Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Insurance Australia Group Ltd    IAG   AU000000IAG3

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets

Insurance Australia Group Limited : IAG welcomes women back into workforce with double pay

share with twitter share with LinkedIn share with facebook
share via e-mail
0
04/16/2012 | 01:54am CET

Insurance Australia Group Limited (IAG) today announced it was introducing the most generous and accessible parental leave programme in the Australian financial services industry, with 20 weeks parental leave at full pay.

In an industry first the programme comprises a 14 week initial payment on the commencement of leave with a "welcome back payment" which doubles employees' pay for six weeks upon their return to work.

IAG's Managing Director and CEO, Mr Mike Wilkins, said the programme was in response to feedback around the stresses of combining paid employment and parenting, and 'welcome back payments' aimed to help alleviate some of the financial pressures women face when considering returning to work.

He said the proposal was driven by IAG's commitment to attract and retain quality staff by creating a more family friendly and diverse workplace.

"IAG is committed to creating a family friendly workplace as companies that embrace diversity and flexibility attract and retain high performing individuals and ultimately perform better. As an organisation we are supporting our people at a time when generally, they most need extra financial support and more flexible work options," Mr Wilkins said.

"The Group also has a goal of having one third of all senior management positions filled by women by 2015 and I think this will help us achieve that, by really ensuring we are an employer of choice for mothers and families."

Its programme places IAG at the fore of Australian financial services, with an industry average of around 13 weeks paid maternity leave.

The insurer said it had also addressed the issue of women returning to work on their pre-leave salaries, having missed out on pay increases enjoyed by their colleagues. Research by the Australia Institute finds primary carers can expect to earn about 4% less per hour on average than they would if they did not have a child.

"IAG has also committed to hold remuneration reviews with mothers who are absent from the workplace to ensure pay remains fair and consistent with their colleagues whilst still being based on merit and achievement," Mr Wilkins said.

"This is an innovative initiative we believe to be rare among Australian employers and together with our generous parental leave payments, I believe the programme will give potential employees more reasons to consider IAG as an employer and current employees incentive to stay with the organisation."

IAG's 20 week parental leave programme is on top of the government's parental leave policy of up to 18 weeks support and also offers secondary carers three weeks paid leave.

This programme becomes effective for any of IAG's Australian based employees taking parental leave from 16 April 2012.

distributed by
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on INSURANCE AUSTRALIA GROUP
12/12 Australia's great life insurance sell-off
12/08DJInsurance Australia Inks Quota-Share Deals with Three Reinsurers
12/07 INSURANCE AUSTRALIA : IAG improves capital efficiency and reduces earnings volat..
11/30 INSURANCE AUSTRALIA : IAG welcomes new NSW CTP Green Slip scheme
11/23 INSURANCE AUSTRALIA : Publication of institution level statistics by APRA
11/22 STATE BANK OF INDIA : SBI Aims to Raise Rs 2.5k Crore via General Insurance Arms..
11/21 INSURANCE AUSTRALIA : Natural disaster costs to reach $39 billion per year by 20..
11/06 RED HAT : Powers a Fully Open, Massively-Scalable Private Cloud for Insurance Au..
09/21 INSURANCE AUSTRALIA : IAG Chief Risk Officer to retire
09/11 INSURANCE AUSTRALIA : CGU voted 2017 General Insurer of the Year by NIBA brokers
More news
News from SeekingAlpha
01/18 INSURANCE AUSTRALIA GROUP : 4.3% Yield With Room For Growth
01/05 IAG Ups Multi-Year Cover In $7bn 2017 Catastrophe Reinsurance Renewal
2016 EWA : Getting In Down Under
2015 Is Buffett Purchasing Another Australian Company?
Financials ( AUD)
Sales 2018 8 250 M
EBIT 2018 1 464 M
Net income 2018 870 M
Debt 2018 -
Yield 2018 4,13%
P/E ratio 2018 20,16
P/E ratio 2019 18,46
Capi. / Sales 2018 2,09x
Capi. / Sales 2019 2,12x
Capitalization 17 283 M
Chart INSURANCE AUSTRALIA GROUP
Duration : Period :
Insurance Australia Group  Technical Analysis Chart | IAG | AU000000IAG3 | 4-Traders
Technical analysis trends INSURANCE AUSTRALIA GROUP
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 13
Average target price 6,87  AUD
Spread / Average Target -5,9%
EPS Revisions
Managers
NameTitle
Peter Harmer Chief Executive Officer, Executive Director & MD
Mark Milliner CEO-Australia
Elizabeth Blomfield Bryan Chairman
Nicholas B. Hawkins Chief Financial Officer
Hugh Alasdair Fletcher Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
INSURANCE AUSTRALIA GROUP LTD21.87%13 207
BERKSHIRE HATHAWAY21.33%487 614
THE ALLSTATE CORPORATION39.40%37 307
THE TRAVELERS COMPANIES10.19%36 919
TOKIO MARINE HOLDINGS INC4.17%33 198
SAMPO OYJ6.93%29 958