Insurance Australia : IAGL 4E and annual report (8.11 MB)

INSURANCE AUSTRALIA GROUP LIMITED

PRELIMINARY FINAL REPORT FOR THE YEAR ENDED 30 JUNE 2022

APPENDIX 4E (ASX Listing rule 4.3A)

RESULTS FOR ANNOUNCEMENT TO THE MARKET

	2022	2021		CHANGE
	$m	$m		$m	%*
Revenue from ordinary activities	18,347	18,895	Down	(548)	(2.9)%
Net profit/(loss) after tax from ordinary activities attributable to
shareholders of the Parent from continuing operations	347	(414)	Up	761	(183.8)%
Net profit/(loss) after tax from ordinary activities attributable to
shareholders of the Parent from discontinued operations	-	(13)	Up	13	(100.0)%
Net profit/(loss) attributable to shareholders of the Parent	347	(427)	Up	774	(181.3)%

• The percentage change is calculated by dividing the movement between the current and prior years with the prior year amount and multiplying the result by 100. In relation to the year-on-year change in net profit/(loss), the negative percentages have arisen as the current year recognised a net profit and the prior year a net loss.

	AMOUNT	FRANKED AMOUNT
DIVIDENDS - ORDINARY SHARES	PER SECURITY	PER SECURITY
Final dividend	5.0 cents	3.5 cents
Interim dividend	6.0 cents	- cents
FINAL DIVIDEND DATE
Record date		19 August 2022
Payment date		22 September 2022

The Company's Dividend Reinvestment Plan (DRP) will operate likely by acquiring shares on-market with no discount applied. The last date for the receipt of an election notice for participation in the Company's DRP is 22 August 2022. The DRP Issue Price will be based on a volume-weighted average price for a 5-day trading window from 29 August 2022 to 2 September 2022 inclusive.

Eligible shareholders may now lodge their DRP elections electronically by logging on to IAG's share registry, Computershare, on their website at www.computershare.com.au.

This Appendix 4E for the financial year ended 30 June 2022 is filed with the Australian Securities Exchange (ASX) under ASX Listing Rule 4.3A. Additional Appendix 4E disclosure requirements can be found in the Annual Report of Insurance Australia Group Limited for the year ended 30 June 2022 (Attachment A). This report is also to be read in conjunction with any public announcements made by Insurance Australia Group Limited during the reporting year in accordance with the continuous disclosure requirements of the Corporations Act 2001 and the ASX Listing Rules. Information presented for the previous corresponding period is for the financial year ended 30 June 2021 (unless otherwise stated).

The report is based on the consolidated financial statements which have been audited by KPMG.

INSURANCE AUSTRALIA GROUP LIMITED
ABN 60 090 739 923	1

ATTACHMENT A

INSURANCE AUSTRALIA GROUP LIMITED AND SUBSIDIARIES ANNUAL REPORT 30 JUNE 2022

INSURANCE AUSTRALIA GROUP LIMITED
ABN 60 090 739 923	2

Annual Report 2022

Insurance Australia Group Limited

ABN 60 090 739 923

Section heading to go here

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CONTENTS

Directors' report

1

Consolidated cash flow statement

60

Remuneration report	29
Lead auditor's independence
declaration	54
Consolidated financial statements
contents	55
Consolidated statement of
comprehensive income	56
Consolidated balance sheet	58
Consolidated statement of
changes in equity	59

Notes to the financial statements	61
Directors' declaration	110
Independent auditor's report	111
Shareholder information	116
Corporate directory	119
Five-year financial summary	120

ABOUT THIS REPORT

The 2022 annual report of Insurance Australia Group Limited (IAG, or the Group) includes IAG's full statutory accounts, along with the Directors' and remuneration reports for the financial year ended 30 June 2022. This year's corporate governance report is available in the About Us area of our website (www.iag.com.au).

The financial statements are structured to provide prominence to the disclosures that are considered most relevant to the user's understanding of the operations, results and financial position of the Group. All figures are in Australian dollars unless otherwise stated.

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

Annual Review and Sustainability Report 2022

This report should be read with the Annual Review and Sustainability Report 2022, which provides a summary of IAG's operating performance, including the Chairman's and CEO's reviews.

Our Annual Review and Sustainability Report 2022 is also available from the home page of our website at www.iag.com.au. Detailed information about our safer communities approach and non- financial performance is available in the Safer Communities area of our website.

If you would like to have a copy of the Annual Report or Annual Review and Sustainability Report mailed to you, contact IAG's Share Registry using the contact details on page 119.

2022 annual general meeting

The 2022 annual general meeting (AGM) of Insurance Australia Group Limited will commence at 9.30am on Friday, 21 October 2022.

DIRECTORS' REPORT

The Directors present their FY22 Annual Report together with the consolidated financial report of Insurance Australia Group Limited and its subsidiaries and the Auditor's Report. This report covers the reporting period 1 July 2021 to 30 June 2022 and where appropriate, references events that have occurred since the end of this period, but before publication.

The following terminology is used throughout the financial report:

• Company or Parent - Insurance Australia Group Limited; and
• IAG or Group - the consolidated group consists of Insurance Australia Group Limited and its subsidiaries.

DIRECTORS OF INSURANCE AUSTRALIA GROUP LIMITED

The names and details of the Company's Directors in office at any time during or since the end of the financial year are set out below. Directors were in office for the entire period unless otherwise stated.

CHAIRMAN

THOMAS (TOM) W POCKETT

BCom, CA - Chairman and Independent Non-Executive Director

INSURANCE INDUSTRY EXPERIENCE

Tom Pockett was appointed a Director of IAG on 1 January 2015 and became Chairman at the conclusion of the 2021 Annual General Meeting (AGM) on 22 October 2021. He is Chairman of the Nomination Committee since 22 October 2021 and attends all other Board committee meetings in an ex-officio capacity. Tom is also Chairman of Insurance Manufacturers of Australia Pty Limited.

OTHER BUSINESS AND MARKET EXPERIENCE

Tom is Chairman and Non-Executive Director of Stockland Group and a Non-Executive Director of O'Connell Street Associates. He was previously Chief Financial Officer and then Finance Director with Woolworths Limited, and retired from Woolworths Limited in July 2014. Tom has also held senior finance roles at the Commonwealth Bank, Lendlease Corporation and Deloitte.

Directorships of other listed companies held in the past three years:

• Stockland Group, since 2014; and
• Autosports Group Limited (2016 - 2021).

MANAGING DIRECTOR

NICHOLAS (NICK) B HAWKINS

BCom, FCA - Managing Director and Chief Executive Officer, Executive Director

INSURANCE INDUSTRY EXPERIENCE

Nick Hawkins was appointed Managing Director and Chief Executive Officer of IAG on 2 November 2020.

Nick previously held the role of Deputy Chief Executive Officer, accountable for the management and performance of IAG's day-today operations. He previously spent 12 years as IAG's Chief Financial Officer, responsible for the financial affairs of the Group. Prior to this, Nick was Chief Executive Officer of IAG New Zealand and has also held a number of roles within finance and asset management since joining the Group in 2001.

Nick was appointed to the position of President of the Insurance Council of Australia (ICA) in December 2021 and commenced as President on 1 January 2022.

OTHER BUSINESS AND MARKET EXPERIENCE

Before joining IAG, Nick was a Partner with the international accounting firm KPMG.

Nick is a graduate of the Harvard Advanced Management Program.

Directorships of other listed companies held in the past three years:

• IAG Finance (New Zealand) Limited (formerly part of the Group) (2008 - 2019).

OTHER DIRECTORS

SIMON C ALLEN

BCom, BSc, CFInstD - Independent Non-Executive Director

INSURANCE INDUSTRY EXPERIENCE

Simon Allen was appointed a Director of IAG on 12 November 2019 and is a member of the People and Remuneration Committee and Risk Committee.

Simon has been a Non-Executive Director of IAG's wholly-owned subsidiary, IAG New Zealand Limited since 1 September 2015 and was appointed its Chairman on 22 November 2019.

OTHER BUSINESS AND MARKET EXPERIENCE

Simon has over 35 years of commercial experience in the New Zealand and Australian capital markets and was Chief Executive of the investment bank BZW/ABN AMRO in New Zealand for 21 years. He is a Trustee of the New Zealand Antarctic Heritage Trust and was Chair of Channel Infrastructure NZ Limited (previously known as The New Zealand Refining Company Limited).

He was the inaugural Chair of NZX Limited, Financial Markets Authority and Crown Infrastructure Partners Limited (previously known as Crown Fibre Holdings Limited).

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