Insurance Australia Group
ASX:IAGUnverifiedReported Offshore Headcount
200+
reported 1 Jan 2024 — IAG considers further offshoring — 141+ NZ roles to Philippines via WN...
Estimated % of Workforce
~1.5%
illustrative — not directly reported by the company
Destination Countries
Financial Context
Market Cap
$16.0B
Revenue
$19.5B
Net Profit
$1.0B
Estimated Wage Differential
~$17M/yr
CEO
Nick Hawkins
CEO Total Pay
$5,900,000
CEO earns
54x the average Australian worker
avg Australian salary $110K+/yr
Illustrative wage differential: if the 200+ reported offshore roles were instead employed in Australia at average local rates, the additional cost could be in the order of ~$17M/yr (~1.7% of reported net profit). This is an estimate based on industry averages, not company-specific data.
Would this company be profitable without offshoring?
Financial data: FY2024. Estimate uses avg AU cost of $110,000+/yr (salary only, excluding super, office, recruitment) vs offshore $25,000/yr (salary + on-costs). Actual figures vary by role, seniority, and location.
In Plain English
- In 2024, Insurance Australia Group was reported to have 200+ offshore contractors and staff.
- This represents ~1.5% when compared to its current workforce of 13,000 (illustrative comparison only — not directly reported by the company).
Based on data from public sources at the dates reported. Figures may not reflect current headcount. See sources below for full attribution.
Offshoring Timeline
| Date | Department | Country | Headcount | Confidence |
|---|---|---|---|---|
| 30 Jun 2025 | Back Office | 🇵🇭 Philippines | — | Estimated |
| 30 Jun 2025 | Back Office | 🇻🇳 Vietnam | — | Estimated |
| 30 Jun 2025 | Back Office | 🇮🇳 India | — | Estimated |
| 1 Dec 2025 | Call Centre | 🇵🇭 Philippines | — | Confirmed |
Insurance Peers
How Insurance Australia Group's known offshore percentage (1.5%+) compares to reviewed insurance peers.
| Company | ASX | Known Offshore* | Offshore Destinations |
|---|---|---|---|
| Helia Group | HLI | None found | - |
| nib Holdings | NHF | None found | - |
| Medibank Private | MPL | 1.4%+ | 🇮🇳 India🇵🇭 Philippines |
What Public Sources Say
All information below is sourced from publicly available documents and reporting. Excerpts are direct quotes. Click source links to verify.
“IAG (8.5 million customers) outsources at least part of their contact centre in 2025.”