Insurance Australia Group
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OVERALL |
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Owned |
AUS |
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N/A |
Insurance
Operations in Australia, New Zealand, Thailand, Vietnam and Indonesia.
Insurance Australia Group Limited | AUS | website |
Company Assessment
PRAISE | CRITICISM | INFORMATION | ||
Insurance Australia Group Limited | ||||
In 2023, the Carbon Disclosure Project (CDP) asked companies to provide data about their efforts to reduce greenhouse gas emissions and mitigate climate change risk. Responding companies are scored across four key areas: disclosure; awareness; management; and leadership. This company received a CDP Climate Change score of B.
Source: CDP (2023)
This company received an S&P Global ESG Score of 66/100 in the Insurance category of the S&P Global Corporate Sustainability Assessment, an annual evaluation of companies' sustainability practices (last updated 8 Dec 2022). The rankings are based on an analysis of corporate economic, environmental and social performance, assessing issues such as corporate governance, risk management, environmental reporting, climate strategy, human rights and labour practices.
Source: S&P Global (2022) |
In 2017 this company's subsidiary, Swann Insurance, was ordered by ASIC to refund more than 67,000 customers a total of $39 million over worthless add-on insurance sold to car owners.
Source: ABC (2017) |
According to the democracyforsale.net website, this company donated $471,999 to Australia's major political parties between 2012 and 2018, as disclosed to the Australian Electoral Commision (AEC).
Source: Democracy For Sale (2018)
This company is a signatory to CitySwitch Green Office, a national tenant energy efficiency program run in partnership between business and local government. The program works with office tenants to improve their energy efficiency, thereby reducing carbon pollution.
Source: CitySwitch (2018)
This company is a signatory to the Principles for Sustainable Insurance (PSI), a global framework for the insurance industry to address environmental, social and governance risks and opportunities. PSI is an initiative of the United Nations.
Source: UNEPFI (2018)
Between 2015 and 2018 this company paid $429 million tax on a total income of $42.8 billion, earning the number 37 spot on Michael West's Top 40 Tax Payers 2020. West calculated which of Australia's largest companies have paid the most tax using three years of tax transparency data published by the Australian Tax Office.
Source: Michael West (2018)
UNPRI is a set of six principles direct institutional investors may adopt to consider environmental, social and corporate governance issues when investing. UNPRI is a voluntary agreement.
Source: UNPRI (2020)
Modern slavery disclosure is a critical step in mitigating the risk associated with modern slavery practices in companies' operations and supply chains. The quality of the disclosure signals the level of commitments and efforts that the companies have put in managing these risks. In 2021 the Monash Centre for Financial Studies analysed and ranked the disclosure quality of the modern slavery statements submitted by the 300 largest listed companies on the Australian Stock Exchange (ASX300). This company's modern slavery disclosure statement received a grade of C.
Source: Monash University (2021)
According to data released by the Australian Tax Office in Jan 2022, this company was one of many local and foreign-based companies that paid no tax in Australia in 2019-20. Please note however that companies pay income tax on profits, not revenue (total income). While some companies use tax havens and loopholes to avoid paying their fair share of tax in Australia, other companies that paid no tax have perfectly legitimate reasons.
Source: ATO (2022) |
Company Details
Type | Public company |
Founded | 2000 |
Subsidiaries | Insurance Manufacturers of Australia Pty Ltd (70% owned)
Insurance RACV Insurance products are distributed by RACV and manufactured by Insurance Manufacturers of Australia Pty Ltd (IMA), which is owned 70% by IAG and 30% by RACV. IAG New Zealand Ltd Insurance |
Contact Details
Address | Level 26, 388 George St, Sydney, NSW, 2000, Australia |
Phone | 02 9292 9222 |
Website | www.iag.com.au |