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Public offers

Current public offers or proposals for security holders of IAG or its subsidiaries.

Current offers

There are no current offers.

Previous offers

Select a year below to view the offers previously made to IAG shareholders:

Capital Notes 3

4 March, 2024

Closed

Related documents:

Subordinated debt issue

1 November, 2023

Closed

Related documents:

Capital Notes 2 and Reinvestment Offer

21 November, 2022

Closed

Related documents:

 

Unsecured subordinated notes

26 March, 2022

Closed

On 21 March 2022, IAG announced the offer of up to NZ$400 million of unsecured subordinated notes to New Zealand retail investors and certain institutional investors. Following strong investor demand, the offer was closed on 25 March 2022, with a total issue amount of NZ$400 million. 

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There were no offers in the year selected.

Share purchase plan

30 November, 2020

Closed

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Subordinated debt issue

17 August, 2020

Closed

Related documents:

Subordinated debt issue

20 March, 2019

Closed

On 20 March 2019, IAG announced a new A$ subordinated debt issue to wholesale investors. The same day, IAG that it had successfully priced $450 million of securities under the wholesale A$ subordinated debt offering. The securities were issued on 28 March 2019.

The subordinated debt qualifies as Tier 2 Capital under the Australian Prudential Regulation Authority’s (APRA) capital adequacy framework for general insurers.

Related documents:

Capital Management Initiative

18 August, 2018

Closed

On 15 August 2018, IAG announced a proposed capital management initiative, being:

a payment of 25 cents per ordinary share, comprising a capital return of 19.5 cents per ordinary share and a fully franked special dividend of 5.5 cents per ordinary share; and an equal and proportionate consolidation of ordinary shares.

The capital management initiative was finalsed on 26 November 2018, after it was approved by shareholders at the 2018 Annual General Meeting held on 26 October 2018.

A total payment of $591,765,771.45 was made to shareholders, comprising a capital return of 19.5 cents per ordinary share and a fully-franked special dividend of 5.5 cents per ordinary share.

The capital return and special dividend were determined on a pre-consolidation basis as at the record date of 1 November 2018. The share register was updated to reflect the share consolidation, which took effect on 5 November 2018. The share consolidation was effected by IAG consolidating every ordinary share into 0.9760 ordinary shares (with fractional entitlements rounded up to the next whole number of ordinary shares). The total number of ordinary shares now on issue is 2,311,046,583 ordinary shares.

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Subordinated debt issue

22 March, 2018

Closed

On 22 March 2018, IAG announced the offer of a new A$ subordinated debt issue to wholesale investors. On 23 March 2018, IAG advised that it had successfully priced $350 million of securities under the wholesale A$ subordinated debt offering. The securities were issued on 29 March 2018.

The subordinated debt qualifies as Tier 2 Capital under the Australian Prudential Regulation Authority’s (APRA) capital adequacy framework for general insurers.

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Small shareholding sale facility

22 February, 2017

Closed

On 22 February IAG announced a small shareholding sale facility (Sale Facility) for shareholders who held a small parcel of IAG ordinary shares (Shares) as at 5pm (Sydney time) on the Record Date of 17 February 2017 and who meet certain other requirements. The Sale Facility allowed eligible shareholders to sell their Shares without incurring any brokerage costs. A small parcel of Shares was 84 Shares (being a parcel valued at less than $500 based on the Record Date closing Share price). The sale facility closed at 5pm Sydney time on 7 April 2017.

The facility led to the sale of 281,438 shares and participating shareholders will receive $6.1063 per share. Sale proceeds will be rounded down to the nearest cent and will be paid on 26 April 2017.

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Capital Notes Offer - fully redeemed 15 June 2023

21 November, 2016

Closed

In November 2016 IAG announced an offer of Capital Notes which included a reinvestment offer for eligible holders of IAG’s 2012 CPS Issue. Due to strong demand, the Broker Firm offer was subsequently increased from $300 million to $350 million. The reinvestment offer closed on 16 December 2016 and the Broker Firm offer closed on 21 December 2016.

The offer settled on 22 December 2016 when IAG confirmed the issue of 4,041,265 Capital Notes at $100 each raising $404.1 million of Additional Tier 1 Capital at a margin of 4.70% above the 3 month bank bill rate. All valid applications under the reinvestment offer were accepted in full contributing $224 million in proceeds.

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IAG off-market share buy-back

19 August, 2016

Closed

On 19 August 2016, IAG announced its intention to return around $300 million to shareholders through an off-market ordinary share buy-back (Buy-Back), funded from existing cash and investments. The Buy-Back was conducted by way of an off-market tender process which closed on 7 October 2016.

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Subordinated convertible notes - fully redeemed 15 June 2022

9 May, 2016

Closed

On 9 May 2016, IAG announced an offer of up to NZ$250 million of unsecured subordinated convertible notes (Notes) to institutional investors and New Zealand retail investors, with the ability to accept up to NZ$100 million in oversubscriptions at its discretion. The Offer opened on 19 May 2016 and closed on 10 June. IAG's announcement of the notes was accompanied by a copy of the Product Disclosure Statement and the investor presentation relating to the Offer.

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There were no offers in the year selected.

There were no offers in the year selected.

IAG Share Purchase Plan (SPP)

16 December, 2013

Closed

On 16 December 2013, IAG announced details of an SPP to enable eligible shareholders to purchase up to $15,000 worth of IAG ordinary shares without brokerage and transaction costs at an issue price which was the lesser of:

  • the price institutional investors paid in the December institutional placement, which was A$5.47 per Share, equating to a 4% discount to the closing price of existing IAG shares on 13 December 2013; or
  • a 2% discount to the five day volume weighted average price of IAG ordinary shares traded on the ASX up to and including the closing date of the SPP (24 January 2014).

Related documents:

 

Small Shareholding Sale Facility

4 March, 2013

Closed

On 4 March 2013, IAG announced a Small Shareholding Sale Facility to provide eligible IAG shareholders with an opportunity to have their small shareholding of ordinary shares, as at 25 February 2013, sold at a market price, without incurring the normal fees associated with their sale. The Sale Facility closed on 16 April 2013.

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CPS Offer - fully redeemed 1 May 2017

19 March, 2012

Closed

On 19 March 2012, IAG announced an offer of fully paid, non-cumulative Convertible Preference Shares (CPS). CPS were to mandatorily convert into IAG ordinary shares on 1 May 2019, subject to certain conditions being satisfied, unless they are converted or redeemed earlier.

In its 1H17 results materials, announced on 22 February 2017, IAG advised its intention to buy back the outstanding balance of CPS. Subsequently, on 5 April 2017, IAG issued a notice to buy back the CPS on 1 May 2017. The last date for trading of CPS was 7 April 2017 and the buy back price was paid to those holding CPS at 7pm on 11 April 2017.

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New Zealand Bond Offer - fully redeemed 15 December 2016

7 November, 2011

Closed

On 7 November 2011, IAG announced an offer of up to NZ$150 million of unsecured subordinated bonds to the New Zealand public, with the option to accept oversubscriptions of up to a further NZ$100 million. On 15 November, following strong indicated demand, IAG announced it had increased the size of its unsecured subordinated bond offer to the New Zealand public, to NZ$325 million.

On 15 December 2011, IAG announced that the interest rate for its issue of NZ$325 million of unsecured subordinated bonds had been set at 7.50% per annum until 15 December 2016, being the minimum rate announced on 15 November 2011. The offer closed on 12 December 2011.

Related documents:

There were no offers in the year selected.

Proposal to amend Reset Exchangeable Securities - fully redeemed 16 December 2019

23 October, 2009

Closed

On 23 October 2009, IAG Finance (New Zealand) Limited, a subsidiary of IAG, announced a proposal to amend the terms of its contingent capital issue, the A$550 million Reset Exchangeable Securities (RES). Amendments are also proposed to the terms of the underlying IAG preference shares into which RES may be exchanged.

On 9 December 2009, the proposal was approved by RES Holders, and the amendments became effective on 15 December 2009.

Related documents:

 

IAG Share Purchase Plan

27 March, 2009

Closed

Under IAG’s Share Purchase Plan, which closed on 27 March 2009, IAG shareholders took the opportunity to invest up to $5,000 in new shares at $3.00 per share. This is the same price paid by institutional investors in IAG’s strongly supported $450 million equity placement in February 2009.

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IAG Share Purchase Plan raises more than $84m; and additional subordinated debt repurchased.

 

Market update and capital management initiative

18 February, 2009

Closed

IAG to deliver sound underlying improvement in first half, and announces capital management initiatives.

Insurance Australia Group Limited (IAG) provided an update on its preliminary expected results for the six months to 31 December 2008 and revised its full year insurance margin guidance. The Group also outlined capital management initiatives designed to improve its capital mix and provide additional financial flexibility, including both an institutional placement and share purchase plan to raise approximately $500 million.

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Information on QBE proposal

15 April, 2008

Closed

On 15 April 2008, Insurance Australia Group Limited (IAG) confirmed that it had been approached by QBE with an unsolicited and incomplete proposal to take over the company by way of a scheme of arrangement.

The IAG Board carefully considered the proposal and concluded that the broad terms, in particular the price, were inadequate. As a result, the Board rejected the proposal as it was clear it was not one which was in the best interests of shareholders, and therefore not one it could recommend.

On 19 May 2008, IAG confirmed that it had received a marginally revised proposal from QBE. After further careful consideration, IAG’s Board of Directors decided that it cannot recommend QBE’s revised proposal, as it remains inadequate and incomplete. As a result, QBE withdrew its proposal on 21 May 2008.

The latest information on this proposal can be found below.

Frequently asked questions

Q. What has happened?

A. On 15 April 2008, IAG confirmed that it had been approached by insurance company QBE with an unsolicited and incomplete proposal to take over the company via what is known as a scheme of arrangement.

A scheme of arrangement is a way of reorganising a company's capital structure to effect a merger with another company. A scheme must be agreed to at a meeting of shareholders by a resolution passed by more than 50% of the shareholders present and voting who represent 75% of votes cast on the resolution.

The Board of IAG carefully considered the proposal and rejected it after concluding that the broad terms, in particular price, were inadequate and not in the best interests of shareholders.

On 19 May 2008, IAG confirmed that it had received a marginally revised proposal from QBE. After further careful consideration, IAG’s Board of Directors announced on 20 May 2008 that it could not recommend QBE’s revised proposal, as it remains inadequate and incomplete. As a result, QBE withdrew its proposal on 21 May 2008.

Q. What did QBE propose?

A. On 10 April 2008, QBE outlined to the IAG Board a takeover proposal of 0.135 QBE shares plus 50 cents cash for each IAG share, which valued IAG at $3.75 a share. On 11 April 2008, IAG advised that the proposal was unacceptable as it did not adequately reflect the value of IAG.

QBE then responded with a proposal offering 0.142 QBE shares plus 70 cents cash per IAG share, representing a 1% premium based on the closing prices of both IAG and QBE on 11 April 2008.

On 14 April 2008, IAG informed QBE that its revised proposal was still inadequate and did not reflect the value of IAG or the synergies available to QBE from a takeover.

On 16 May 2008, QBE outlined a marginally revised takeover proposal, for 0.145 QBE shares and 90 cents cash per IAG share, which equates to $4.60 per IAG share (based on the closing share price of QBE on Friday 16 May 2008). After further careful consideration, IAG’s Board of Directors announced on 20 May 2008 that it cannot recommend the revised proposal, as it remains inadequate and incomplete. As a result, QBE withdrew its proposal on 21 May 2008.

IAG will maintain its focus on maximising value for IAG shareholders and will update shareholders of any further developments.

Q. Why did IAG reject QBE's revised proposal?

A. The Board of IAG carefully considered QBE’s revised proposal to take over IAG by way of a scheme of arrangement and concluded that it cannot recommend the incomplete and inadequate proposal, which:

  • Is priced opportunistically to take advantage of the short term weakness in IAG’s share price, primarily caused by a low point in the insurance cycles of IAG’s core markets;
  • Does not adequately reflect the underlying value or the significant synergies and value which could be created by combining the two companies; and
  • Is not a fully developed offer or bid, but a partial proposal which requires the Board to recommend to shareholders a proposal via a scheme of arrangement.

QBE’s proposal represents a premium of only 10% based on the price of IAG and QBE shares, the day before the announcement of discussions. IAG considers a 10% premium is insufficient given IAG’s value and the available synergies which could be achieved through a combination of the two businesses.

IAG is a unique asset with leading insurance franchises in Australia and New Zealand supported by a number of iconic brands. The underlying performance of the Group is improving and immediate actions are being taken to build upon this improvement, including cost savings initiatives, rate increases in certain classes, the tactical reallocation of our investment portfolio and the rebalancing of our UK business towards more profitable specialty classes.

Q. As a customer, will this affect my premiums or policies?

A. No. Your policies and premiums will not be affected by these events.

Q. As a holder of IAG ordinary shares, what should I do? Do I need to take any action?

A. There is no formal takeover offer for shareholders to consider. Therefore, IAG shareholders need not take any action. The Board of IAG will advise shareholders of any updates.

Q. What happens next?

A. If the situation changes, the Board of IAG will advise shareholders.

Related documents:

RPS1 Reset offer

15 June, 2007

Closed

Under the terms of the Reset Preference Shares (RPS) prospectus, dated 6 May 2002, the first Reset Date was 15 June 2007.

The Reset Offer allowed holders to accept the new terms for RPS1, or those wishing to Exchange their RPS1 shares, at $100 per share, were required to submit their Exchange Notice. A Top up offer was made to holders who wished to increase their holding by applying for additional RPS1 shares at $100 per share. All holders who submitted an Exchange Notice or Top-up Notice were advised on 10 May 2007 on the outcome of their requests.

IAG advised holders that from the first Reset Date the interest margin would be set at 1.10% and the next Reset Date would be 15 June 2012. RPS1 that were subject to a validly completed Exchange Notice were acquired by third parties for their face value of $100 per share and holders who submitted a Top up Notice to apply for additional RPS1 shares had their applications satisfied in full.

The acquisition of RPS1 shares from holders who had lodged an Exchange Notice and the allocation and transfer of additional RPS1 shares to holders who submitted a Top-up Notice was completed on 15 June 2007.

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IAG Share Purchase Plan

4 December, 2006

Closed

On 4 December 2006, Insurance Australia Group Limited (IAG) announced the acquisition of Equity Insurance Group, one of the UK's premier motor underwriters and brokers, and associated fund raising plans including an institutional placement and a Share Purchase Plan (SPP). The institutional placement was completed on 6 December and $750 million was raised at a share price of $5.50 following a book-build conducted on 4 and 5 December. The placement was heavily over-subscribed at this price and tenders from institutions, many of whom were existing shareholders, were scaled back. The $5.50 price was a 2.5% discount to the closing price of the shares on Friday, 1 December (the last trading day before the placement).

Related documents:

There were no offers in the year selected.

Reset Exchangeable Securities (RES) offer - amended 2009

22 November, 2004

Closed

On 22 November 2004, Insurance Australia Group Limited (IAG) announced an initiative to raise up to $500 million through an Offer of Reset Exchangeable Securities (RES) as part of the Group's commitment to actively manage and enhance its capital structure. RES are perpetual reset exchangeable notes, issued by the New Zealand Branch of IAG Finance (New Zealand) Limited, a wholly-owned subsidiary of IAG. The offer closed oversubscribed on 7 January 2005. In accordance with the prospectus, oversubscriptions of $50 million were accepted. As a result 5.5 million RES were issued raising a total of $550 million. RES are listed on the Australian Stock Exchange under the code "IANG".

Related documents:

 

Share buy-back offer 2004

21 June, 2004

Closed

On 21 June 2004, IAG announced the successful completion of the buy-back. 94.1 million shares were bought back at a price of $4.40 per share for a total of $414 million. All shares tendered at or below $4.40, or as a 'final price' tender, were bought back in full and no scale back was applied.

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Amendments

2 February, 2004

Closed

Class Meeting of holders of Reset Preference Shares issued on 4 June 2002 (RPS1).

A Class Meeting of holders of RPS1 in Insurance Australia Group Limited was held Monday 2nd February 2004 at 10am at Level 11, 388 George St, Sydney.

A live webcast of the meeting was conducted as an audio broadcast and slide presentation from this page at 10am AEST.

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Reset Preference Shares (RPS2)

20 May, 2003

Closed

On 20 May 2003, Insurance Australia Group Limited (IAG) lodged with the Australian Securities and Investments Commission (ASIC) a prospectus for a second offer of up to $200 million Reset Preference Shares (RPS2). The RPS2 offer opened on 28 May 2003 and closed on 19 June 2003.

In April 2008, IAG advised that it would buy back all of the two million RPS2 on issue at their face value of $100 per RPS2 on the Reset Date of 16 June 2008.

On 29 May 2008, IAG announced that - in light of the upcoming completion of the RPS2 buy-back announced on 2 April 2008, RPS2 would cease trading at the close of business on 30 May 2008. The ex-date for the buy-back wass 2 June 2008. The record date for the buy-back was 6 June 2008.

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Share Purchase Plan (SPP)

18 October, 2002

Closed

On 18 October 2002, Insurance Australia Group Limited (IAG) announced it would conduct a Share Purchase Plan (SPP) to partially fund its acquisition of the general insurance businesses of CGU in Australia and NZI in New Zealand from Aviva plc (formerly CGNU plc). The SPP opened on 4 November 2002 and closed on 21 November 2002. The final price for the SPP was $2.40 per share, which represented a 5% discount to $2.53, the Average Market Price over the ten trading days from 25 November to 6 December 2002 inclusive. All shareholders who submitted a valued acceptance form were allotted the full parcel of shares for which they applied and those shares began trading on 10 December 2002.

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Buy-back offer 2002

6 June, 2002

Closed

On 6 May 2002, Insurance Australia Group Limited (IAG) announced its plan to buy-back IAG ordinary shares as part of the company's capital management program. The buy-back opened on 27 May 2002 and closed on 20 June 2002. The buy-back was available to IAG ordinary shareholders registered on 15 May 2002. The final price for the buy-back was $3.05 per share. This is comprised of a capital component of $1.78 and a $1.27 fully franked dividend. The price was determined by applying the movements in the S&P/ASX 200 Index between the opening of trading on 1 March 2002 and the closing of trading on 20 June 2002 to the initial price of $3.18, in accordance with the buy-back terms announced to the market on 6 May 2002.

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Reset Preference Shares (RPS1)

6 May, 2002

Closed

On 6 May 2002, Insurance Australia Group Limited (IAG) announced it would offer around $300 million of Reset Preference Shares (RPS). Offers of RPS were made under a prospectus which was lodged with the Australian Securities and Investments Commission (ASIC) on 6 May 2002. On 15 May 2002, IAG announced the dividend rate of 5.80% and due to strong demand for the RPS from institutional investors and participating brokers during the bookbuild, IAG issued a total of $350 million in RPS including $50 million in oversubscriptions. The offer opened on 16 May 2002 and closed on 31 May 2002

Related documents:

There were no offers in the year selected.

NRMA Insurance Limited Demutualisation Information Memorandum

17 April, 2000

Closed

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