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View Annual Report Contents CHAIRMAN’S REPORT ___________ 2 CONSOLIDATED STATEMENT 18. Unearned premium liabilities 80 OF COMPREHENSIVE INCOME __ 56 19. Outstanding claims liabilities 81 20. Life insurance and DIRECTORS’ REPORT ____________ 4 CONSOLIDATED STATEMENT investment contract liabilities 87 1. Directors’ profiles 4 OF FINANCIAL POSITION _______ 57 21. Debt issues 90 2. Directors’ meetings 8 22. Subordinated notes 91 3. Directors’ interests 9 CONSOLIDATED STATEMENT 23. Preference shares 91 OF CHANGES IN EQUITY _______ 58 4. Company Secretary 9 24. Share capital 92 5. Remuneration Report 9 25. Reserves 93 6. Principal activities 9 CONSOLIDATED STATEMENT 26. Group capital management 94 OF CASH FLOWS _______________ 59 7. Dividends 10 27. Notes to the consolidated statement of cash flows 95 8. Operating and financial review 11 NOTES TO THE CONSOLIDATED 28. Financial instruments 96 9. Events subsequent to FINANCIAL STATEMENTS _______ 60 reporting date 16 29. Group risk management 101 10. Likely developments 16 1. Reporting entity 60 30. Group risk management for financial instruments 106 11. Key internal and external risks 18 2. Basis of preparation 60 31. Commitments 123 12. Impact of legislation and 3. Earnings per share (EPS) 61 other external requirements 18 32. Parent entity and subsidiaries 124 4. Dividends 62 13. Environmental regulation 21 33. Unconsolidated structured 5. Segment reporting 62 entities 126 14. Indemnification and insurance of officers 21 6. Underwriting result from 34. Changes in the composition general insurance contracts 66 of the Suncorp Group 126 15. Non-audit services 22 7. Net incurred claims from 35. Key management personnel 16. Lead auditor’s general insurance contracts 67 (KMP) disclosures 127 independence declaration 22 8. Sources of operating profit 36. Other related party 17. Rounding of amounts 22 from life insurance and disclosures 128 other contracts 67 37. Auditors’ remuneration 128 9. Employee benefits 68 REMUNERATION REPORT _______ 23 38. Contingent assets 10. Share-based payments 68 and liabilities 129 1. Summary of 2015 performance 11. Income tax 71 39. Significant accounting policies 130 and remuneration 26 12. Trading and investment 40. Subsequent events 144 2. Executive remuneration 27 securities 73 3. Non-executive director 13. Derivative financial arrangements 45 instruments 73 DIRECTORS’ DECLARATION ______ 145 4. Related party transactions 47 14. Loans and advances 76 15. Provision for impairment INDEPENDENT AUDITOR’S LEAD AUDITOR’S INDEPENDENCE on loans and advances 76 REPORT TO THE MEMBERS OF DECLARATION _________________ 51 16. Goodwill and other SUNCORP GROUP LIMITED ______ 146 intangible assets 77 CORPORATE GOVERNANCE 17. Deposits and short-term FINANCIAL CALENDAR AND SUMMARY ____________________ 52 borrowings 80 SHAREHOLDER INFORMATION ___ 148 SUNCORP GROUPGROUP LIMITED LIMITED CHAIRMAN’SCHAIRMAN REPORT'S Report 22 Chairman’s Report Dear Shareholder Suncorp is a low-risk, financial services conglomerate, operating in Australia and New Zealand. The Group aims to deliver high yield and steady growth for its shareholders by diligently serving its customers. This past year clearly demonstrates that our conglomerate structure enables good outcomes even under adverse conditions. In aggregate, the Suncorp Group has delivered a strong result. Full year net profit after tax improved to $1,133 million, despite the significant financial impact of weather events, which totalled more than one billion dollars in net claims. The Bank is free of legacy issues and is performing strongly. It has lifted return on equity and is winning awards along the way. The Life Insurance business is now pointed in a positive direction and is expected to grow as the sector restructures. The General Insurance businesses were hit with record natural hazard claims expenses, but were able to offset the financial impact with reserve releases achievable through sustained improvements in claims management. In New Zealand, both the general and life insurance businesses have powered ahead. SUSTAINABLE VALUE CREATION Suncorp Group continues to deliver attractive shareholder returns through disciplined cost and capital management, reinsurance arrangements and ongoing business efficiency improvements. Total shareholder return (including dividends) for the year was 6.8%, slightly ahead of the ASX200 accumulation index of 5.7%. Over the past five years the Group has delivered total returns of 124% and improved its share price by 67%. The business remains focused on delivering sustainable returns to shareholders through superior customer service and moderate growth while maintaining margins. The Suncorp Group Limited Board has declared the payment of a final ordinary dividend of 38 cents per share. For the fourth consecutive year, the Board has also declared a special dividend which will be paid at 12 cents per share. This brings the year’s total dividend to 88 cents per share fully franked and supports the Group’s commitment to returning capital to shareholders that is in excess of regulatory ratios and surplus to operating requirements. A CLEAR AND COMMITTED STRATEGY We remain unified behind the One Company. Many Brands operating model which continues to drive scale efficiencies across the Group while enabling deeper relationships with more of Suncorp’s nine million customers. Ongoing Simplification programs are streamlining operations while reducing costs and risk. Suncorp is on target to deliver the Optimised Platform in the 2017/18 financial year. This will improve the Group’s flexibility to respond quickly to customer needs and changing market dynamics. Our strong cash flows and capital position allow us to invest in systems, products and capability so we can innovate and remain a leader in our field. The Board and executive team are very clear about our role to create long-term shareholder value. This is a business that has been enmeshed in Australian and New Zealand communities for more than 110 years. It is our aim to respect this heritage and set the Group up for future success. SUNCORP GROUPGROUP LIMITED LIMITED CHAIRMAN’SCHAIRMAN REPORT'S Report 23 CHANGE OF LEADERSHIP Under the leadership of Group CEO Patrick Snowball and his executive team, the Company has established credibility and confidence with the market while building a highly engaged culture where Suncorp’s people can feel proud about their contributions. The Company’s turnaround is complete. The Group is now leaner, faster and smarter and in a great position to leverage its strategic assets – cost, capital, customers and culture. On behalf of the Board, I would like to thank Mr Snowball for his enormous personal contribution and exceptional leadership in transforming the Group during his six year tenure. He will leave the business in outstanding shape as a leading financial services provider in Australia and New Zealand. Suncorp welcomes Michael Cameron to the Group CEO position. Through his role on the Board since 2012, he has helped shape our strategy and define our priorities. In appointing Mr Cameron, the Board believes he is the right leader for this time and will be at the helm of a company that is buzzing with energy and enthusiasm. In closing, I would like to express my gratitude to Suncorp’s people whose dedication and passion for this business are both impressive and a great source of competitive advantage. I’d like to thank my Board colleagues for their steadfast support, commitment and conscientious stewardship of the Company. I would also like to thank Suncorp Group’s loyal customers and shareholders. You remain the reason we are driven to innovate, succeed and grow. Dr Ziggy Switkowski AO Chairman of the Board 4 August 2015 SUNCORP GROUP LIMITED DIRECTORS’ REPORT 2 SUNCORP GROUP LIMITED DIRECTORS’ REPORT 5 SUNCORP GROUP LIMITED Directors' Report 4 Directors' Report 1. DIRECTORS’ PROFILES (CONTINUED) The directors present their report together with the financial report of the Suncorp Group (or Group), being LISTED COMPANY DIRECTORSHIPS HELD SINCE 1 JULY 2012 Suncorp Group Limited (the Company) and its subsidiaries for the financial year ended 30 June 2015 and the William J Bartlett auditor’s report thereon. Terms that are defined appear in bold the first time they are used. FCA, CPA, FCMA, CA (SA) COMPANY NAME APPOINTED RESIGNED Age 66 Abacus Property Group 14-02-07 1. DIRECTORS’ PROFILES Non-executive director GWA International Limited 21-02-07 Member Audit and Risk Committees, Reinsurance Group of 26-05-04 The names of the people who served as directors of the Company at any time during or since the end of the Chairman Remuneration Committee America Inc. (NYSE) financial year are set out below. All non-executive directors are members of the Nomination Committee. Director since December 2010 and Suncorp-Metway Limited 01-07-03 director of Suncorp-Metway Limited Dr Zygmunt E Switkowski AO LISTED COMPANY DIRECTORSHIPS HELD SINCE 1 JULY 2012 since July 2003 BSc (Hons), PhD, FAICD, FAA, FTSE COMPANY NAME APPOINTED RESIGNED Age 67 Oil Search Limited 22-11-10 Mr Bartlett is a director of Reinsurance Group of America Inc., RGA Reinsurance Company of Australia Non-executive Chairman Suncorp-Metway Limited 19-09-05 Limited, GWA International Limited and Abacus Property Group. He is also Chairman of the Council of Ex officio member Audit, Risk and Tabcorp Holdings Limited 02-10-06 Governors of the Cerebral Palsy Foundation. Remuneration Committees Lynas Corporation Ltd 01-02-11 20-08-13 Mr Bartlett has 35 years’ experience in accounting and was a partner
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