Building futures and protecting what matters

Annual Report 2021-22

INTRODUCTION

HOW WE CREATE VALUE

FINANCIAL PERFORMANCE

CORPORATE GOVERNANCE

DIRECTORS' REPORT

The road to resilience

Suncorp has long advocated for greater investment in measures that help make Australian households and communities more resilient to natural hazards. As extreme weather events become more frequent, it's important that the homes on every street, neighbourhood and community become as strong as they can be. In 2022, Suncorp Insurance launched Resilience Road, an initiative aimed at encouraging homeowners to take practical steps to strengthen and safeguard their homes against extreme weather.

Learn more1

The Thomas family in Rockhampton were part of

1 suncorpgroup.com.au/news/news/putting-queensland-on-the-road-to-resilience

Suncorp Insurance's Resilience Road campaign

2 Annual Report 2021-22

REMUNERATION REPORT

FINANCIAL STATEMENTS

SHAREHOLDER INFORMATION

Acknowledgement of Country

Suncorp acknowledges the Traditional Custodians of the lands on which we operate

and pay our respects to Elders past, present and emerging.

In this report

Introduction and overview

2

About this report

4

Additional reports

4

About Suncorp Group

4

Financial snapshot

5

Chairman's message

6

Group CEO's message

8

How we create value

10

Our business and strategy

10

Value we create

14

Our operating environment

16

What matters most

18

Our customers

22

Our people

26

Our community

30

Our approach to environment

and climate change

32

Our approach to risk management

48

Financial performance

52

Suncorp Group

52

Insurance (Australia)

55

Suncorp Bank

56

Suncorp New Zealand

57

Corporate Governance Statement

58

Directors' Report

72

Lead Auditor's Independence Declaration

85

Remuneration Report

86

Financial statements

114

Consolidated statement

of comprehensive income

116

Consolidated statement

of financial position

117

Consolidated statement

of changes in equity

118

Consolidated statement

of cash flows

119

Notes to the consolidated

financial statements

120

Directors' Declaration

184

Independent Auditor's Report to the

shareholders of Suncorp Group Limited

185

Shareholder information

194

Performance summary

194

Shareholder information

195

Financial calendar and key payment dates

201

How to contact us

202

Annual Report 2021-22 3

INTRODUCTION

HOW WE CREATE VALUE

FINANCIAL PERFORMANCE

CORPORATE GOVERNANCE

DIRECTORS' REPORT

About this report

Our FY22 Annual Report includes information on our financial and non-financial performance for the reporting period 1 July 2021 to 30 June 2022. In preparing this report, we have drawn on aspects of the International Integrated Reporting Framework to describe how our business model, strategy, governance and risk management processes help us manage risks and opportunities in our operating environment and deliver value for our stakeholders. We outline our response to external social and environmental challenges, including how we are continuing to support our customers, people and communities as they recover from numerous extreme weather events. We also outline how we are strengthening our approach to managing the impacts of climate change.

The statutory reporting elements of the Directors' Report, including the operating and financial review (OFR), are featured on pages 10 to 85 of this report, along with sections outlining How we create value, Financial performance and our Corporate Governance Statement. All metrics included in the Directors' Report on pages 72 to 85 have been verified through our internal verification process. KPMG was engaged by Suncorp Group to undertake limited assurance over selected non-financial metrics in Suncorp's FY22 annual report. KPMG's independent Limited Assurance Statement to the Board and Management of Suncorp Group is available on the Suncorp Group website. Selected disclosures are identified throughout footnotes within the report. The Remuneration Report on pages 86 to 112 and the Financial statements on pages 114 to 184 have been audited by KPMG.

Our approach to sustainability reporting has been developed in accordance with the Global Reporting Initiative (GRI) Standards: Core option. For a full list of disclosures referenced in this report, on our website and in the 2021-22 Sustainability Data Pack, please refer to the GRI Content Index on our website.

Learn more1

Additional reports

More information on the Group's financial, non-financial, risk and sustainability performance is available online at suncorpgroup.com.au.

FY22 Investor Pack

2021-22 Sustainability

FY22 Proxy

2021 Tax

2020-21 Modern

suncorpgroup.com.au/

Data Pack

Voting Report

Transparency Report

Slavery Statement

investors/events

suncorpgroup.com.au/

suncorpgroup.com.au/

suncorpgroup.com.au/

suncorpgroup.com.au/

corporate-responsibility/

corporate-responsibility/

uploads/2021-Suncorp-Tax-

uploads/Suncorp-2020-

reports

reports

Transparency-Report.pdf

21-Modern-Slavery-

Statement.pdf

About Suncorp Group

Suncorp Group offers insurance and banking products and services through some of Australia and New Zealand's most recognisable brands. With a heritage dating back to 1902, we have grown to become an ASX-listed company with more than 13,000 people and approximately $106 billion in assets. Suncorp Group comprises three core businesses, each empowered to deliver for their customers.

Following a comprehensive strategic review, on 18 July 2022, we announced a share sale and purchase agreement with Australia and New Zealand Banking Group Limited (ANZ), to sell our banking business. The transaction is subject to a range of regulatory and government approvals. The targeted timeframe for completion is the second half of the calendar year 2023. Until this time we will continue to own and run the Bank.

Insurance (Australia)

Suncorp Bank

Suncorp New Zealand

1 suncorpgroup.com.au/corporate-responsibility/reports

4 Annual Report 2021-22

REMUNERATION REPORT

FINANCIAL STATEMENTS

SHAREHOLDER INFORMATION

Financial snapshot1

$9.25bn

Insurance (Australia) GWP2 9.2%

$62.1bn

Bank total lending3

7.8%

9.0%

Group underlying ITR (FY21 7.2%)4

$673m

Group cash earnings

36.7%

40 cents

Per share total ordinary dividend, fully franked

  1. All changes refer to the prior corresponding period unless otherwise stated.
  2. Excluding portfolio exits and Emergency Services Levy (ESL).
  3. Gross Lending.
  • Excludes COVID-19 impacts.

5 Group operating expenses are excluding ESL, TEPL, reorganisation costs and Wealth expenses.

NZ$2.13bn

New Zealand GWP

14.1%

$48.1bn

Bank total deposits

15.9%

$2,781m

Group operating expenses5 3.2%

$681m

Group net profit after tax 34.1%

$248m

CET1 capital held at Group (post dividends)

Caption TBC

Annual Report 2021-22 5

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Suncorp Group Ltd. published this content on 08 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 August 2022 03:13:06 UTC.