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IAG Annual Report 2014

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IAG Annual Report 2014 Insurance Australia Annual Group Report 2014 Insurance Australia Group Annual Report 2014 THE NUMBERS INSURANCE AUSTRALIA GROUP LIMITED ABN 60 090 739 923 CONTENTS Five year financial summary 1 Financial statements 49 Corporate governance 2 Directors’ declaration 117 Directors’ report 12 Independent auditor’s report 118 Remuneration report 26 Shareholder information 120 Lead auditor’s independence declaration 48 Corporate directory 124 KEY DATES 2014 financial year end 30 June 2014 Full year results and dividend announcement 19 August 2014 Notice of meeting mailed to shareholders 8 September 2014 Final dividend for ordinary shares Record date 10 September 2014 Payment date 8 October 2014 Annual General Meeting 30 October 2014 Half year end 31 December 2014 Half year results and dividend announcement 20 February 2015* Interim dividend for ordinary shares Record date 4 March 2015* Payment date 1 April 2015* 2015 financial year end 30 June 2015 Full year results and dividend announcement 21 August 2015* * Please note: dates are subject to change. Any changes will be published via a notice to the Australian Securities Exchange 2014 ANNUAL 2014 ANNUAL RECYCLED GENERAL MEETING REPORT SUITE PAPER CHOICE IAG’s 2014 annual general meeting The 2014 annual report of Insurance This report is printed on Nordset an will be held on Thursday, 30 October Australia Group Limited (IAG, or the Group) environmentally responsible paper produced 2014, at the Wesley Conference Centre, includes IAG’s full statutory accounts, from FSC® Mixed Sources Chain of Custody 220 Pitt Street, Sydney NSW 2000, along with the Directors’, remuneration (CoC) certified pulp from well managed commencing at 10.00am. Details of the and corporate governance reports for the forests, is Elemental Chlorine Free (ECF) meeting, including information about how financial year 2014. and is made Carbon Neutral. Nordset to vote, will be contained in our notice of is manufactured by Nordland Papier, a Please read this report together with the meeting, which will be mailed to shareholders, company certified with environmental 2014 annual review, which provides a and available online at www.iag.com.au, management systems ISO14001 and summary of IAG’s operational performance, from Monday, 8 September 2014. EMAS, the EU Eco-Management and including the Chairman’s and CEO’s reviews. Audit Scheme (Reg.No.D-162-00007) If you do not receive a copy of the annual Nordset has also been awarded the review, you can access an interactive version EU “Flower” eco-label certification. online from the home page of our website at www.iag.com.au. As with last year, this year’s annual review includes information about the sustainability performance of the business. Detailed information about IAG’s business sustainability performance is available from www.iag.com.au. To have a copy of the annual report mailed to you, contact IAG’s Share Registry using the contact details on page 124. All figures are in Australian dollars unless otherwise stated. FIVE YEAR FINANCIAL SUMMARY 2014 2013 2012(a) 2011(a) 2010(a) $m $m $m $m $m Gross written premium 9,779 9,498 8,495 8,050 7,782 Premium revenue 9,721 9,135 8,046 7,858 7,621 Outward reinsurance premium expense (1,077) (817) (700) (620) (556) Net premium revenue 8,644 8,318 7,346 7,238 7,065 Net claims expense (5,201) (4,982) (5,421) (5,089) (5,072) Underwriting expenses (2,303) (2,178) (1,994) (1,978) (2,054) Underwriting profit/(loss) 1,140 1,158 (69) 171 (61) Net investment income on assets backing insurance liabilities 439 270 914 489 554 Insurance profit/(loss) 1,579 1,428 845 660 493 Net investment income from shareholders' funds(b) 396 347 89 213 96 Other income 199 175 164 264 256 Share of net profit/(loss) of associates (8) (29) (13) (8) 3 Finance costs (98) (95) (97) (86) (88) Corporate and administration expenses (255) (208) (205) (259) (245) Amortisation expense and impairment charges of acquired intangible assets and goodwill(c) (11) (25) (20) (170) (113) Profit/(loss) before income tax 1,802 1,593 763 614 402 Income tax expense (472) (424) (177) (276) (212) Profit/(loss) after tax from continuing operations 1,330 1,169 586 338 190 Profit/(loss) after tax from discontinued operation - (287) (321) - - Net profit attributable to non-controlling interests (97) (106) (58) (88) (99) Net profit/(loss) attributable to shareholders of Insurance Australia Group Limited 1,233 776 207 250 91 Ordinary shareholders' equity ($ million) 6,568 4,786 4,343 4,417 4,486 Total assets ($ million) 29,657 24,859 25,132 23,029 20,442 PREMIUM GROWTH Gross written premium 3.0 % 11.8 % n/a 3.4 % (0.8)% KEY RATIOS Loss ratio(d) 60.2 % 59.9 % 73.8 % 70.3 % 71.8 % Expense ratio(e) 26.7 % 26.2 % 27.1 % 27.3 % 29.1 % Combined ratio(f) 86.9 % 86.1 % 100.9 % 97.6 % 100.9 % Insurance margin(g) 18.3 % 17.2 % 11.5 % 9.1 % 7.0 % SHARE INFORMATION Dividends per ordinary share - fully franked (cents) 39.00 36.00 17.00 16.00 13.00 Basic earnings per ordinary share (cents) 56.09 37.57 10.01 12.08 4.39 Diluted earnings per ordinary share (cents) 53.62 36.44 9.96 12.01 4.36 Ordinary share price at 30 June ($) (ASX: IAG) 5.84 5.44 3.48 3.40 3.41 Convertible preference share price at 30 June ($) (ASX: IAGPC) 106.44 101.88 98.10 - - Reset exchangeable securities price at 30 June ($) (ASX: IANG) 107.00 102.80 99.30 103.00 100.00 Issued ordinary shares (million) 2,341 2,079 2,079 2,079 2,079 Issued convertible preference shares (million) 4 4 4 - - Market capitalisation (ordinary shares) at 30 June ($ million) 13,671 11,310 7,235 7,069 7,089 Net tangible asset backing per ordinary share ($) 1.29 1.38 1.20 1.23 1.16 (a) The financial information for 2012 has been re-presented to reflect the treatment of the United Kingdom business as a discontinued operation. Financial information for 2011 and 2010 is not re-presented. (b) This included an unrealised loss on embedded derivatives of $96 million for 2010. (c) This included impairment charges for acquired identifiable intangible assets and goodwill of $150 million for 2011 and $87 million for 2010. (d) The loss ratio refers to the net claims expense as a percentage of net premium revenue. (e) The expense ratio refers to the underwriting expenses as a percentage of net premium revenue. (f) The combined ratio refers to the sum of the loss ratio and expense ratio. (g) Insurance margin is a ratio of insurance profit over net premium revenue. 1 CORPORATE GOVERNANCE INSURANCE AUSTRALIA GROUP LIMITED'S APPROACH TO CORPORATE GOVERNANCE Insurance Australia Group Limited (IAG, the Group, or the Company) is committed to attaining the highest level of corporate governance to help ensure the future sustainability of the organisation and to create long term value for its shareholders. To achieve this, IAG promotes a culture that rewards performance, integrity, respect and a considered sense of urgency. The regulatory environments in which IAG conducts its businesses continue to have a major influence on the Group's corporate governance practices. Sound regulatory regimes are required to assist with the stability and sustainability of the general insurance sector in the countries in which IAG operates or intends to operate. IAG believes that active engagement with governments, regulators and industry and professional groups helps ensure that the interests of IAG and its stakeholders are properly considered in the formulation of proposals to improve corporate governance, the general insurance regulatory and prudential regimes and insurance industry practices. In this context, IAG strives for regulation that enhances rather than stifles competition, protects consumers, encourages efficiency and promotes and sustains public confidence in general insurers and their products. IAG is a member of The Australian Business Roundtable for Disaster Resilience & Safer Communities (Roundtable), which released a White Paper in June 2013 that details a more sustainable and comprehensive approach to managing natural disasters that could ultimately save lives, reduce damage to property and vital national infrastructure and free taxpayer money to spend on essential public services. In July 2014, the Roundtable released a report highlighting that the Australian Government could save up to $15 billion by 2050, if it invested in natural disaster mitigation and created a national platform to share critical information about catastrophes. Both the White Paper and the report on creating a national platform can be found on the IAG website at www.iag.com.au/sustainable. Roundtable member organisations - Australian Red Cross, IAG, Investa Property Group, Munich Re, Optus and Westpac - have come together to champion safer and more resilient communities. Each organisation plays a crucial role in either community planning or disaster recovery and believes there is an opportunity to develop a national, long term approach to managing natural disasters through a co-ordinated resilience response that focuses on prevention. IAG actively participates in the debate to improve Australia’s corporate governance regime, making submissions to Federal and State government committees, reviews and inquiries, and regulators in relation to new legislation, particularly regulation affecting the general insurance industry. As part of IAG’s commitment to open and transparent communication, all Australian public government submissions are available in the News Centre on IAG's website at www.iag.com.au. IAG has also contributed to changes to the New Zealand regulatory and legislative framework. IAG representatives participate in forums, working parties and committees of domestic and overseas insurance industry associations, as well as accounting, actuarial and legal professional bodies, to help formulate responses to proposals to improve corporate governance, prudential and financial reporting standards and practices that particularly apply to the general insurance industry.
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