Investor Presentaiton

Appendix 2: Reconciliation of reported to underlying to adjusted margins 1H21 2H21 1H22 2H22 FY21 FY22 INSURANCE MARGIN IMPACTS - Continuing Business A$m A$m A$m A$m A$m A$m Reported insurance margin 17.9% 9.1% 7.1% 7.7% 13.5% 7.4% Reserve releases/(strengthening) 0.4% 1.8% 0.9% 3.4% 1.1% 2.2% Natural perils Natural peril allowance Credit spreads Underlying insurance margin 7.8% 12.1% 17.2% 11.1% 9.9% 14.1% (8.8%) (8.8%) (9.6%) (9.7%) (8.8%) (9.7%) (1.4%) (0.7%) (0.5%) 1.6% (1.0%) 0.6% 15.9% 13.5% 15.1% 14.1% 14.7% 14.6% COVID-19 impact (1.7%) (1.5%) (0.9%) (0.7%) Discount rate timing impact 0.4% 0.7% 0.5% Adjusted underlying insurance margin 14.2% 13.5% 14.0% 14.8% 13.8% 14.4% 23 FY22 Results | 12 August 2022 iag

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