IAG is one of Australia’s top 10 philanthropic companies, donating a larger percentage of its profits to charitable causes than all but eight of Australia’s large ASX-listed firms.

The top listed companies donated $945 million in 2018, up $90 million from the previous year, the latest GivingLarge Report by Strive Philanthropy finds.

IAG gave 0.72% of its pre-tax profit, or $8 million, to the causes of community safety, environmental protection, emergency services and risk reduction.

The top four banks donated 0.43% or less of their profit, although in dollar terms that amounted to $146 million between them.

“Medibank, AMP and IAG lead the (finance) sector in percent contribution, with our big four banks again contributing the most total dollars to the community,” the report says.

Across all sectors, resources giant Rio Tinto was the largest single contributor by dollar amount, at $256 million.

IAG beat out Telstra’s 0.7% of profit donated, and was in good company just behind Wesfarmers (2.5% of pre-tax profit or $87 million), CSL (1.97%), Woolworths (1.64%), Tab Corp (0.9%), Coca Cola Amatil (0.84%), Medibank Private (0.78%), AMP (0.78%), and Stockland (0.75%).

QBE donated 0.6% of its pre-tax profit, or $6.9 million to health, climate action, financial resilience, vulnerable communities and diversity & inclusion. That was a leap of 21% or $1.2 million from a year earlier, putting QBE among the top 10 “most improved” philanthropic companies.

Suncorp donated 0.61% of profit, or $10.1 million, to causes related to financial, social and natural hazard resilience.

Strive says the average donation of 0.6% of profit from Australian corporates is well below global averages. It is urging companies to make 1% of profit the donation benchmark.