Insurance Australia : Annual Review and Sustainability Report 2022 (3.4

Annual Review and Sustainability Report 2022

Insurance Australia Group Limited

This release has been authorised by the Board of Insurance Australia Group Limited 12 August 2022

ABN 60 090 739 923

Connecting our people to purpose supports the role we play in creating safer and more resilient communities.

About this report

Our Annual Review and Sustainability Report 2022 contains a summary of IAG's 2022 operating performance, including reports from our Chairman and our Managing Director and CEO. The report also contains information about how we create value for our stakeholders, the material topics we address, and the outcomes we have achieved for our key stakeholders. Unless otherwise indicated, references to FY22 and FY21 in graphs and copy throughout this review refer to IAG's financial years ending 30 June 2022 and 2021 respectively. All figures are in Australian dollars unless otherwise stated.

CONTENTS

Highlights	2		Materiality	16		Remuneration	26
Chairman's review	4		Our material topics	16		Letter from the Chairman of
						the People and Remuneration
CEO's review	6		Climate change	18
		Committee	26
How IAG creates value	8		Disaster resilience and
			Executive remuneration	27
			emergency response	20
Customers	10
		Board of Directors	28
	Affordability and availability
Shareholders	11
			Group Leadership Team	30
	of insurance	22
People	12
	Trust and transparency	24		Annual report suite and key dates	32
Communities	14
				Shareholder information	32
Environment	15
				KPMG assurance statement	33
						Glossary	33
						Appendix 1	33

1

Customers Shareholders People

Helping customers manage risk is at the centre of our purpose, to make your world a safer place

We aspire to deliver sustainable dividends, and top quartile total shareholder returns

Our people help bring our purpose to life and deliver our strategy

8.5m	5.7%	77%
Customers insured	Gross Written Premium growth	Employee Engagement,
		up 4% from FY21
$8,488m	$347m	44%
Claims paid (up from $8,081m in FY21)	Net Profit After Tax	Women in Senior Management

	2022
Highl
+29AU	14.6%	Launched
+21NZ
Strategic net promoter score1	Underlying insurance margin	Executive General Manager and
(AU: +29 in FY21)		Executive Manager leadership
(NZ: +22 in FY21)		programs and IAG Academy

1 Strategic net promoter score assesses the strength of the relationship customers have with IAG's insurance brands in Australia and New Zealand, based on their likelihood to recommend IAG to others. It is measured via monthly online surveys conducted anonymously with a representative sample of insurance buyers. All NPS/broker advocacy score information is reported on a 12-month rolling basis.

2	Annual Review and Sustainability Report 2022

Communities Environment

We help to build safer, more resilient communities

We manage our environmental impact and support our customers and communities to transition to a Net Zero future

$15.2m	13%
Invested in community	Reduction in scope 1 and 2 emissions
initiatives in FY22

2,760	Net Zero
Hours volunteered by our people	Emissions commitment by 2050

ights(50% reduction by 2030)

4th RAP	Launched
Launched and reaffirmed support for the	the NRMA Insurance Carbon
Uluru Statement from the Heart	Offset Program

For detailed information about our FY22 results, visit the Results & Reports area of our website at www.iag.com.auand access financial statements, the investor report and management's results presentation.

Highlights 3