NRMA Motoring & Services was established in 1920 and is a mutual organisation with over 2.3 million members in NSW and the ACT. Until August 2000 it owned the NRMA Insurance business which now forms the bulk of IAG’s Australia Direct division. Under the terms of the demutualisation agreements, from that date NRMA Motoring & Services and IAG co-own the NRMA brand, with the respective parties having the following exclusive rights to its use:

• NRMA Motoring & Services - roadside assistance and other motoring services (except smash repairs), motoring products, transportation and travel.
• IAG (NRMA Insurance) - insurance and financial services and any other good or service not specifically reserved for NRMA Motoring & Services.

In addition, both parties cannot, under any brand, carry out activities engaged in by the other at the point of demutualisation.

IAG continues to provide certain services to NRMA Motoring & Services, notably those in respect of the NRMA branch network which is operated and managed by IAG. The two organisations retain a strong and closely aligned relationship.

NRMA Motoring & Services and its members received IAG shares as consideration for the NRMA Insurance business at demutualisation.

RACV is a mutual organisation incorporated in 1901. It provides a broad range of services to more than two million members. These services include: insurance; finance; roadside assistance; general mobility, road safety and vehicle design advocacy; and leisure, which includes club and resorts, touring and travel products and services.

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 established in 1999. These products are distributed by RACV and manufactured by Insurance Manufacturers of Australia Pty Limited (IMA), which is owned 70% 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.

RACV also has a 30% interest in The Buzz.

Established in August 1975, AmBank Group has the fifth largest bank branch network in Malaysia.

The Group provides a wide range of investment banking, commercial banking, retail financing and related financial services, which also include Islamic banking, underwriting of general and life insurance, stock, share and futures broking, investment advisory services as well as asset, property and unit trust management.

IAG has a general insurance joint venture in Malaysia with AmBank, AmG Insurance Berhad (AmG), which was established in 2006. AmBank owns 51% of AmG and IAG 49%. AmG is the third largest motor insurer in Malaysia.

State Bank of India (SBI) is India’s largest and oldest bank, with origins that can be traced back to 1806. It offers a broad range of banking and financial services, and has a footprint which, including associated banks, spans over 160 million customers and 18,000 branches across all states of India.

SBI General Insurance Company (SBI General), a joint venture between SBI and IAG, was established in late 2009. In the longer term SBI General plans to build a portfolio with a presence in the corporate, retail and SME markets across India, with the majority in the retail segment through SBI’s bancassurance channel. SBI General has an exclusive corporate agency agreement with SBI for general insurance business.

SBI owns 74% of SBI General and IAG 26%. IAG has an option to increase its shareholding to 49%, subject to a change in the Indian foreign direct investment limit.

Lloyd’s is based in London and is the world’s leading specialist insurance market, conducting business in over 200 countries and territories worldwide. It brings together specialist underwriting expertise and comprises over 50 managing agents and over 80 syndicates.

Lloyd's is not an insurance company but a society of members, both corporate and individual, who underwrite in syndicates on whose behalf professional underwriters accept risk. Supporting capital is provided by investment institutions, specialist investors, international insurance companies and individuals. Together, the syndicates underwriting at Lloyd's form one of the world's largest commercial insurers and a leading reinsurer.

Equity Red Star Motor Syndicate 218 is the largest motor and personal lines syndicate at Lloyd’s and represents the most significant part of IAG’s UK business. IAG’s wholly-owned Lloyd’s corporate member, Equity Red Star Limited, currently provides approximately 64.1% of the syndicate’s underwriting capacity.