Australia and New Zealand Banking Group Ltd. — Investor Presentation 2012

Nov 27, 2012

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

Joyce Phillips CEO Global Wealth and Private Banking

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Agenda

 Global Wealth and Private Bank

 Growth segments and markets - the opportunity in wealth

 Our strategic agenda – innovation and productivity

• Focus on performance

 Q&A

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1

Renewed focus as a global business

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2002 2007 2009 2010 2012
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May 2002	May 2002		June 2007			September 2009	September 2009		Throughout 2010	March 2012
Joint venture with			ANZ acquires			ANZ moves to full			Integration with	Renewed focus as a
ING Group - funds		E*Trade Australia				ownership of ING			Australia and New	separate division –
management and life						Australia and New			Zealand divisions	Global Wealth &
insurance - Australia and New Zealand						Zealand joint ventures				Private Banking
						ANZ acquires selected
						RBS Asian businesses
	Geographic Segments					Global Segments
									China
Australia	Retail Banking Australia		Corporate & Commercial Banking Australia							Taiwan Hong Kong
						Global			Singapore
New Zealand	Retail Banking New Zealand		Commercial & Agri New Zealand			Wealth and Private	Global Institutional		Indonesia
						Banking
										Australia	New
	Retail		Commercial							Zealand
International	Banking Asia Pacific		Banking Asia Pacific						Priority wealth markets
									Home markets
							2

Opportunity and capability to change the game

• Growing markets in Australia, New Zealand and Asia

• An attractive and loyal customer base

• Leading position in Life Insurance

• Leading position in KiwiSaver

• Profitable Private Bank in Australia and New Zealand and presence in high growth Asian countries

• Improved salaried planner channel +1,100 active aligned dealers

• Innovation – new ways for customers to engage with their wealth and ANZ

• Regulatory and other changes support our new customer engagement models

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3

Growing wealth markets in Asia and Australasia

	Global Private Wealth (2011-16F, $T)			Forecast Super (Australia, FUM $T, CAGR 2011-21F)			Forecast Life Risk (Australia, In-force $B, CAGR 2011-21F)
	2011 2016F Japan Western Europe North America Middle East, Africa Asia-Pacific (ex Japan) Eastern Europe Latin America 151 123 27% 24% 12% 27% 31% 27% 15% 19%			2011 2016F 2021F Industry 9% Corporate 0% Public 6% SMSF‟s 10% Direct / Employer Super 16% Retail Pension 10% Retail Super 2% 3.1 1.3 1.9			2011 2016F 2021F Group 9% Retail 9% Direct 10% 23.6 10.0 15.8

Source: BCG Global Wealth Management Database 2012, Rice Warner Actuaries

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4

Attractive opportunity in our existing franchise

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Bank customers with a wealth
Customer Attrition
product from their bank [1]
-45%
20%
Peer 1
Peer 2
18%
ANZ customer ANZ customer
without wealth with wealth
16%
Revenue per Customer
Peer 3
+65%
14%
12%
Jul 10 Jan 11 Jul 11 Jan 12 Jul 12 Jan 13
ANZ customer ANZ customer
without wealth with wealth
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1. Source: Roy Morgan Research. Aust Pop'n aged 14+, rolling 12 months. Traditional Banking Consumer Market (Deposits, Cards & Loans) Peers: CBA Group (excl. Bankwest), NAB Group (incl AVIVA), Westpac Group (incl. St George). Wealth defined as Wealth or Insurance (Superannuation, Managed Investments & Insurance).

5

Industry changes support our strategy

Industry Shifts

Regulatory Changes

Technology & Consumer Behaviour Attitudes to Advice Demographic Shifts

Our Opportunity

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Raise the bar in advice
Digital and direct
channels
Self directed customer
„Boomers‟ into
retirement
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Our Objective

Finding new ways for customers to engage with their wealth and ANZ

Competing with a distinctive and unique position in the fastest growing segments of the market

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6

Our strategic agenda

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Guiding Principles Productivity Innovation
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	Productivity Innovation
Grow relationships with existing ANZ customers Drive higher returns and value from existing businesses Simplify the business and leverage global capabilities	Synergies from the global model ― Leveraging our leading life insurance business across geographies Increasing productivity and capacity in advice Fit for purpose platforms Smart Choice direct super Advice transformation Building a distinctive, regional Private Bank New approach to growth segments New digital solutions Physical Wealth Investment Centres

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7

Productivity - synergies from the global model

ANZ Wealth is contributing to ANZ Group’s productivity agenda

Synergies within GW&PB

Synergies with the ANZ Group

• Leveraging product and platform capabilities in Australia across the region

• Continuing to leverage ANZ's global operations hubs

• Integrating operations across Australia and New Zealand

• Building capacity to penetrate the ANZ customer base

• Process improvement and automation, to maximise straight through processing

• Integrating new digital propositions with ANZ's online and mobile banking offer

• Consolidating technical experts in centres of excellence

Early progress - headcount reduced 11% YoY; Operating Expenses reduced 3% 2H12 v 1H12

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8

Our leading life insurance capability

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In-force premiums Life Insurance ROE
($m) (indexed)
2,000 4% 200
General
1,500 9% 150
 Growing premiums in
1,000 Individual 100 183 the profitable areas of
11% general and individual
500 Group 50 100 risk while maintaining
0 (14%) 0 financial discipline in
Group
FY11 FY12 In-force Book FY12
Marginal Return
 Returns on the new
Insurance Embedded Value business are
($m) significantly better
than our in-force book
3,000
Economic Assumption
22%
Cumulative free cashflow
2,500  Total value creation of
the Life business up
2,000
Value of future free cashflow 19% CAGR excluding
economic assumptions
1,500
over 2 years
1,000
FY10 FY11 FY12
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9

Increasing planner productivity and capacity

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Total owned & aligned
S&I FUM / ANZ adviser Risk production /ANZ adviser
advisers
(Australia only ($m)) (Australia only ($k))
(# Advisers, Australia & NZ)
1,500
+13% 1,439
7
6.4 100 30
NZ
6
80 74
+37%
5
60
4
Australia 1,109
Target
3 capacity
40
2
20
1
300
0 0
1
ANZ ANZ Industry ANZ ANZ Industry ANZ Peer
2
2011 2012 median 2011 2012 median
average
Aligned advisers
Salaried advisers
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Source: Comparator Quarterly Benchmarking for Financial Planning Businesses; ANZ internal data; Money Manager Top 100 Advisor Survey

Note: Total GW&PB advisors of 2,109 as disclosed in Results Announcement includes New Zealand and Private Bank advisers (1) Active aligned advisers only, excludes inactive and CAR advisers; (2) Source: Money Management top 100 Adviser survey 2012. Peer Average based on Australian advisers only 10

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Investment platforms – simplify and focus

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Launched 2012 Simplification In progress
Client Need
Making SMSF Self Managed
Complex
Advice simpler Super Funds
ETrade
Wrap
Mastertrust
Mass Retail Super: Extending
Low/No Employer & Direct functionality
Solution
Advice
sophistication
Industry FUM
Growth [1] $113 billion $43 billion $164 billion
(Aust. 2011-16F)
Simplifying from 8 registries to 2
1: Source: Rice Warner Actuaries 11
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Innovation - Smart Choice Super

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Visibility Choice & Control
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• Life stage investments

• See your super alongside other accounts

• Choose how involved you want to be with quality investment options

• Never lose your super again

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Great Value
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ANZ Smart Choice fees vs other
super funds
$716
$521
$300
ANZ Average Average
Smart Industry Australian
Choice Fund Super
Super Fund
 One low investment
fee (0.50%)
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• Low $50 annual administration fee

 24/7 access

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a
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Source: SuperRatings „Fees Analysis‟ 21/11/12, based on analysing fees on ANZ Smart Choice Super – 1960‟s diversified investment option as of 1/12/12 and 319 superannuation products in Australia (including 126 industry funds) as at 30/9/12, on a $50,000 account balance. See anz.com/smartchoice for full documents and assumptions.

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Innovation – raising the bar in advice

 Our customers are demanding greater value in advice

Quality Consistency Alignment Well informed Streamlined, Long-term ANZ personalised advice consistent advice Adviser relationships from highly experience across qualified Wealth all channels and Managers with regions innovative tools

Valued Advice

Advice Transformation Initiatives New Advice Centre of Development of a Academy and excellence for new tied agency accredited ANZ governance and model Wealth Managers risk management

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13

Building a distinctive regional Private Bank

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In alliance
with...
Strong domestic
A compelling new
franchises and affluent Highly regarded Swiss
customer base across + Private Bank = Private Banking
proposition
Australia & New Zealand
Robust cross-border
Growing distribution
World-class investments capabilities, for a
footprint & customer + =
capabilities genuinely super regional
base in Asia
private bank
Mature deposits & lending Global advisory & Ability to meet all of our
capability, with banking + discretionary mandate = customers product needs
licenses in key markets capability for the HNW segment
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14

Growth segments: Women and Wealth

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Wealth controlled by women (%)
33
31
29
27
North Australia & Asia Global
America New Zealand (ex Japan)
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• 55% of affluent women feel their Wealth Manager could better meet the specific needs of women in wealth management

• Women tend to take a longer-term view of performance and have longer-term goals

• Women respond differently to some life events, such as inheritance or divorce

• Women tend to value simplicity and require advisors to make effective use of their time

• Women tend to value long-lasting relationships based on personal trust

• Women tend to be more open to financial education

Source: BCG, 2010

15

New ways to engage with our customers

Digital Wealth Investment Centres

Technology-enabled advisers

Wealth Investment Centres

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16

Focus on performance

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Global Wealth and Private Banking
Operating income Cost to Income Net profit after Tax
($m) Ratio (%) ($m)
+3% -3.5% +19%
750
728
245
60
206
56
1H12 2H12 1H12 2H12 1H12 2H12
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Clear Focus on Returns

• Deploying capital to products and channels that deliver appropriate returns

• Value of new business significantly exceeds the Group‟s cost of capital

• Support growth opportunities with sustainable reduction in operating expenses from other areas

• Further synergies available within Wealth and more broadly with ANZ

• Comprehensive reinsurance review in progress to improve returns

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17

What does success look like?

 A material contribution to the total profit and market value of ANZ

 Changing the way our customers engage with their Wealth and with ANZ

 Using innovation to deliver our strategy – investing $80-$100m per annum

 Addressing our underweight position in Superannuation & Investments

 Industry-leading customer penetration

• Building a distinctive regional Private Bank

• Improve Return on Equity through productivity gains and leveraging the global operating model

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18

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

Appendix

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Global Wealth and Private Banking Division

Underlying profit growth FY12 v FY11 Global Wealth and Private Banking Division -1%

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Underlying profit Insurance annual in-force premiums
$m $m 1,822
457 451
1,758
1,722
2H11 1H12 2H12
245
206
Cost to income ratio
59.8%
58.0%
57.4%
56.3%
FY11 FY12 1H12 2H12
FY11 FY12 1H12 2H12
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20

– Global Wealth and Private Banking Financial Performance

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Underlying NPAT movement – FY12 v FY11
$m 457
5 17 451
12 4
12
Down 1%
FY11 Net Other Expenses Provisons Tax and FY12
Interest Income OEI
Underlying NPAT movement – 2H12 v 1H12
$m
27 13 4 245
206 -
5
Up 19%
1H12 Net Other Expenses Provisons Tax and 2H12
Interest Income OEI
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21

Key business drivers: Super and Investments

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Funds Under Management Investment flows from salaried &
($b) aligned planners (Australia $m)
+6% 52
49
84
41 43
-456
8 9
FY11 FY12 FY11 FY12
New Zealand Australia
Superannuation market share [1] KiwiSaver
(Australia, Qtr to June 2012, %) (New Zealand, Customers)
22%
15% 494
433
368
9%
269
FUM Net Flows FY09 FY10 FY11 FY12
Customers '000
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• FuM up 6% YoY

• ANZ owned advice channels have improved; open market still in outflow

• Share of

• superannuation net flows above share of FuM in Q2 2012

 Continue to be the #1 provider in the KiwiSaver market

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1. Source: Plan for Life

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Key business drivers: Private Bank

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Continuing to “Up tier” our Private Bank Australian business relatively underweight in
customer base, a key driver of our business Investments; significant opportunity for
strategy growth
Business Mix in Private Bank
Avg. FUM/Client in Private Bank
(%)
(YoY change, %)
FY11 FY12 +18% Lending Assets Investments Deposits
+33% 44%
51%
61%
+12%
18%
43% 9%
31% 30%
13%
New Zealand Asia Australia New Zealand Asia Australia
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Key business drivers: E*Trade

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ETrade Annual Trades (Australia)
Volume „000s
8,000 -27% 50,000
40,000
6,000
30,000
4,000
20,000
2,000
10,000
0 0
FY09 FY10 FY11 FY12
1
Annual Trades Online trading market volume (RHS)
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E*Trade Annual Investment Loan Volume Outstanding (Australia)

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$b $b
2.0 -11% 20
1.5 15
1.0 10
0.5 5
0.0 0
FY09 FY10 FY11 FY12
Avg. Investment Loan volume outstanding
2
Total IL market FUM (RHS)
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• Online broking and investment lending critical to our wealth value proposition

• Challenged in the past 4 years by market conditions and lack of investment in customer experience

• Investment Lending market share up from 8% in 2009 to 10% today

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1. Source – IRESS 2. Source - RBA

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Global Wealth and Private Banking Division (GWPB)

• A new division that combines Global Wealth and Private Banking across Australia, New Zealand and the Asia Pacific

• Responsible for delivering investment, superannuation, insurance and advice solutions and private banking services to our customers

• The business is managed on a global basis to ensure an aligned approach and leverage our talent, systems and operations

Global Wealth and Private Banking

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Australia New Zealand Asia Pacific
Business Units
Global
Global Pension & Global Private
Global Insurance Women’s ETRADE
Investments Banking
Segment
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Global Channels

Direct Channels

Advice & Distribution

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25

Global Wealth and Private Banking - Leadership Team

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CEO Global Wealth &
Private Banking
Joyce Phillips
Acting Global
Chief Risk
Officer
Alison Larsson
Deputy
Managing
Director
Gavin Pearce
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MD Global MD Wealth GM Global
MD Global Acting MD MD Global GM Strategy
Direct New Zealand and MD Wealth Women’s
Advice and Global Pensions & and MD
Channels & GM Distribution Acting MD Global Asia Insurance Investments ETRADE Segment
Marketing Private Banking Bret Packard Catherine
Steve Sheppard Paul Barrett John Body Gavin Pearce Craig Brackenrig Peter Mullin McDowell
Chief
GM Global Chief General
Investment Chief Financial GM Business GM Human
Digital Operating Counsel
Officer Officer Control & QA Resources
Solutions Officer Lawrence
Stewart John Frechtling Therese McGrath Morag Eyles
Peter Dalton^ Graeme Hosking Hastings
Brentnall
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• Geographic reporting line to David Hisco CEO, New Zealand

• ^ In addition to this role, will continue to maintain Group Innovation position

This role reports into Nigel Williams, Chief Risk Officer

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26

CEO Global Wealth and Private Banking - Jo ce Philli s y p

Joyce Phillips is CEO, Global Wealth and Private Banking and Group Managing Director and Management Board member at ANZ responsible for marketing, innovation and digital. Prior to joining ANZ in 2009, Joyce was President and Chief Operating Officer at American Life Insurance Company (ALICO) a subsidiary of American International Group, Inc. (AIG) which had operations in 55 countries.

Joyce joined ALICO from Citigroup, where she was head of International Retail Banking. In that role she was responsible for strengthening product distribution and expansion in Citigroup‟s global retail banking franchise in 42 countries. Business lines under her leadership included online banking, loans, deposits, investments and insurance.

Previously, she held various senior positions in Citigroup Japan, including Country Business Manager and Representative Director of Citibank‟s Retail Bank, as well as President and CEO of Citicorp Diners Club Japan. Joyce was named to the U.S. Banker “25 Most Powerful Women in Banking and Finance” list in 2006, 2007 and 2008.

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KEY DATES

2012

Appointed CEO, Global Wealth and Private Banking, as well as retaining responsibility for Marketing, Innovation and Digital as Group Managing Director and Management Board Member.

2009

ANZ Group Managing Director, Strategy, Mergers & Acquisitions, Marketing, Innovation and Online Banking

2007

President & Chief Operating Officer, AmericanLife Insurance Company (ALICO)

2005

Head of International Retail Banking, New York, Citigroup 2001 Country Business Manager, Japan, Citigroup

1999

She has an MBA from the Stern School of Business, New York University and is fluent in Japanese.

President & CEO, Citicorp Diners Club, Japan, Citigroup

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27

Global Wealth and Private Banking - Team

Paul Barrett		Paul Barrett has over 17 years experience working in banking and wealth management.
MD Global Advice and		Prior to joining ANZ Paul was the General Manager of Colonial First State Advice
Distribution		Business.
John Body MD Wealth NZ		John has worked for ANZ‟s markets business for 22 years and was Managing Director Private Banking New Zealand before the New Zealand Wealth business was set up in 2010.
Craig Brackenrig		Craig has over 25 years experience in financial services. Prior to joining ANZ Craig worked
MD Global Pensions and		for Aviva plc as Financial Director, Asia Pacific Region and previously as Chief Financial
Investments		Officer for Aviva (formerly Norwich Union) in Australia
Stewart Brentnall Chief Investment Officer		Stewart has worked in the investment management industry for over 20 years, in both the UK and Australia, managing Australian and Global Equity portfolios as well as Multi- manager and diversified funds.
Peter Dalton		Peter was previously ANZ's Group CIO. He has also worked as a software engineer for
GM Global Digital		Foxborough L&N and as an electronic systems engineer at Mount Isa Mines. Peter holds
Solutions		a Bachelor of Electronic Systems Engineering and a Bachelor of Applied Science.
		Morag commenced employment with ANZ in 2004 and has held a number of senior
Morag Eyles		management and executive HR positions within Australia and Asia. Morag has worked in
GM Human Resources		HR for 17 years in the USA, UK and Asia for financial services, banking and professional
		services organisations.
John Frechtling Chief Financial Officer		John has over 20 years experience in financial services, having worked as Chief Financial Officer for BT Financial Group and the retail divisions of the Westpac Banking Corporation in Australia and New Zealand.
Lawrence Hastings General Counsel		Prior to joining ANZ in 2011, Lawrence was a Partner in the Financial Services Practice of a top tier law firm and has particular expertise in superannuation, life insurance, distribution, investments and regulatory compliance.

28

Global Wealth and Private Banking - Team

			Graeme Hosking has been with ANZ for six years. Prior to this appointment, Graeme
Graeme Hosking			spent four years managing Operations, Technology, Project Delivery and Business
Chief Operating Officer			Execution across the Institutional Division at ANZ, and a further two years as the MD, Operations for ANZ.
Catherine McDowell			Catherine has been with ANZ for six years. Prior to her appointment to the Women‟s
GM Global Women‟s			Segment, Catherine was the Managing Director of ANZ Private for Australia and New
Segment			Zealand, including ANZ Trustees, E*TRADE, Investment Lending, and SuperConcepts.
Therese McGrath			Therese McGrath is an international executive having held senior finance, strategy &
GM Business Control & QA			operations positions within companies such as Diageo plc, Thomson Reuters, SAP & Microsoft. Therese joined the ANZ Group in 2009 and the Global Wealth & Private Banking division in June 2012.
Peter Mullin MD E*Trade			Peter commenced employment with ANZ in 2005 and has held a number of executive positions across ANZ in both Business Divisions and the Group Centre.
Bret Packard MD Wealth Asia			Bret Packard was appointed to the role of Managing Director Wealth Asia, Global Wealth and Private Banking in October 2012. Bret has more than 24 years in senior global banking and wealth management roles.
Gavin Pearce			Gavin Pearce has more than 30 years of extensive financial services experience. Prior to
Deputy MD/ MD Global			joining working at ANZ, Gavin was Chief Executive Officer of the Australian Investment
Insurance			Division of Tower Australia Group.
Steve Sheppard MD Direct Channels & GM Marketing			Steve joined ANZ in 2009 as part of ANZ‟s acquisition of INGA Australia. He has over 20 years‟ experience in the financial industry, the majority of those in Wealth Management.

29

The material in this presentation is general background information about the Bank‟s activities current at the date of the presentation. It is information given in summary form and does not purport to be complete. It is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. These should be considered, with or without professional advice when deciding if an investment is appropriate

This presentation may contain forward-looking statements including statements regarding our intent, belief or current expectations with respect to ANZ‟s business and operations, market conditions, results of operations and financial condition, capital adequacy, specific provisions and risk management practices. When used in this presentation, the words

“estimate”, “project”, “intend”, “anticipate”, “believe”, “expect”, “should” and similar expressions, as they relate to ANZ and its management, are intended to identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Such statements constitute “forward-looking statements” for the purposes of the United States Private Securities Litigation Reform Act of 1995. ANZ does not undertake any obligation to publicly release the result of any revisions to these forward-looking statements to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events.

For further information visit

www.anz.com

or contact

Jill Craig Group General Manager Investor Relations

ph: (613) 8654 7749 fax: (613) 8654 9977 e-mail: jill.craig@anz.com

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