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Annual Report 2010/11 1 Directors’ Report for the Year Ended 30 June 2011

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Annual Report 2010/11 1 Directors’ Report for the Year Ended 30 June 2011 Suncorp Group Limited and subsidiaries ABN 66 145 290 124 Suncorp Group Limited Annual Report 2 01 0 / 11 “ Shannons understands motoring enthusiasts like me and I’ve been a customer for 25 years.” Tony Galea, President of FE-FC Holden Car Club of Victoria and Shannons customer for 25 years. Shannons is part of the Suncorp Group. Contents Page Page Chairman’s message 1 Notes to the consolidated financial statements 54 1. Suncorp Group restructure 54 Directors’ Report 2 2. Basis of preparation 54 1. Directors 2 3. Earnings per share (EPS) 55 2. Company Secretary 4 4. Dividends 55 3. Directors’ meetings 5 5. Segment reporting 56 4. Remuneration Report 5 6. General Insurance – Specific disclosures 62 5. Principal activities 5 6.1. Contribution to profit from 5.1. Suncorp Group’s objectives 5 General Insurance activities 62 6. Operating and financial review 5 6.2. General Insurance – Net incurred claims 63 6.1. Overview of the Suncorp Group 5 6.3. General Insurance – Derivatives 63 6.2. Financial position and capital structure 6 6.4. General Insurance – Investment securities 63 6.3. Impact of legislation and other external 6.5. General Insurance assets 64 requirements 6 6.6. General Insurance liabilities 64 6.4. Review of principal businesses 8 6.7. General Insurance – Subordinated notes 69 6.5. Significant changes in the state of affairs 9 6.8. General Insurance – 6.6. Environmental regulation 9 Minimum capital requirement (MCR) 70 7. Dividends 9 7. Banking – Specific disclosures 71 8. Events subsequent to reporting date 9 7.1. Contribution to profit from Banking activities 71 9. Likely developments 9 7.2. Banking – Trading and Investment securities 71 10. Directors’ interests 9 7.3. Banking – Derivatives 72 11. Indemnification and insurance of officers 10 7.4. Banking loans, advances and other receivables 72 12. Non-audit services 10 7.5. Banking – Provision for impairment on 13. Lead auditor’s independence declaration 10 Banking loans, advances and other receivables 73 14. Rounding off 10 7.6. Banking – Deposits and short-term borrowings 74 7.7. Banking – Securitisation liabilities 74 Remuneration Report 11 7.8. Banking – Debt issues 75 1. Remuneration overview – unaudited 12 7.9. Banking – Subordinated notes 75 2. Remuneration – audited 15 7.10. Banking – Preference shares 76 3. Non-executive director arrangements – audited 31 7.11. Banking – Capital adequacy 77 8. Life – Specific disclosures 79 Lead Auditor’s Independence Declaration 35 8.1. Contribution to profit from Life activities 79 8.2. Sources of Life business operating profit 80 Corporate Governance Statement 36 8.3. Life – Derivatives 81 Part 1. Board of Directors 38 8.4. Life – Investment securities 81 Part 2. Board committees and New Zealand subsidiaries 41 8.5. Life assets 81 Part 3. Senior Executives 43 8.6. Life liabilities 82 Part 4. Risk management 43 8.7. Life – Net policy liabilities 83 Part 5. Policies 47 8.8. Life – Capital and solvency requirements 88 8.9. Life – Managed assets, trustee activities Consolidated statement of comprehensive income 50 and mortgage investments 89 Consolidated statement of financial position 51 9. Revenue 89 Consolidated statement of changes in equity 52 10. Expenses 90 Consolidated statement of cash flows 53 11. Income tax 91 12. Share-based payments 93 13. Defined benefit fund obligations 96 14. Derivatives 98 15. Investment securities 99 16. Property, plant and equipment 100 17. Other assets 100 18. Goodwill and intangible assets 102 19. Payables and other liabilities 105 20. Subordinated notes 105 21. Share capital 106 22. Reserves 107 23. Suncorp Group capital management 108 24. Notes to the consolidated statement of cash flows 111 25. Fair values of financial instruments 112 26. Parent entity and subsidiaries 115 27. Fiduciary activities 117 28. Changes in the composition of the Suncorp Group 117 29. Key management personnel disclosures 118 30. Other related party disclosures 122 31. Commitments 123 32. Contingent assets and liabilities 124 33. Significant accounting policies 125 34. Group risk management 137 35. Auditors’ remuneration 162 36. Subsequent events 162 Directors’ declaration 163 Independent auditor’s report to the members of Suncorp Group Limited 164 Shareholder information 166 Chairman’s message Dear Shareholder capital levels well above the targets we set for the operating businesses and the Suncorp Group. The policy of the Board The financial year ending 30 June 2011 was a year from is that a prudent margin, depending on the circumstances, which the Suncorp Group emerged as a far stronger over and above those targets will still be retained, but organisation. shareholder capital surplus to those amounts will be returned During that turbulent period, the Suncorp Group delivered to shareholders. In more stable circumstances, we would the key strategic targets previously outlined to investment have anticipated a return of capital to shareholders on this markets and shareholders – its balance sheet has occasion but, given the recent upheavals on global financial been enhanced; the building blocks program has been markets, the Board has decided to retain the full amount substantially delivered; its business is now far simpler, of our surplus of capital as a further protection against operating under a non-operating holding company structure short-term uncertainty and volatility. This position will be (NOHC); and the Suncorp Group now works together as one reviewed as markets stabilise, and in doing so the Board will team under uniform employee terms and conditions. be mindful of the high balance of franking credits that we Though there remains some way to go before the value currently hold on behalf of shareholders. within the Suncorp Group’s unique portfolio of businesses The occurrence of natural disasters through the course is fully realised, the interests of shareholders have been of the year in Australia and New Zealand has challenged significantly enhanced by these achievements. the insurance industry generally. Whilst we at Suncorp The progress that had already been made in strengthening its were proud of the manner in which the comprehensive business underpinned Suncorp’s outstanding response to the flood cover in the majority of our brands responded to the succession of natural disasters in Australia and New Zealand, circumstances, improvements are called for. Matters that which commenced with the first earthquake in Christchurch must be addressed include the clarification of flood cover in September 2010. across the industry, the implementation and availability of comprehensive flood mapping, the introduction of effective These events, which resulted in over 100,000 claims with a flood mitigation and the application of comprehensive value of approximately $4 billion, tested the organisation as planning regulations that recognise and take into account never before, and I could not be more proud of the manner unmitigated risks, whether of flood or earthquake. With in which Suncorp people responded. The combination of the lessons of the past year learnt, the insurance industry this response with the simultaneous implementation of is well placed to provide the protection its customers seek. fundamental operational transformation evidences the huge Government intervention and participation in the industry commitment and dedication of our employees. would, however, be a backward and dangerous step. From the insurance and banking teams, who were on the This is my last report as Suncorp Chairman. The Suncorp ground in flood and cyclone affected regions within 24 hours, of today bears little resemblance to the organisation to the employees who took insurance claims from home when that I joined in 1995 as a Director on the Metway Bank call centres were inaccessible due to rising flood waters, there Board. Since then, the Suncorp Group has evolved from a are countless examples of Suncorp people going far beyond Queensland-based and focused bank to a comprehensive the everyday to help our customers in their time of need. financial services organisation with operations throughout The natural disasters have inevitably had their impact on Australia and New Zealand. Suncorp remains with its heart the financial outcome for the year with net profit after tax in Queensland, but is now one of Australia’s largest listed of $453 million, down from $780 million in the 2010 year. companies, with each of its businesses playing an important The businesses have, however, continued to perform strongly. part in the financial landscape of Australia and New Zealand. The underlying margin in General Insurance improved by 1.8% I am proud of what Suncorp has accomplished over the past to 10.8%, and we are on track to deliver the promised 3% 16 years. It has, on occasions, been severely challenged, margin improvement at the conclusion of the 2012 financial but it has responded to those challenges with resilience and year. Margins also improved in our Core Bank, while the determination. Today, Suncorp Group is a strong organisation, run-off of the Non-core Bank continues to progress ahead with a well funded balance sheet, effective systems and of expectations. In Life Insurance, sales through the direct processes, a dedicated team of employees and a committed channel increased by 44% as we continue to leverage the customer base. It is well positioned for the future. Group customer base in Australia and New Zealand. Whilst I will retire at the conclusion of this year’s AGM, confident that the net profit is not what we had hoped at the beginning Suncorp is in good hands, led by a strong Board and a dynamic of the year, in the context of what ensued, these outcomes executive team, with the right business model and strategy in demonstrate the strength and resilience of the Suncorp Group. place to deliver the returns that shareholders deserve. The Board’s confidence in the underlying performance of Yours sincerely the business means that we are in a position to announce an ordinary dividend of 20 cents per share for the second half – bringing ordinary dividends for the full year to 35 cents per share.
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