Group Review


Group review

The purpose of the Icelandair Group is to provide its shareholders with a good return on their investment. The Group achieves this by owning and operating profitable and dynamic service companies with strong growth potential in the airline, transportation and tourism industries. The strategy is to efficiently align the operations of the companies within the Group in order to maximise each company’s potential for outstanding performance and capability of growth, both organic and through mergers and acquisitions.


The operation of Icelandair Group is divided into 12 subsidiaries. Each business is managed to create value through strategic and business development decisions.grubbu-logo-horizontal

The largest subsidiary is the international airline Icelandair, which accounts for approximately 52% of the Group‘s turnover in 2006. Other companies are Icelandair Technical Services, Icelandair Ground Services, Lofteiğir-Icelandic, Icelandair Cargo, Bluebird Cargo, Air Iceland, Iceland Travel, Icelandair Hotels, Icelease, Icelandair Shared Services and Icecap. On 31 December 2006, the Company employed 2,747 people.

To enhance the Group’s performance further, it has been structured in three business platforms and one support area which consists of two companies that provide shared services for the Group. These support units are a financial services provider, Icelandair Shared services, and an internal insurance company, IceCap.


Til baka, Senda grein, Prenta greinina



Flugfélag Akureyrar was founded on the north coast of Iceland.


The company moved it's headquarters to the capital, Reykjavík, and changed it's name to Flugfélag Íslands, wich then later assumed the international brand name Icelandair.


Three young Icelandic pilots, returning from flight training in Canada, founded Loftleiğir, later also known as Icelandic Airlines.


Flugfélag Íslands made it's first international flights to Scotland and Denmark. Loftleiğir began international operations in 1947, and it's pioneering low-fare services, across the North-Atlantic commenced in 1953.


Flugfélag Íslands and Loftleiğir merged under a new holding company named Flugleiğir.


Flugleiğir assumed all operating responsibilities of it's two predecessors, and decided to use Icelandair as it's international brand name, only retaining the Flugleiğir name in the Icelandic domestic market.


A breakthrough agreement was signed with the Boeing company to renew the fleet of Flugleiğir that served international flights under with a new route network.


Flugleiğir was listed on the ICEX Main List.


Flugleiğir domestic flight operation was turned into Air Iceland, a wholly owned subsidiary of Flugleiğir. Loftleiğir-Icelandic was founded in 2002 when the wet lease and charter arm of Flugleiğir became a distinct subsidiary.


Flugleiğir became a holding company with 11 subsidiaries in the travel and tourist industry in Iceland. The largest subsidiary, the international airline operation was named Icelandair.


The name Flugleiğir was changed to FL GROUP, and the holding company announced its emphasis on investment. This was followed by increased investment activities and the acquisitions of Blubird and Sterling.


Icelandair Group hf. was established on 20 December 2005 as a private limited company wholly owned by FL Group hf. and transformed to a public limited liability company on 17 February 2006.


In February 2006, the Board of Directors of FL GROUP announced it's intention to list Icelandair Group on ICEX.

On 15 December 2006, Icelandair Group was listed on the Iceland Stock Exchange, ICEX.

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