Maintain market leading position in personal and commercial insurance in Australia and New Zealand
Through our iconic brands, IAG is the market leader in personal insurance in Australia and New Zealand.
The acquisition of the Wesfarmers insurance underwriting business creates market leadership in commercial insurance in Australia, and cements IAG’s existing leadership position in New Zealand.
Read more about our performance in Australia Direct and Australia Intermediated and New Zealand.
Secure and grow our businesses in Asia
Our growth in Asia is progressing to plan, as our business moves to a phase of further developing our operations and enhancing risk management and governance. We have committed increased capability to the region to help us achieve the potential of the broader Asian platform in the medium to longer term.
Read more about our performance in Asia.
Drive customer centricity
Putting the customer at the centre of what we do remains a key priority. We completed significant work in 2014 to develop new ways for our businesses to be leaders in the areas of superior customer experiences and value.
Read more about our work to enhance our customers’ experiences.
Embed shared value strategy
As part of our shared value strategy, we continue to look for ways to improve safety on the road and in the home, and to find ways to improve the resilience of small-to-medium-sized businesses. We have taken a leadership role in protecting customers and making communities safer through our participation in the Australian Business Roundtable for Disaster Resilience & Safer Communities (Roundtable).
In July 2014, the Roundtable released a report, Building an Open Platform for Natural Disaster Resilience Decisions, which provides an overview of natural disaster data and research in Australia. This report extends the work of the Roundtable’s previous White Paper, Building our Nation’s Resilience to Natural Disasters. We also continue to explore ways to maximise the impact of our natural disaster response and recovery programmes, and we are the co-chair of the United Nations Environment Programme Finance Initiative Principles for Sustainable Insurance Board, leading the global resilience project on its behalf.
Read more about our work to make communities safer and more resilient.
Explore new growth opportunities
We continue to explore long-term growth opportunities, including solutions to improve insurance affordability and ventures to commercialise our expertise in the identification and management of risk.
We have five strategic targets to measure how we are performing and achieving on our strategy:
Long term financial targets:
- Top quartile total shareholder return
- 15% cash return on equity
We are also developing non-financial targets around:
- Secure position in target markets
- Most recommended insurer in chosen markets by our customers, our partners and our people, and
- Acknowledged leaders in risk