Insurance Australia Group (IAG) has announced a revamped Ambition 2030 strategy, aiming to serve more than 11 million customers and exceed A$25bn in gross written premium (GWP) by 2030.

At its Investor Day event in Sydney, the insurer also set out targets of more than 15% return on equity, high single-digit annual growth in earnings per share and shareholder returns in the top quartile.

The company said these goals follow the completion of targets introduced in fiscal year 2021.

It identified four areas of focus for the next phase of its plan: customer obsession, insurance excellence, future fit operations and exceptional people.

According to IAG, delivery of the strategy will rely on its retail and intermediated brands, distribution networks, customer data, updated technology systems and an integrated claims supply chain.

The group also said it expects earnings growth to be supported by a capital-light balance sheet and its reinsurance arrangements, which it said should help reduce downside risk and limit earnings volatility.

IAG managing director and CEO Nick Hawkins said: “IAG is now a stronger, more resilient business. Over the past five years, we have delivered on our targets and laid solid foundations for our new Ambition 2030 goals.

“Our Ambition 2030 will be enabled by our modern technology platform. We are nearing the final stages of our multi-year platform simplification journey, which provides us with the ability to rapidly adapt to changing consumer preferences in a world of agentic AI.

“In the last 12 months, we have strengthened our unique member-based culture through strategic alliances with RACQ and RAC. These partnerships build on our customer focused, mutual heritage, and provide new sources of growth.”

Separately, IAG’s proposed acquisition of RAC Insurance remains subject to competition scrutiny.

Last month, the Australian Competition and Consumer Commission moved the deal into a Phase 2 review, saying it could “substantially lessen competition”.

"IAG sets $25bn GWP target for 2030 in new strategy " was originally created and published by Life Insurance International, a GlobalData owned brand.

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