IAG reports lapsing performance, award rights and share conversions

Insurance Australia Group Limited (IAG) today reported significant changes to its unquoted equity securities, primarily driven by the lapse of conditional rights and the conversion of other rights into ordinary shares. The company announced the cessation of 684,171 Performance Rights and 37,670 Award Rights, effective August 14, 2025, and September 17, 2025, respectively. These rights lapsed because the underlying conditions were not met or became incapable of being satisfied, with no consideration paid by the entity for their cessation.

Concurrently, IAG also disclosed the conversion of a considerable number of unquoted rights into fully paid ordinary shares. Between August 14 and September 12, 2025, 1,372,349 Performance Rights were exercised and converted into IAG ordinary shares. Additionally, from July 4 to September 22, 2025, 2,042,795 Award Rights were exercised and converted into IAG ordinary shares. These conversions, part of an employee incentive scheme, resulted in the transfer of existing securities rather than the issue of new ones.

Following these adjustments, IAG's total number of unquoted Performance Rights now stands at 13,829,771, while Award Rights are at 2,067,407. The company's total quoted ordinary shares (IAG) remain at 2,365,283,816. The total issued capital also includes 5,000,000 CAP NOTE 3-BBSW+3.50% PERP NON-CUM RED T-06-29 and 3,500,000 CAP NOTE 3-BBSW+3.20% PERP NON-CUM RED T-12-30, as well as unquoted subordinated floating rate notes.