the majority of motor vehicles and domestic residences in its markets, IAG uses its leadership position to understand and provide world-leading customer experiences, making communities safer and more resilient for the future.

IAG’s purpose is to make your world a safer place and the company is committed to being a responsible and ethical business that exceeds community and customer expectations. The IAG-wide Safer Communities Plan delivers on its purpose, prioritising two key areas where it can make a meaningful difference to society and create commercial value:

- Disaster risk reduction and climate change – enabling communities in Australia and New Zealand to better prepare for, and respond to, natural perils and climate change.

- Community connection and resilience – building safer and more connected communities that have the capacity to grow and thrive by partnering, accelerating the role of business in resilience and taking a community-led approach.

IAG supports the international commitment to the United Nations’ 17 Sustainable Development Goals (SDGs) to advance economic, social and environmental prosperity. This support recognises that the social and environmental challenges faced by communities, countries and regions affect business and influence commercial success. While IAG’s work to create safer communities and focus on risk transfer through insurance can support many of the SDGs, IAG prioritises those SDGs where it can make the largest difference:

                   SDG 8 – Decent work and economic growth

                   SDG 9 – Industry, innovation and infrastructure

                   SDG 11 – Sustainable cities and communities

                   SDG 13 – Climate action

Each year, IAG engages its key stakeholders to help identify the material issues that affect its ability to make your world a safer place. Materiality is based on the importance of each issue to IAG’s stakeholders and their impact on the community, environment and economy. Issues identified as material to IAG’s business for FY20 are:

                   Post disaster relief and emergency response

                   Customer and partner experience

                   Trust in institutions

                   Accessibility and affordability of insurance

                   Community connection and resilience

                   Climate change and its impacts

Climate change is a key consideration in IAG’s strategy-setting process. IAG uses risk-based pricing, reinsurance and annual premium adjustment to address the short-term risks of climate change, and longer term recognises considerations such as the increasing frequency and severity of natural peril events.

IAG’s objectives and progress are outlined in its Climate Action Plan and Scorecard, which is released publicly every six months at www.iag.com.au.

 

Please note this disclosure does not cover business operations in Vietnam due to materiality and Joint Ventures where we do not control or manage the assets.


OO 02. Headquarters and operational countries

02.1. Select the location of your organisation’s headquarters.

Australia

02.2. Indicate the number of countries in which you have offices (including your headquarters).

02.3. Indicate the approximate number of staff in your organisation in full-time equivalents (FTE).

10196 FTE

02.4. Additional information. [Optional]

10,196 at 30 June 2019 for Australia and New Zealand employees. 

Data assured by EY, assurance statement can be found here: https://www.iag.com.au/sites/default/files/Documents/Safer%20Communities/IAG-FY19-Final-Assurance-Statement.pdf. 

ESG Data Summary can be found here: https://www.iag.com.au/sites/default/files/Documents/Safer%20Communities/IAG-FY19-Data-Summary.pdf

FTE indicates the size of IAG's workforce that takes into account part time employees where full-time employees are given a value of one (1). The value for part time employees is based on their regular hours as a proportion of full-time hours. The FTE includes all permanent full-time (including executives) and part-time employees, employees on a fixed term contract (paid by an IAG Group company’s payroll) and employees on leave without pay (less than 28 calendar days). It excludes guests (not paid by IAG), casuals and employees on extended leave without pay (more than 28 calendar days) on the day data was reported.


OO 03. Subsidiaries that are separate PRI signatories

03.1. Indicate whether you have subsidiaries within your organisation that are also PRI signatories in their own right.

03.3. Additional information. [Optional]

Investments for controlled subsidiaries are managed centrally.


OO 04. Reporting year and AUM

04.1. Indicate the year end date for your reporting year.

31/12/2019

04.2. Indicate your total AUM at the end of your reporting year.

Include the AUM of subsidiaries, but exclude advisory/execution only assets, and exclude the assets of your PRI signatory subsidiaries that you have chosen not to report on in OO 03.2
Total AUM
trillions billions millions thousands hundreds
Currency
Assets in USD
trillions billions millions thousands hundreds

04.5. Additional information. [Optional]


OO 06. How would you like to disclose your asset class mix

06.1. Select how you would like to disclose your asset class mix.

Internally managed (%)
Externally managed (%)

 

Listed equity 0 0 <10% 9.4
Fixed income >50% 52.4 10-50% 31.3
Private equity 0 0 <10% 0.2
Property 0 0 0 0
Infrastructure 0 0 0 0
Commodities 0 0 0 0
Hedge funds 0 0 <10% 2.3
Fund of hedge funds 0 0 0 0
Forestry 0 0 0 0
Farmland 0 0 0 0
Inclusive finance 0 0 0 0
Cash <10% 1.4 0 0
Money market instruments 0 0 0 0
Other (1), specify 0 0 <10% 3
Other (2), specify 0 0 0 0

`Other (1)` specified

          
        

06.2. Publish asset class mix as per attached image [Optional].

06.3. Indicate whether your organisation has any off-balance sheet assets [Optional].

06.5. Indicate whether your organisation uses fiduciary managers.

06.6. Provide contextual information on your AUM asset class split. [Optional]


OO 07. Fixed income AUM breakdown (Private)


OO 08. Segregated mandates or pooled funds (Private)


OO 09. Breakdown of AUM by market

09.1. Indicate the breakdown of your organisation’s AUM by market.

99 Developed Markets
1 Emerging Markets
0 Frontier Markets
0 Other Markets
Total 100% 100%

09.2. Additional information. [Optional]


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