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Iag New Zealand Limited 23 April 2013 ABN 60 090 739 923 IAG IN FOCUS NEW ZEALAND IMPORTANT INFORMATION This presentation contains general information in summary form which is current as at 23 April 2013. It presents financial information on both a statutory basis (which has been prepared in accordance with Australian accounting standards, which comply with International Financial Reporting Standards (IFRS)) and non-IFRS basis. This presentation is not a recommendation or advice in relation to Insurance Australia Group Limited (“IAG”) or any product or service offered by IAG’s subsidiaries. It is not intended to be relied upon as advice to investors or potential investors, and does not contain all information relevant or necessary for an investment decision. It should be read in conjunction with IAG’s other periodic and continuous disclosure announcements filed with the Australian Securities Exchange which are also available at www.iag.com.au. No representation or warranty, express or implied, is made as to the accuracy, adequacy or reliability of any statements, estimates or opinions or other information contained in this presentation. To the maximum extent permitted by law, IAG, its subsidiaries and their respective directors, officers, employees and agents disclaim all liability and responsibility for any direct or indirect loss or damage which may be suffered by any recipient through use of or reliance on anything contained in or omitted from this presentation. No recommendation is made as to how investors should make an investment decision. Investors must rely on their own examination of IAG, including the merits and risks involved. Investors should consult with their own professional advisors in connection with any acquisition of securities. The information in this presentation is for general information only. To the extent that certain statements contained in this presentation may constitute “forward-looking statements” or statements about “future matters”, the information reflects IAG’s intent, belief or expectations at the date of this presentation. IAG gives no undertaking to update this information over time (subject to legal or regulatory requirements). Any forward-looking statements, including projections, guidance on future revenues, earnings and estimates, are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause IAG’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Any forward-looking statements, opinions and estimates in this presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Neither IAG, nor any other person, gives any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this presentation will actually occur. In addition, please note that past performance is no guarantee or indication of future performance. This presentation does not constitute an offer to issue or sell securities or other financial products in any jurisdiction. The distribution of this presentation outside Australia may be restricted by law. Any recipient of this presentation outside Australia must seek advice on and observe any such restrictions. This presentation may not be reproduced or published, in whole or in part, for any purpose without the prior written permission of IAG. Local currencies have been used where possible. Prevailing current exchange rates have been used to convert local currency amounts into Australian dollars, where appropriate. All references starting with “1H” refer to the six months ended 31 December, being the first half of IAG’s financial year. For example, “1H13” refers to the six months ended 31 December 2012. All references starting with “2H” refer to the six months ended 30 June, being the second half of IAG’s financial year. For example, “2H13” refers to the six months ended 30 June 2013. All references starting with “FY” refer to the financial year ended 30 June. For example, “FY13” refers to the year ended 30 June 2013. 2 AGENDA WELCOME AND IAG OVERVIEW . Mike Wilkins IAG IN NEW ZEALAND: LEADERSHIP IN A CHANGING MARKET . Jacki Johnson DIRECT INSURANCE . Craig Olsen CANTERBURY EARTHQUAKE RECOVERY UPDATE . Video NZI (INTERMEDIATED) . Karl Armstrong PANEL DISCUSSION - REINSURANCE . David Priebe – Guy Carpenter . Edouard Schmid – Swiss Re . Julie Batch – IAG Reinsurance SUMMARY AND Q&A . Mike Wilkins . Jacki Johnson 3 IAG OVERVIEW Mike Wilkins Managing Director and Chief Executive Officer IAG STRATEGIC PRIORITIES A CLEAR FOCUS ON AUSTRALIA, NEW ZEALAND AND ASIA 5 IAG NEW ZEALAND GROWTH THROUGH ACQUISITION 17% 2,000 2001: 1,900 15% 15% 15% 1,800 15% 14% 14% 1,700 14% 13% 14% 1,600 13% 1,500 1,400 11% 2003: 1,300 1,200 1,100 1,000 1,912 900 800 1,552 700 4% 1,207 1,247 2012: 600 1,137 1,187 1,040 1,082 1,087 1,107 500 400 769 300 475 200 100 168 - NEW ZEALAND NOW FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 1H13 REPRESENTS NEARLY 17% (Ann'd) OF THE GROUP’S GWP New Zealand GWP (NZ$m) % Group GWP (ex-UK) 6 IAG IN NEW ZEALAND LEADERSHIP IN A CHANGING MARKET Jacki Johnson Chief Executive Officer New Zealand IAG’S NEW ZEALAND EXECUTIVE TEAM LEADING AND SECURING THE NEW ZEALAND MARKET Jacki Johnson Chief Executive Officer Dan Coman Dean MacGregor Karl Armstrong Craig Olsen Tanya Hadfield Allan Dornan Chief Financial Officer EGM Canterbury Recovery EGM NZI EGM Direct Insurance EGM People & Culture Chief Operating Officer 8 NEW ZEALAND ECONOMY SOUND ECONOMIC FUNDAMENTALS . 2012 GDP growth of 2.5%, forecast average approaching 3% over next two years . Economic growth is solid and broad-based with increases across almost all industries . Canterbury recovery is a key driver – more protracted than originally anticipated . New Zealand’s economic outlook (GDP growth) is similar to Australia New Zealand Australia New South Wales Victoria 2.7%¹ 2.6%¹ 2.75%² 2.5%² ¹ Consensus Economics (April 2013), calendar 2013 ² State Treasury half-yearly reviews (December 2012), financial year to 30 June 2013 9 OVERVIEW OF THE INSURANCE MARKET SHORT TAIL MARKET – NZ$5BN GWP . IAG participates in an available GWP pool of NZ$5bn MARKET SPLIT BY SEGMENT - 2012 . Essentially short-tail in nature 5% 9% . Growth of ~35% since 2009, driven by significant rate 26% increases to recover post-earthquake increase in reinsurance costs 10% . Reinsurance capacity continues to be available . EQC - statutory scheme covering land and first NZ$100,000 18% of a home in event of an earthquake 27% 5% . High insurance penetration of 77% . Long tail classes remain government-run (Accident Home Private Motor Other Personal Compensation Corporation (ACC)) Commercial Property Commercial Vehicles Liability Other Commercial Source: ICNZ, IAG estimates (calendar 2012) 10 COMPETITIVE LANDSCAPE IAG A CLEAR LEADER IN A CONSOLIDATED MARKET 2012 – NZ$5BN NEW ZEALAND GENERAL INSURANCE MARKET 5 10% 3% 4 3% 3% 39% 4% 3 NZ$bn 6% 2 9% 1 23% 0 2009 2010 2011 2012 IAG Vero Lumley QBE Tower AIG FMG Allianz Other Source: ICNZ, IAG estimates (calendar 2012) Source: ICNZ, IAG estimates 11 REGULATION AND REFORM ACTIVE ENGAGEMENT Broad and robust engagement Focus on maintaining a sound Support framework that delivers with government on reforms and efficient insurance industry, contractual certainty for insurers with effective management of risk and customers Industry Risks Customers . Prudential regulation and licensing . Land-use planning and consents . ‘Unfair’ contract terms . Reform of Earthquake Commission Act . Earthquake-prone buildings . Fair trading . Fire services and funding . Privacy law 12 OVERVIEW OF IAG’S NEW ZEALAND BUSINESS WELL-BALANCED PORTFOLIO WITH STRONG MARKET SHARES PREMIUM BASE OF ~NZ$2BN GWP BY CLASS GWP BY CHANNEL 12% 34% Personal Intermediated 44% Commercial Direct Affinity 66% 44% Source: IAG results, six months to 31 December 2012 13 BUSINESS PERFORMANCE STRONG UNDERLYING MARGIN . Underlying performance has been strong, throughout a challenging period – Dip in FY11 reflects post-earthquake 11.8% reinstatement costs 11.2% 11.5% . Pass-through of steep increase in reinsurance costs 8.5% – From c.8% of GWP in FY10, to 15% in 1H13 14.7% . Reported performance has reflected: 10.4% – Impact of earthquakes in FY11 8.3% – Reserve strengthening in 1H13 . Meeting ROE target 0.4% FY10 FY11 FY12 1H13 * Underlying margin = reported margin adjusted for: . All prior period reserve movements . Natural perils vs. allowances Reported Margin Underlying Margin* 14 NEW ZEALAND STRATEGY CLARITY OF PURPOSE AND TARGETS PURPOSE AMBITION STRATEGY TARGETS What we stand for: Our ambition is: Our strategy is: Our financial targets include: . As New Zealand’s leading . To be New Zealand’s . To deliver sustainable, . Underlying long term margin general insurer, our insurer of choice by being customer-focused, of c.10% purpose is to help people the easiest to interact with diverse general insurance . GWP growth at least in line manage risk and recover operations that create a with the industry from the hardship of superior experience for unexpected loss our customers, and Our customer targets include: achieve a superior operational performance . Net Promoter Score
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