Introduction: Management accounting helps the companies to determine the selling price and the profit of the company’s product as well as services (Dunn and Francis, 2009). The assignment here focuses on the financial position analysis of Insurance Australia Group Limited (IAG) which is an independent multinational insurance company headquartered in Australia. The assignment further deals with the analysis of corporate governance ethics and the comparison and the financial position comparison IAG and Allianz.
Financial Position Analysis Of Insurance Australia Group Limited (IAG)
Analysis of uses of accounting information for decision making
Five stakeholders of IAG
Customers: IAG’s major stakeholders are the citizens of Australia. The company provides services like health insurance, property insurance, and car insurance to the various segments of customers (Berry, 2009). With the regular interaction with the customers, the company tries to formulate new policies for the risk mitigation of the customers.
Employees: With a large base of around 15,000 internal employees the company is trying to recruit more diverse talent in the field of insurance (Conway, 2012). IAG regularly checks the development needs of the employee’s through engagement surveys, focus groups, and other communication channels.
Government agencies: IAG maintains a relationship with Federal as well as state regulators and other legislative bodies such as Insurance Council of Australia and formulates the policies within the norms of Life insurance Act 1995, Health insurance Act 2007 and Insurance contracts act 1984 (www.asx.com.au, 2014).
Agents and brokers: The Company appoints the best independent agents and brokers of Australia who formulate the policies and generates fresh leads of customers.
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