#1Jarrod Hill Group Executive, Intermediated Insurance Australia 03 Intermediated Insurance Australia Investor Day | 14 June 2023 iag#2Intermediated Insurance Australia overview iag Intermediated Personal Lines Low Touch SME & Agri Mid-Market & Corporate Via Brokers CGU Insuring Ambition Via Brokers CGU Insuring Ambition Via Brokers CGU Insuring Ambition Via Reps wfi Via Reps wfi Good people to know. Good people to know. Via Reps wfi Good people to know. Via Partners Bendigo Bank ANZ People's Millennium Via Agencies Choice ~A$1.2bn FY23F GWP 21 Investor Day | 14 June 2023 +360 Underwriting Solutions suu strata unit underwriters nti ~A$1.7bn FY23F GWP ~A$1.9bn FY23F GWP iag#3Operating environment . Market continues to take rate to stabilise margins and • • • offset higher claims and reinsurance costs. Limited evidence of new capital or entrants coming into the Commercial market in Australia, with Underwriting Agencies being the exception. Brokers continuing to invest in digital and platform capabilities to drive efficiency and differentiation. Global trend of Commercial insurers investing in technology and data expected to gain momentum in Australia over the short-to-medium term. 22 Investor Day | 14 June 2023 Australian Intermediated Insurance Market (GWP including Personal & Commercial Lines) 12% CAGR $38bn $34bn $29bn $26bn $23bn $21bn FY18 FY19 FY20 FY21 FY22 FY23 Estimate Source: APRA; FY23 Estimate based on rolling 12 months growth rate as of Dec 22 (latest APRA disclosure) iag#4Strategy - Ambition26 Horizon 1 - Simplification H1 H2 H3 Horizon 1 Outcomes • Growth largely rate driven to improve margin and offset input costs. Horizon 1 Horizon 2 Horizon 3 Simplification Growth Differentiation • Proactive and structured portfolio management capability in place. . Product harmonisation supports portfolio simplification. FY22-24 FY25-26 FY27 • Tactical operating model changes has reduced the expense ratio. 23 Investor Day | 14 June 2023 iag#5Key Horizon 1 progress H1 H2 H3 Underwriting practices Implemented regular product line portfolio reviews tracking actions and refining strategies driven by data insights. Pricing Deploying modern rating tools in key products and progress made in delivering more granular pricing across all portfolios. Claims efficiency Deployed and enhanced digital Broker Portal, creating efficiencies for IIA and brokers at inception. Will go live into WFI in 1Q24. Active expense management Disciplined expense management and delivery of operating model change in late FY22 will deliver a $9m reduction in direct admin costs. Winning new partner - ANZ ANZ will be delivered on Enterprise Platform with integrated pricing and standard policy wording. FY23 activity was in support of our immediate priority: At least $250m insurance profit in FY24 Growth largely rate driven to achieve margin and offset claims inflation Rate increased by ~11% in 1H23 and anticipated increase of 15% in 2H23. Retention forecast to be 82% for FY23. Admin ratio 1H23 improved 80 basis points. 24 24 Investor Day | 14 June 2023 iag#6Building strategic capability H1 H2 H3 . FY24 Outlook Confident of delivering at least $250m insurance profit. • In anticipation of significant re-insurance increases, we started applying rate to cover costs in 2Q23. Further adjustments made in 3Q to reflect actual reinsurance outcomes post renewal. Further improvement in admin expense ratio. • Costs to commence delivery of strategic technology program included in FY24 and medium-term plans. Benefits will start to flow through from FY25. IIA will absorb investment cost and continue to grow margin. • Horizon 1 Horizon 2 Horizon 3 Simplification FY22-24 Horizon 2 Outcomes Transition to targeted growth strategies. Growth FY25-26 • Technology deployed to transform to modern operational processes and uplift core insurance capabilities. Continued focus on expense management. • Differentiation FY27 Horizon 3 Outcomes Leverage technology and core insurance capabilities to establish CGU and WFI as market leading intermediated insurers. CGU positioned as a core player in the corporate commercial insurance market. 25 Investor Day | 14 June 2023 iag#7H1 H2 H3 Technology Strategic investment will reshape our partner proposition We have traditionally built our brands around trust and relationships. In the future we will lead the way in providing data driven insights that support the strategic goals of our partners with direct attribution to CGU. IIA's core insurance capabilities Distribution Dynamic, digitally integrated strategic alignment with partners. Underwriting Dedicated and modern underwriting workbench for the mid market and corporate segments, enabling an automated control environment. Pricing Updated rating systems enable pricing sophistication and agility. 26 Investor Day | 14 June 2023 Product Deliver new and tailored customer propositions rapidly and efficiently with strong risk management overlay. Claims Utilising data, automation and Al to redefine our claims handling model to improve experience, speed and outcomes. Data Data stored in a harmonised, centralised repository that enables efficient decision making and supports integrated capabilities. iag#8Conclusion Intermediated Insurance Australia Summary • Confident of delivering FY24 . . • insurance profit target. Underwriting and efficiency foundations in place. Attracted strong people capability and leadership. Commercial lines technology is an opportunity. 27 Investor Day | 14 June 2023 iag