Kenny,
The *.IAF file will not save your "subscribed" newsgroup list. In addition, it won't save your News server password, so you will need to add it to the acct settings. It should have the server name, your user acct name, and any other "advance" settings, when you save the file.
I personally use the following method described in the following link. Initially it will only download the messages and newsgroups that I want to view. You might experience at the beginning, that message downloads are quicker, since OE does not have to go through every newsgroup on the server, and see if you are subscribed to it, when checking for new messages.
By Tom Koch Microsoft MVP
How to Create Hyperlinks to Newsgroups
http://insideoe.com/tips/makeOElinks.htm
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Add MS to your News Reader: news://msnews.microsoft.com
Rich/rerat
(RRR News) <message rule>
<<Previous Text Snipped to Save Bandwidth When Appropriate>>
I know I can export as an IAF file then import it back in after a
re-install. Question is does it also save all the subscribed groups?
Have tried opening the IAF file in Notepad and from what I can see it
doesn't. If not how can I save a list of subscribed groups?
XP Pro/SP2/OE6