IAG aims to have more than 11 million customers and gross written premium above $25 billion by 2030.

The growth targets are part of a new strategy announced today by CEO Nick Hawkins.

“These are the metrics that will drive the enterprise value of IAG,” he told the insurer’s investor day.

Under Ambition 2030, IAG also wants also to achieve a reported insurance profit of at least $2.2 billion and a minimum return on equity of 15%.

The company says its aims “will be achieved through leading retail and intermediated brands and distribution channels, deep customer data, modern technology platforms and an integrated claims supply chain”.

IAG says the “refreshed” strategy and financial targets build on the success of its previous five-year vision, outlined in 2021.

Every goal set in 2021, including adding another million customers across Australia and New Zealand, has been met.

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The insurer had about 9.6 million customers at the end of March, up about 1 million from FY21.

Its Intermediated Insurance Australia unit has been profitable since incurring a $103 million loss in FY22. Last financial year, IIA made an insurance profit of $328 million – “well above” its $250 million target, IAG says.

Mr Hawkins says 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.”

The group’s distribution reach – through direct brands, brokers and partners such as motoring club RACQ – is a “key advantage”, according to Mr Hawkins.

“We serve the major customer segments … we reach them through clubs, through digital, through bank partners, through brokers and our own regional representative ... network,” he said.

“Our aim is to be relevant and visible to customers, so we’re present wherever they choose to engage with us.

“We can also grow efficiently as customers’ behaviour and distribution channels continue to evolve.”

New technology infrastructure is important to the 2030 blueprint, Mr Hawkins adds.

“We are nearing the final stages of our multiyear platform simplification journey, which provides us with the ability to rapidly adapt to changing consumer preferences in a world of agentic AI.”