Insurance Australia Group (IAG) AGM 2024 summary

Opening remarks and agenda

• The meeting was formally opened with a Welcome to Country, acknowledging the traditional owners and cultural protocols of the Gadigal people.

• CEO acknowledged traditional owners and outlined the meeting's focus on business improvements, performance, and achievements.

• The agenda and Notice of Meeting were confirmed, and procedural matters for voting and questions were outlined for both in-person and online attendees.

Financial performance review

• Net profit after tax rose by 7.9% to AUD 898 million, with pre-tax insurance profit at AUD 1.438 billion and net earned premiums up 11% to AUD 9.2 billion.

• Insurance margin reported at 15.6%, and gross written premium increased 11.3% to AUD 16.4 billion.

• Full-year dividend increased by 80% to AUD 0.27 per share, with a payout ratio of 72% of reported net profit after tax.

• Shareholder returns, including dividends and share price growth, reached nearly 30% for the year.

• AUD 550 million was returned to shareholders via buybacks over two years, with a further AUD 350 million buyback announced.

Board and executive committee updates

• Wendy Thorpe joined the board, bringing the number of directors with insurance experience to eight; Jon Nicholson retired, and female board representation is now 30%.

• Michelle Tredenick was appointed Chair of the Risk Committee, and Wendy Thorpe as Chair of the People and Remuneration Committee, effective September 2024.

• Board succession planning is active, with director rotation planned over the next three to four years.