that is written like an advertisement . please help improve it by removing promotional content and inappropriate external links and by adding encyclopedic content written from a neutral point of view . june 2015 learn how and when to remove this template message insurance australia group limited type public traded as asx iag industry insurance founded 2000 renamed from nrma insurance group in 2002 headquarters 388 george street sydney australia area served australia new zealand united kingdom thailand malaysia china key people peter harmer ceo products general commercial vehicle home and contents insurance roadside assistance revenue a 9.78 billion 2014 profit a 1.23 billion 2014 number of employees 15 000 subsidiaries nrma insurance cgu insurance sgio sgic swann insurance nzi state insurance china automobile association 1 nzi thailand safety insurance amassurance lumley insurance wfi coles insurance lumley retail warranty website iag.com.au insurance australia group limited informally iag is a multinational insurance company headquartered in sydney australia . iag 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 brand however it represents the umbrella organization that holds many well known insurance brands . iag is listed on the australian securities exchange and is a constituent of the s & p asx 50 index . contents 1 operations 1.1 australia 1.2 new zealand 1.3 asia 2 executive structure 2.1 board of directors 2.2 executive team 3 sustainability 4 recent news 5 see also 6 references 7 external links operations edit insurance australia group has operations in australia and new zealand and a growing presence in asia . its businesses include australia edit nrma insurance sgio acquired in 1998 sgic acquired in 1998 cgu insurance acquired in 2003 swann insurance acquired in 2003 wfi acquired in 2014 lumley insurance acquired in 2014 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 . in 2014 iag signed a ten year agreement to distribute home and car policies for coles insurance . new zealand edit state insurance acquired in 2001 nzi new zealand insurance acquired in 2003 ami insurance acquired in 2012 nac national auto club mike henry travel driveright lantern insurance swann insurance lumley general insurance nz acquired in 2014 asia edit thailand iag holds a 98.6 % beneficial interest in safety insurance based in thailand which trades under the safety and nzi brands malaysia iag owns 49 % of the general insurance arm of malaysian based ambank group amgeneral holdings berhad which trades under the amassurance and kurnia brands india iag owns 26 % of sbi general insurance company a joint venture with state bank of india india s largest and most recognised financial services organisation china iag owns 20 % of bohai property insurance company vietnam iag owns 63.17 % of aaa assurance corporation executive structure edit board of directors edit source 1 elizabeth bryan am non executive chairman peter harmer managing director alison deans non executive director hugh fletcher non executive director raymond lim non executive director jonathan nicholson non executive director tom pockett non executive director philip twyman non executive director executive team edit source 2 peter harmer chief executive officer julie batch chief customer officer chris bertuch group general counsel & company secretary ben bessell chief executive australian business duncan brain chief executive asia david harrington group executive office of the ceo nick hawkins chief financial officer jacki johnson group executive people performance & reputation anthony justice chief executive australian consumer division mark milliner chief operating officer craig olsen chief executive new zealand clayton whipp chief risk officer sustainability edit recognition for iag s sustainable practices included in the 2014 ftse4good index series ranked in the dow jones sustainability index asia pacific and australia in 2013 included in the carbon disclosure project 2013 asx 200 climate disclosure leadership index for the eighth consecutive year . on 31 august 2006 iag was placed on the dow jones sustainability index . 3 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 . 4 recent news edit in 2004 speculation emerged that iag would merge with australia s largest insurer qbe insurance however iag denied the merger at the time . 5 speculation again emerged in 2006 only to be again denied . 6 on 10 april 2008 qbe proposed a takeover with each iag share being exchanged for 0.135 qbe shares plus 50 cents cash an effective value of 3.75 per iag share at the time . this proposal was rejected by the iag board the next day . qbe responded by increasing its proposal to 0.142 qbe shares plus 70 cents per iag share . on 14 april 2008 iag also rejected this proposal . on 16 may 2008 qbe increased its proposal to 0.145 qbe shares plus 90 cents per iag share an effective value of 4.60 per iag share at the time . this was rejected by iag four days later and on 21 may 2008 qbe confirmed talks had collapsed and withdrew its proposal . 7 important items that were considered when qbe made its proposal 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 limited . 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 . if one of ima s shareholders were to experience a change of control the other has a pre emptive right to acquire that shareholder s interest in ima at market value . the duration of the arrangements governing racv s distribution of racv branded products in victoria would be a relevant factor in determining this market value as would the duration of the arrangements governing ima s reinsurance of nrma branded products in nsw and the act . on 16 december 2013 iag announced that it had agreed to purchase wesfarmers insurance underwriting businesses . the acquisition comprises companies trading under the wfi and lumley brands as well as a ten year distribution agreement with coles . in 2015 iag share price has fallen 9 % since it reported its interim result . the insurer s net profit for the six months to december fell 10 % to 579m due to intensifying competition and a jump in natural disaster claims.disaster claims of 421m exceeded the company s expectations by 71m mainly on account of 165m in claims following brisbane s november hail storm the worst seen in 30 years . iag s new zealand business delivered a 26 % rise in gross written premiums though entirely on account of adding wesfarmers nz based operations . the underlying profit margin increased from 14.2 % to 15.9 % due to a period of few natural disasters but the company is still feeling pain from the massive 2011 canterbury earthquakes . 8 in june 2015 berkshire hathaway acquired a 3.7 percent stake in the group for a fee of around 388 million in a partnership aimed at reducing iag s capital requirements . 9 see also edit nrma references edit this article needs additional citations for verification . please help improve this article by adding citations to reliable sources . unsourced material may be challenged and removed . december 2006 learn how and when to remove this template message board of directors . www.iag.com.au . retrieved 2015 12 29 . group leadership team . iag.com.au . retrieved 2015 12 29 . dow jones sustainability index 2006 carbon neutral announcement media release pdf . iag website . retrieved 2007 02 25 . dead link hoyle simon 6 october 2004 . insurance duo tipped to tie the knot . the age . qbe iag hose down takeover rumour . the age . 13 january 2006 . public offers and proposals faq . iag . retrieved 8 february 2008 . witcomb graham 4 march 2015 . iag interim result 2015 . intelligent investor company . retrieved 14 march 2015 . lincoln feast 16 june 2015 . buffett s berkshire hathaway takes 388 million stake in australia s iag . reuters . retrieved 16 june 2015 . external links edit wikimedia commons has media related to insurance australia group . official website v t e s & p asx 50 companies of australia s & p asx 200 agl energy amcor amp apa asciano aurizon anz asx bhp billiton brambles caltex australia coca cola amatil commonwealth bank computershare crown csl dexus goodman gpt incitec pivot iag james hardie lend lease macquarie medibank mirvac national australia bank newcrest mining oil search orica origin energy qbe insurance ramsay health care rio tinto santos scentre seek sonic healthcare south32 stockland suncorp sydney airport holdings telstra transurban vicinity wesfarmers westfield westpac woodside petroleum woolworths v t e major insurance and reinsurance companies insurance composite aegon ageas aig allianz allstate aon aviva axa china pacific insurance china taiping generali ing japan post insurance national mutual insurance federation of agricultural cooperatives ping an insurance prudential plc pzu state farm insurance the hartford unipol unipolsai usaa vienna insurance group zurich insurance group farmers insurance group general insurance berkshire hathaway bnp paribas bradesco seguros direct line group hyundai marine & fire insurance if p & c insurance insurance australia group liberty mutual mapfre ms & ad insurance group picc qbe insurance rsa insurance group samsung fire & marine insurance sompo japan tokio marine travelers xl group life insurance aia aviva bupa china life cnp assurances dai ichi life great eastern jackson legal & general lic india lincoln manulife financial meiji yasuda life metlife new york life nippon life northwestern mutual old mutual phoenix group prudential financial samsung life scottish widows standard life sumitomo life sun life swiss life taikang life reinsurance gen re hannover re lloyd s of london munich re reinsurance group of america scor swiss re xl group methodology applicable fy2013 14 revenues of over us 3 billion v t e business in australia institutions australian competition and consumer commission australian corporate law australian prudential regulation authority australian securities and investments commission australian takeovers panel constitution of australia 1901 cth corporations power economy of australia stock exchange australian securities exchange s & p asx 20 s & p asx 50 s & p asx 200 s & p asx 300 chi x business associations australian chamber of commerce and industry australian hotels association australian industry group business council of australia consult australia minerals council of australia national farmers federation s & p asx 50 companies alpha sorted agl energy amcor amp apa asciano aurizon anz asx bhp billiton brambles caltex australia coca cola amatil commonwealth bank computershare crown csl dexus goodman gpt incitec pivot iag james hardie lend lease macquarie group medibank mirvac national australia bank newcrest mining oil search orica origin energy qbe insurance ramsay health care rio tinto santos scentre seek limited sonic healthcare south32 stockland suncorp sydney airport holdings telstra transurban vicinity centres wesfarmers westfield westpac woodside petroleum woolworths other notable companies adelaide bank akubra alumina australian radio network axa asia pacific bendigo bank bluescope steel bunnings caltex camperdown dairy international challenger cimic cochlear coles downer group 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