Investor Presentaiton

Claims ratio increase driven by higher inflation Underlying claims ratio Higher average home and motor claims costs due to inflationary and supply chain pressures Inflation moderating in Australia but remains elevated in New Zealand 54.0% 2.0% Claims ratio benefit in 2H23 from earn- through of premium increases and reduction in claims providing risk margin benefit: . . DIA Home open claims reduced from ~70k (Dec 2022) to ~49k (Jun 2023) • IIA open perils claims reducing from ~18k (Dec 2022) to ~12k (Jun 2023) 13 Results Presentation | 21 August 2023 +4.2% -2.9% 54.2% 10.9% +2.5% 58.2% 56.7% 55.3% 54.5% 53.3% 52.0% 1H22 2H22 1H23 2H23 ■Underlying claims ratio FY22 =COVID benefit FY23 LOSS RATIO 1H22 2H22 1H23 2H23 FY22 FY23 Underlying claims ratio 52.0% 54.5% 58.2% 55.3% 53.3% 56.7% Discount rate adjustment (1.3%) (5.9%) (1.3%) (1.1%) (3.7%) (1.1%) Reserve (releases)/strengthening 0.9% 3.4% 1.2% (0.3%) 2.2% 0.4% Natural perils above allowance 7.6% 1.4% 1.7% 5.4% 4.4% 3.6% Natural perils allowance 9.6% 9.7% 11.0% 10.8% 9.7% 10.9% Reported loss ratio 68.8% 63.1% 70.8% 70.1% 65.9% 70.5% iag

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