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25 August 2020

The Manager Market Announcements Office Australian Securities Exchange Ltd Level 6, Exchange Centre 20 Bridge Street Sydney NSW 2000

FOR RELEASE TO THE MARKET

Dear Sir / Madam,

Re: AUB Group Results Announcement for the Full Year Ended 30 June 2020

Please find attached for immediate release in relation to AUB Group Limited (ASX: AUB) the following:

FY20 Performance Overview
FY20 Results Investor Presentation

ENDS

This release has been authorised by the AUB Board.

For further information, contact David Franks, Company Secretary, on +61 2 8098 1169 or [email protected].

About AUB Group

AUB Group Limited is Australasia’s largest equity-based insurance broker network driving approximately A$3.4 billion GWP across its network of 94 businesses, servicing 700,000 clients and over one million policies across more than 450 locations.

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FY20 Performance Overview

Strong result and momentum positioning AUB Group for sustained growth

Summary

Underlying NPAT[1] $53.4mn (FY19: $46.4mn) up 15.2%.
Underlying earnings per share 72.45 cents up 8.7%.
A strong FY20 result that exceeded guidance, strongest YoY growth since FY13.
Reported Net Profit After Tax $47.3mn (FY19: $48.4mn), down 2.3%.
Fully franked final dividend of 35.5 cents per share (FY19: 32.5 cps), an increase of 9.2%, taking FY20 total dividend to 50.0 cents per share, an increase of 4 cents per share (8.7%) vs FY19. Dividend Reinvestment Plan (DRP) remains activated.
Resilient business performance in light of COVID-19, increasing premium retention and income yields vs prior year, underpinned by a diversified client portfolio.
Strong progress against FY20 Execution Priorities, including launch of ExpressCover and enhanced insurer arrangements, improving the Group’s long-term earnings potential.
Continued focus to deliver on upgraded growth ambitions – FY21 Underlying NPAT guidance of $58.5mn - $61.0mn, representing 9.5%-14.2% growth on FY20.

AUB Group Limited (ASX:AUB) has reported a 15.2% increase in Underlying Net Profit After Tax (Underlying NPAT[1] ), to $53.4mn (FY19: $46.4mn). On an Underlying basis, earnings per share has increased to 72.45 cents per share, up 8.7% over the prior comparative period.

Consolidated Net Profit After Tax (Reported NPAT) decreased 2.3% to $47.3mn in FY20 (FY19: $48.4mn) due to non-cash accounting adjustments and acquisition costs (see Note 4 of the Financial Report).

AUB Group CEO and Managing Director, Michael Emmett, said: “I am extremely pleased to report our FY20 results, the strongest year on year growth results for the Group in 7 years. Despite a challenging external market environment with significant headwinds for our clients and insurance partners, AUB Groups’ portfolio has proven to be resilient and defensive, delivering a strong result while maintaining a consistent focus on our FY20 Execution Priorities that enhance our underlying growth drivers. FY20 was also a year of significant change for the business and I’m excited by the response from the partnership and our underwriting partners.”

1 Underlying Net Profit After Tax excluding adjustments to carrying values of associates, profit on sale and deconsolidation of controlled entities, contingent consideration adjustments, acquisition costs, impairment charges, and amortisation of intangibles. Performance measure used by management and the Board to assess underlying business performance.

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Highlights by operating division

Australian Broking[2]

14.6% increase in pre-tax profit contribution from Australian Broking to $62.1mn (FY19: $54.2mn).
Profit improvement and organic growth was assisted by an increase in Commercial Lines Insurance premiums averaging 6.3% and higher average premium per policy from new business.
Included in FY20 were $1.4mn of redundancy costs, an increased lapse provision $1.3mn, as well as the combined impact of reduced interest rates and lease accounting changes of $2.2mn.
EBIT margin 29.2% up 130bps from FY19.
40% share of BizCover acquired effective 1 February 2020.

New Zealand

31.9% increase in pre-tax profit contribution from New Zealand to $12.1mn (FY19: $9.2mn).
FY20 also benefited from the full year impact of the acquisition of an additional 50% of BWRS effective 1 January 2019.
Flattening premium rate growth and reduced interest income observed towards the end of FY20.
NZbrokers continues to perform well with growth in members and an improved membership proposition including enhanced technology.

Australian Agencies

12.2% decrease in pre-tax profit contribution from Australian Agencies to $13.6mn (FY19: $15.5mn).
This was partially due to the impact of COVID-19 on our clients in the hospitality industry as well as ongoing process and pricing challenges in strata. The latter is being remediated by the implementation of the new agency system, cost reductions, and amended contracts with insurers.

Health & Rehabilitation[2]

330.3% increase in pre-tax profit from Health and Rehabilitation to $4.2mn (FY19: $1.0mn).
The improved performance was the result of improved utilisation, reduced costs and a more diverse set of services in Altius Group.
On 1 April 2020, AUB Group sold its entire ownership interest in the Allied Health business.

Capital Management

Look through gearing[3] has increased to 34% (FY19: 22%), due to acquisition of BizCover.
The parent entity had cash and undrawn committed facilities of $94.0mn, and generated $50.6mn of operating cash.
The AUB Corporate debt facility increased by $100mn to $250mn during the year.

2 The Risk Services division has been restructured with Procare moving to Australian Broking and the remaining businesses forming the Health & Rehabilitation division. The cost of AUB Corporate staff overseeing Australian Broking and Health & Rehabilitation was previously captured in Corporate Expenses. These costs have been reclassified to the respective divisions. Comparative information has been restated to conform with the presentation in the current period.

3 Debt/ (Debt plus Equity).Includes AUB’s percentage share of associates total debt .

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Dividends

The Board has declared a fully franked final dividend of 35.5 cents per share (FY19: 32.5 cps), a 9.2% increase.
The fully franked FY20 interim dividend on ordinary shares of 14.5 cents per share, was deferred from 3 April 2020 and will be paid on 3 September 2020. This dividend totalled $10.7mn.
The final dividend is payable on 8 October 2020 to shareholders on the register at 5:00pm on 8 September 2020 (record date).
The Dividend Reinvestment Plan (DRP) arrangements remain activated for the interim and final dividends.

Execution Priorities Update

The Group outlined a number of Execution Priorities for FY20 and we are pleased to report substantial progress against all areas of focus, laying the foundation for long-term sustainable growth and profitability for the business.

Execute on strategically aligned acquisitions

EPS accretive acquisition of 40% of BizCover;
Expanded market share and scale through multiple bolt-ons across the network.

Deliver market leading technology capabilities

Launched ExpressCover with >25 brokerages now processing policies online;
Sentinel agency system launched in 3 agencies;
Multiple Core Broking System enhancements delivered.

Reduce costs and streamline head-office

Programs that deliver full year savings of ~$2.8mn (after tax);
Restructured operating model to simplify management layers and improve focus.

Optimise our portfolio

Merged multiple strategically aligned businesses and portfolios; target to reduce from 94 to 75 businesses by the end of FY21;
Launched a number of specialist broking capabilities.

Redefine Risk Services strategy

Successfully exited Allied Health;
Transformed Altius and re-aligned Procare into Australian Broking to support core Claims proposition.

Enhance partner proposition (product, capacity, services)

6 new ExpressCover insurer agreements;
2 refreshed Austbrokers major insurer agreements;
Renewed AMS mandate;
Enhanced analytics support for network.

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FY21 Outlook and Guidance Upgrade

The AUB Group expects to deliver FY21 Underlying NPAT of $58.5mn - $61.0mn, representing growth of 9.5% - 14.2% over FY20.
In estimating FY21 Underlying NPAT, the Group has assumed the following:
Premium rates for Australia are expected to increase in the range of 5% to 6%;
Impacts of COVID-19 on the economy and on AUB Group will approximate those experienced in the past six months;
Continued small bolt-on acquisitions and shareholding changes in existing network members are assumed and included in the outlook provided;
Guidance excludes the impact of major acquisitions. If these were to occur, the Group would provide updated guidance at that stage;
The seasonally important Australian Broking June renewal cycle to perform in line with historical performance;
Case allocations for NSW Workers Compensation will approximate those experienced in the past six months (although the divestment of Allied means that these are now a much smaller component of the Groups’ revenues).

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AUB FY20 PRESENTATION OF FINANCIAL RESULTS TABLES

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Table 1 Financial Results Summary

FINANCIAL RESULTS SUMMARY	FY20	FY19	Variance
	$ 000	$ 000	%
Revenue from ordinary activities1	335,355	307,178	9.2%
Underlying NPAT2	53,415	46,379	15.2%
Profit before tax	67,399	62,130	8.5%
Net profit after tax (before non-controlling interests)	56,100	49,172	14.1%
Net profit attributable to members (Reported NPAT)	47,254	48,361	-2.3%
Reported earnings per share (cents)	64.10	69.49	-7.8%
Underlying earnings per share (cents)2	72.45	66.64	8.7%
Dividend per share ( cents)	50.00	46.00	8.7%

1 Revenue from ordinary activities includes the Group’s share of net profit after tax from associates which are companies and the Group’s share of net profits before tax from associates which are unit trusts.

2 Underlying NPAT represents the underlying profitability of the business used by management and the board to assess performance of the business. Further details are provided in Table 2. Underlying earnings per share is earnings per share calculated with reference to Underlying NPAT.

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Table 2 Reconciliation of Underlying NPAT to Reported NPAT[1 ]

The reported profits of the business include non-operational items, such as profits and losses on sale of equity interests, fair value adjustments to carrying values on ownership changes, changes to estimates or payments of deferred contingent consideration amounts, impairment adjustments, amortisation of intangible assets and material acquisition costs. These profits or losses are not part of the regular trading activities and can distort the underlying performance of the business. These items have been eliminated to provide a clear representation of the underlying trading performance. This measure, labelled Underlying NPAT, is used by management and the board to assess operational performance, and is reconciled below.

RECONCILIATION OF REPORTED NPAT TO UNDERLYING NPAT 1	RECONCILIATION OF REPORTED NPAT TO UNDERLYING NPAT 1	2020 $'000	2019 $'000	Var %
Net	Profit after tax attributable to equity holders of the parent	47,254	48,361	-2.3%
Add	back non controlling interest as per financial statements	8,846	811
Add	back tax expense as per financial statements	11,299	12,958
Profit before income tax as per financial statements		67,399	62,130	8.5%
Add	back/(less):
-	Add back associate share of taxes	9,926	8,562
-	Amortisation of broking registers9	11,132	8,937
-	Interest Unwind on put option liability6	353	696
-	Adjustments to carrying value of associates, estimates for contingent consideration
	and movements in put option liability2,3,8	(1,790)	(5,424)
-	Profit/(loss) from sale/dilution of interests in controlled entities, associates and
	insurance portfolios4,7	2,739	(1,155)
-	Impairment of the Right of Use Asset and Onerous Lease Expense	2,550	-
-	Group share of associate profit on sale of from sale/dilution of interests in controlled
	entities, associates and insurance portfolios4	(1,228)	-
-	Legal, due diligence and facility costs	1,709	-
-	Austbrokers Canberra remediation5	-	3,189
-	Non-Controlling Interests	(16,176)	(10,099)
Underlying Net Profit Before Tax		76,614	66,836	14.6%
-	Tax impact on underlying revenues and expenses excluding non controlling interests	(23,199)	(20,457)
Underlying Net Profit After Tax		53,415	46,379	15.2%

1 The financial information in this table has been derived from the audited financial statements. The underlying NPAT is non-IFRS financial information and as such has not been audited in accordance with Australian Accounting Standards.

2 The Group’s acquisition policy is to defer a component of the purchase price, which is determined by future financial results. An estimate of the contingent consideration is made at the time of acquisition and is reviewed and varied at balance date if estimates change, or payments are made. This adjustment can be a loss (if increased) or a profit (if reduced). Where an estimate or payment is reduced, an offsetting adjustment (impairment) may be made to the carrying value.

3 Where the carrying value of a controlled entity exceeds the fair value an impairment expense is recognised during the period.

4 Gain/loss on deconsolidation are excluded from Underlying NPAT. Such adjustments will only occur in future if further sales of this type are made.

5 The costs associated with the misconduct by the former M anaging Director of Austbrokers Canberra incurred from 1January 2019 to 30 June 2019 have been excluded from underlying NPAT.

6 Interest expense on movement in value of the put option liability

7 Insurance broking portfolios may be sold from time to time and any gains/loss from sale are excluded from underlying NPAT.

8 The adjustments to carrying values of associates or controlled entities arise where the Group increases its equity in associates whereupon they became controlled entities or decreases its equity in a controlled entity and it becomes an associate (deconsolidated). As required by accounting standards the carrying values for the existing investments have been adjusted to fair value and the increase included in net profit. Such adjustments will only occur in future if further acquisitions or sales of this type are made.

9 Amortisation expense is a non cash item.

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Table 3 Management Presentation of Results

A number of the businesses in the AUB Group are associates and are not consolidated in the financial statements. In order to give a more comprehensive view of performance, the following table aggregates 100% of these businesses’ revenues and expenses with those of the consolidated businesses before deducting outside shareholder interests. This provides a view as to the growth in the network without potential distortion from shareholding changes that may move entities from consolidated to associates or vice versa. The following analysis is presented on an Underlying NPAT basis. A reconciliation of this data to the operating segments per the financial statements is included in the Director’s Report.

Managem ent Presentation of Results	FY20	FY19	Variance	Variance
	$000	$000	$	%
Australian Broking revenue	409,091	378,339	30,752	8.1%
Australian Broking expenses	(289,488)	(272,823)	(16,665)	6.1%
EBIT - Australian Broking	119,603	105,516	14,087	13.4%
New Zealand revenue	58,537	50,642	7,895	15.6%
New Zealand expenses	(39,429)	(33,611)	(5,818)	17.3%
EBIT - New Zealand	19,108	17,031	2,077	12.2%
Australian Agencies revenue	59,322	61,419	(2,097)	-3.4%
Australian Agencies expenses	(40,367)	(40,682)	315	-0.8%
EBIT - Australian Agencies	18,955	20,737	(1,782)	-8.6%
Health & Rehabilitation revenue	51,418	51,183	235	0.5%
Health & Rehabilitation expenses	(44,142)	(48,878)	4,736	-9.7%
EBIT - Health & Rehabilitation Services	7,276	2,305	4,971	215.7%
Total revenue - operating entities	578,368	541,583	36,785	6.8%
Total expenses - operating entities	(413,426)	(395,994)	(17,432)	4.4%
Total EBIT - operating entities	164,942	145,589	19,353	13.3%
Corporate revenue	4,487	4,545	(58)	-1.3%
Corporate expenses	(16,004)	(13,837)	(2,167)	15.7%
EBIT - Corporate	(11,517)	(9,292)	(2,225)	23.9%
Total - Group revenue	582,855	546,128	36,727	6.7%
Total - Group expenses	(429,430)	(409,831)	(19,599)	4.8%
Total- EBIT AUB Group before NCI	153,425	136,297	17,128	12.6%
Interest expense - Operating entities	(9,224)	(9,672)	448	-4.6%
Interest expense - Corporate	(3,886)	(3,732)	(154)	4.1%
Total - Interest expense	(13,110)	(13,404)	294	-2.2%
Profit before NCI	140,315	122,893	17,422	14.2%
Non - ControllingInterest(NCI)	(63,701)	(56,057)	(7,644)	13.6%
Underlying Net profit before tax	76,614	66,836	9,778	14.6%
Income tax expense	(23,199)	(20,457)	(2,742)	13.4%
UnderlyingNPAT	53,415	46,379	7,036	15.2%

This release contains “forward-looking” statements. Forward-looking statements can generally be identified by the use of forward-looking words such as “anticipated”, “expected”, “projections”, “guidance, “forecast”, “estimates”, “could”, “may”, “target”, “consider”, “will” and other similar expressions. Forward looking statements, opinion and estimates are based on assumptions and contingencies which are subject to certain risks, uncertainties and change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Forward-looking statements including projections, indications or guidance on future earnings or financial position and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. Should one or more of the risks or uncertainties materialise, or should underlying assumptions prove incorrect, there can be no assurance that actual outcomes will not differ materially from these statements. To the fullest extent permitted by law, AUB Group Limited and its directors, officers, employees, advisers, agents and intermediaries do not warrant that these forward looking statements relating to future matters will occur and disclaim any obligation or undertaking to release any updates or revisions to the information to reflect any change in expectations or assumptions.

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FY20 Results Investor Presentation 25 August 2020 Mike Emmett CEO and Managing Director Mark Shanahan CFO

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KEY MESSAGES

Pleasing result and momentum positioning AUB Group for sustained growth

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1 2 3 4 5 A strong FY20 Executed Resilient Strong Continued result, acquisition of business progress focus to deliver strongest BizCover performance inagainst FY20 on upgraded UNPAT growth light of COVIDExecution growth since FY13 19 Priorities ambitions Since acquisition, performance in-line Increasing premium Launch of Providing guidance: with expectations and retention and income ExpressCover and FY21 Underlying Underlying NPAT of added $1.8mn to FY20 yields vs prior year, enhanced insurer NPAT of $58.5mn - $53.4mn, up 15.2% Underlying NPAT (pre underpinned by a arrangements, $61.0mn, representing from FY19, exceeding corporate funding diversified client improving 9.5%-14.2% growth on reinstated guidance costs and excl portfolio the Group’s long-term FY20 JobKeeper) earnings potential

During this time of uncertainty, AUB Group continues to prioritise customer well-being and employee security

FY20 FINANCIAL PERFORMANCE: OVERVIEW Performed above guidance and delivered an Underlying NPAT of $53.42mn, an increase of 15.2% from FY19 – our best year-on-year growth since FY13

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FY19 to FY20 Underlying NPAT[1] Breakdown ($mns)

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15.2%
1.5 0.8 1.3 1.8 53.4
1.0
(1.7%) 2.8%
3.6 (2.2%) 3.2% (3.9%)
 Procare: $0.7mn
7.8%  BizCover: $0.3mn
 Other Austbrokers: $0.3mn  Redundancies: ($0.9mn)
4.1  Increased Lapse
46.4 BizCover, acquired in Provision: ($0.9mn)
February, contributing
8.8% $1.8mn (excl JobKeeper)
Includes:
 Reduced Interest Rates: ($1.1mn)
 AASB16 Leases: ($1.1mn)
 Increased STI: ($1.9mn)
FY19 Organic Growth [2] Acquisition Growth [3] Financing costs Profit Improvement Technology JobKeeper [7] FY20 One-offs [8] FY20
of Acquisitions [4] program benefits [5] Investment [6]
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1. Underlying NPAT is used by management and the board to assess operational performance and excludes non-operational items, such as profits and losses on sale of equity interests, fair value adjustments to carrying values on ownership changes, changes to estimates or payments of deferred contingent consideration amounts, impairment adjustments and amortisation of intangible assets.

2. Organic growth excludes FY20 acquisitions growth, financing costs of acquisitions, profit improvement program benefits, technology investment, JobKeeper and FY20 one-offs..

3. Acquisition growth includes the net effect of acquisitions, divestments, bolt-ons and increased equity stakes in FY20 vs FY19.

4. Represents the interest paid on borrowings to fund acquisitions and interest received on proceeds from divestments.

5. Profit Improvement program benefits reflect staff leavers in FY20 vs FY19.

6. Technology Investment includes Austbrokers Express Cover and NZ Javln spend.

7. JobKeeper receipts were excluded from the calculation of Staff and Executive Bonuses.

8. FY20 One-offs include an increased lapse provision and redundancies FY20 vs FY19.

FY20 FINANCIAL PERFORMANCE: DIVISIONAL Strong results in Australian Broking and New Zealand, a significant turnaround in Health and Rehabilitation and reduced revenue in Australian Agencies

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Vs. FY19 comparative period	AUSTRALIAN BROKING2	NEW ZEALAND3	AUSTRALIAN AGENCIES	HEALTH AND REHABILITATION2	OPERATING BUSINESSES4
Underlying1,3 Revenue	$409.1mn	$58.5mn 15.6 %	$59.3mn	$51.4mn 0.5 %	$578.4mn
	8.1 %		(3.4 %)		6.8 %
Underlying1,3 EBIT Margin	29.2 %	32.6 % (100bps)	32.0 % (180bps)	14.2 % 970bps	28.5 %
	130bps				160bps
PBT attributable to equity holders of parent company_1,3_	$62.1mn	$12.1mn	$13.6mn	$4.2mn	$92.0mn
	14.6 %	31.9 %	(12.2 %)	330.3 %	15.2 %

1. Underlying Results: In order to give a more comprehensive view of performance, figures include results from ‘associates’ (not consolidated in the financial statements) at an aggregate 100% of all business revenues, expenses and profits with those of the consolidated businesses before deducting outside shareholder interests.

2. The Risk Services division has been restructured with Procare moving to Australian Broking and the remaining businesses servicing the Health & Rehabilitation market. Comparative information has been restated to conform with the presentation in the current period. The cost of AUB Corporate staff overseeing Australian Broking and Health & Rehabilitation was previously captured in Corporate Expenses. These costs have been reclassified to the respective divisions. Refer to Appendix - A5.0.

3. Includes benefits of acquisitions announced in FY19 and FY20, mainly 40% of BizCover effective 1 February 2020 and 50% of BWRS (NZ) effective 1 January 2019. 4. Excludes AUB Group Corporate Revenue & Expenses.

COVID-19 IMPACT & RESPONSE

The diversity of our portfolio and a relatively defensive business model combined with our financial strength has underpinned the resilience of AUB Group

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Premium Retention (%) [1] Portfolio Premium Mix
92 86 Personal
6%
Small Enterprise
Medium Enterprise
90 82 25%
Client 43%
Segment
Mix [1] (AU)
FY19 FY20 4Q19 4Q20
26%
AUB Group Cash (FY19 & FY20) Corporate
Dividend Income ($mn) Closing Cash Balance
($mn) [3] SA ACT [NT] TAS
2%
64.6 36.1 7%
NSW
WA
FY20 Interim 9% 29%
Dividend
$10.7mn
Geography
QLD 12% Mix [2] (AU &
NZ)
50.1 17.2
15%
24%
VIC
NZ
FY19 FY20 FY19 FY20
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Impact

Diversity of our portfolio and a relatively defensive business model combined with our financial strength has underpinned a resilient response thus far
Despite the uncertainty, clients continue to place trust in our brokers - achieved a historically high premium retention rate of 92%
Contribution from Government support programs - net receipts of ~$1.3mn after tax

Business Response

Monitoring and insight across our portfolio, as well as ongoing portfolio reviews and stress testing, allows us to adequately anticipate and prepare for potential risks
Prudent capital management including the deferral of payment of interim dividend
Diligent focus on debtors and dividend receipts
Engagement with underwriting partners to support clients and brokers with hardship assistance programs
Office space rationalisation and investment in a range of technologies and dynamic staff engagement tools to support work from home arrangements

1. Based on available data from key Australian Broking businesses as at 30 June 2020.

2. Geography mix is based on available data from key Australian Broking and New Zealand Broking businesses as at 30 June 2020.

3. Payment of the FY20 interim dividend ($10.7mn) was deferred and will be paid on 3 September 2020.

AUB CORPORATE CASHFLOW OVERVIEW Generated an operating cash flow of $50.6m, as strong dividend receipts resulted in an improved cash position in comparison to prior year

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AUB Corporate Entity Cash Movement ($mns)

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Operating cash generation of $50.6m
137.5
148.6
14.0
20.6 36.1
64.6
17.2 FY20 Interim
dividend
($10.7mn)
FY20 Opening Increased Borrowing M&A Investment [1] Dividends Received Net Corporate Expenses Dividends Paid FY20 Closing
Cash Balance Cash Balance [2]
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Operating cash generation of $50.6mn
Total Corporate entity cash and undrawn facilities of $94.0mn
The Corporate debt facility increased by $100mn to $250mn
Payment of the FY20 interim dividend ($10.7mn) was deferred and will be paid on 3 September 2020

1. Net of FY20 acquisitions and disposals

2. Payment of the FY20 interim dividend ($10.7mn) was deferred and will be paid on 3 September 2020.

SHAREHOLDER RETURNS

Achieved an uplift of 8.7% in EPS in comparison to FY19, despite the full-year dilutionary impact of equity issued in FY19

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Dividend Per Share (Cents) Underlying Earnings Per Share [[1]] (Cents per share)
+8.7% +5.9%
50.0 73.72
69.59
45.5 46.0 63.85 63.85
42.0
+8.7%
35.5
32.0 32.5
29.5
63.25 68.80 66.64 72.45
12.5 13.5 13.5 14.5
FY17 FY18 FY19 FY20 FY17 FY18 FY19 FY20
Final Dividend Interim Dividend Weighted average number of shares (mns) EPS
Dividend Payout Ratio [[2]] (%) Return on Equity – ROE [[3]] (%)
72.9
69.1
66.4 65.2
15.0
13.5 13.1 12.6
FY17 FY18 FY19 FY20 FY17 FY18 FY19 FY20
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1. FY18 EPS includes a TERP adjustment of 98.6%. Underlying EPS calculation = (Underlying NPAT) / (weighted average number of shares).

2. Dividend payout ratio calculation = (Dividends paid or payable relating to FY20) / Underlying NPAT.

3. Return on Equity = Underlying NPAT / (Average Equity attributable to equity holders of the parent).

FY20 EXECUTION PRIORITIES UPDATE Strong progress with execution priorities identified at the start of FY20 has built momentum in the business

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1 2 3 4 5 6	EXECUTE ON STRATEGICALLY ALIGNED ACQUISTIONS
	DELIVER MARKET LEADING TECHNOLOGY CAPABILITIES
	REDUCE COSTS AND STREAMLINE HEAD-OFFICE
	OPTIMISE OUR PORTFOLIO
	REDEFINE RISK SERVICES STRATEGY
	ENHANCE PARTNER PROPOSITION

EPS accretive acquisition Expanded market share and scale through of 40% of BizCover multiple bolt-ons across the network Sentinel agency system launched in 3 Launched ExpressCover with >25 agencies brokerages now processing policies online Multiple Core Broking System enhancements delivered Programs that deliver full year savings of Restructured operating model to simplify ~$2.8mn after tax management layers and improve focus Merged multiple strategically aligned Launched several Specialist broking businesses & portfolios; target to reduce capabilities from 94 to 75 businesses by end of FY21 Transformed Altius and re-aligned Procare Successfully exited Allied Health into Australian Broking to support core Claims proposition 6 new ExpressCover insurer agreements Renewed AMS mandate 2 refreshed Austbrokers major insurer Enhanced analytics support for network agreements

ACQUISITIONS OVERVIEW – BIZCOVER Our investment in BizCover expands AUB Group’s market scale, opportunity and accretes underlying earnings

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Contribution to AUB Group PBT $mns FY20 YTD Performance Overview by New Business & Cancellation Index
(post-acquisition, Feb-Jun20) Month (Feb – Jun20)
3.1
1.0
2.1
AUB Investment
PBT Interest Net PBT
Expense [1]
Revenue Budget PBT New Business Index Cancellation Index
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Feb Mar Apr May Jun
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FY21 opportunities and areas of focus

Expand insurer panel
Grow New Zealand footprint and scale
Enhance tech integration across existing and new partners

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Insurance made easy

Identify opportunities to scale globally through technology licensing

1. Represents the Corporate Head Office interest paid on borrowings to fund the 40% share of BizCover effective 1 February 2020.

EXPANDING OUR TECHNOLOGY AGENDA

Launched ExpressCover, our high-volume broking platform; Launched Sentinel, our agency management system; delivered enhancements to core broking system

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CBS+

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.
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Customised agency management platform with end-to-end policy life cycle capability leveraging significant automation, allowing agencies to receive risk information generate quotes, refer to underwriters, bind, service and manage claims

Successfully leveraged enhancements that members of our network have developed and rolled these out to the benefit of other members of the network to optimise tech capabilities across the network

Enable us to respond rapidly to the vast majority of quote requests

  -  

Good momentum in July & August - July was first full month of use with access for all brokerages
Broking platform that quotes and binds easily and quickly across multiple insurers and products for our SME clients

Technology alignment with ExpressCover will allow us to offer quotes from our own agencies to brokers

25 brokerages have already bound multiple policies using the platform and many more are currently using the platform to generate quotes

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Process is ongoing with a number of similar initiatives currently underway
Targeted at high volume, currently using the platform to generate quotes low premium-value policies  Working closely with 6 insurance partners to to complement broking enhance and tailor their offerings
business which will remain on Sunrise  Building interface into the Core Broking System

System implemented in two agencies in the past few months; third in pilot

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Further roll-outs across our agency network will continue over the near future

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Enhanced client experience

Improved broker efficiency

Enriched analytics and business insight

FY21 PRIORITIES - EVOLVING OUR FOCUS Our strategic focus is to exploit the portfolio’s potential for organic growth while strategically leveraging M&A to accelerate growth

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Priority

FY21 Evolution

EXECUTE ON STRATEGICALLY 1 ALIGNED ACQUISTIONS DELIVER MARKET LEADING 2 TECHNOLOGY CAPABILITIES REDUCE COSTS AND 3 STREAMLINE HEAD-OFFICE 4 OPTIMISE OUR PORTFOLIO REINVIGORATE INSURANCE 5 AGENCIES ENHANCE PARTNER 6 PROPOSITION

Includes increased investments in current network businesses, new complementary bolt-ons as well as the potential for material strategic investments

Effective 1 August 2020, AUB Group acquired 73.15% of Experien Insurance Services, a specialty Life and General Insurance Brokerage focused on the Medical and Dental professions

Drive adoption of ExpressCover and Sentinel in Australia as well as commencing implementation of technology solution for New Zealand

Increase focus on business improvement initiatives at network businesses to drive stronger organic growth and efficiency Execute on consolidation plans currently underway Restructure the Insurance Agencies Division to enhance value proposition for customers and improve profitability

Continue to enhance our partner and client value proposition working with Insurer Partners, insource and outsource providers and our network partners

FY21 – OUTLOOK & GUIDANCE Guidance: Underlying NPAT for FY21 in the range of $58.5mn - $61.0mn, representing growth of 9.5% - 14.2% over FY20

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AUB Group Underlying NPAT[1 ] $mns

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58.5 – 61.0
53.4
46.4
44.6
FY18 FY19 FY20 FY21 Guidance
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FY21 Underlying NPAT[1] % growth on PY

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+ 9.5 - 14.2 %
+ 4-6 % UNPAT Growth
+ 5-9 %
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Organic Growth Acquisition Growth[2] FY21 Guidance

FY20

Premium rates for Australia are expected to increase in the range of 5% to 6%
Impacts of COVID-19 on the economy and on AUB Group will approximate those experienced in the past six months
Continued small bolt-on acquisitions and shareholding changes in existing network members are assumed and included in the outlook provided
Guidance excludes the impact of major acquisitions. If these were to occur, the Group would provide updated guidance at that stage
The seasonally important Australian Broking June renewal cycle to perform in line with historical performance
Case allocations for NSW Workers Compensation will approximate those experienced in the past six months (although the divestment of Allied means that these are now a much smaller component of the Groups’ revenues)

…we exited FY20 with strong momentum and are seeing early evidence of this continuing in FY21

1. Underlying NPAT is used by management and the board to assess operational performance and excludes non-operational items, such as profits and losses on sale

12 of equity interests, fair value adjustments to carrying values on ownership changes, changes to estimates or payments of deferred contingent consideration amounts, impairment adjustments and amortisation of intangible assets.

2. Acquisition growth includes the net effect of acquisitions, divestments, bolt-ons and increased equity stakes in FY21 vs FY20. Excludes major acquisitions.

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Questions? Mike Emmett CEO and Managing Director Mark Shanahan CFO

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Closing

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FY20 INVESTOR PRESENTATION

Appendices

A. FY20 Financial Results Detail

B. FY20 Portfolio Overview

C. FY20 AUB Group Overview

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FY20 Divisional Performance Breakdown

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FY19 to FY20 Underlying NPAT[1] Divisional Breakdown ($mns)

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+15.2%
2.4
3.2
1.9
2.9
2.7
53.4
7.9
46.4
Pre-Tax
FY19 Australian Broking New Zealand Australian Agencies Health and Net Corporate result [2] Tax FY20
Rehabilitation
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2. Net Corporate result includes corporate income and interest expense, excludes FY20 acquisition expenses.

Australian Broking



Profit contribution to AUB Group – Pre-tax ($mns)	FY20	FY19	Movement ($)	Movement (%)
Commission and fee income (net) Premium Funding	354.4 30.9	333.3 27.6	21.1 3.3	6.3% 12.0%
Interest	5.3	7.0	(1.7)	(24.3%)
Other Income Total Underlying Revenue_1,5_	18.4 409.1	10.4 378.3	8.0 30.8	77.2% 8.1%
Underlying Expenses_1,5_	(289.5)	(272.8)	(16.7)	6.1%
UnderlyingEBIT_1,5_	119.6	105.5	14.1	13.4%
Profit before tax & non-controlling interests (PBT&NCI)	115.4	100.9	14.5	14.4%
Net profit before tax attributable to equity holders ofparent entity Underlying EBIT margin	62.1 29.2%	54.2 27.9%	7.9 n/a	14.6% 130bps

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Pre-tax profit contribution to AUB Group of $62.1mn, an increase of 14.6% from FY19.
Profit Improvement and Organic growth was assisted by an increase in Commercial Lines insurance premiums averaging 6.3% and higher average premium per policy from new business.
Included in FY20 were $1.4mn of redundancy costs, an increased lapse provision $1.3mn as well as the combined impact of reduced interest rates and lease accounting changes of $2.2mn.
EBIT margin 29.2% up 130bps from FY19.
40% share of BizCover acquired effective 1 February 2020.

FY19 to FY20 AUB Share PBT ($mns)[1,6]

PBT attributable to parent equity holders[1,6] ($mns)

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+14.6%
+14.6%
62.1
1.1
2.7 1.4 52.4 54.2
1.1
1.3 62.1 46.8
10.1
54.2
FY19 Profit Acquisition Reduced Redundancies [4] AASB16 Leases Increased Lapse FY20 FY17 FY18 FY19 FY20
Improvement Growth [3] Interest Rates Provision
and Organic
Growth [2]
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1. The Risk Services division has been restructured with Procare moving to Australian Broking. The cost of AUB Corporate staff overseeing Australian Broking was previously captured in Corporate Expenses. These costs have been reclassified to Australian Broking. Comparative information has been restated to conform with the presentation in the current period. Refer to Appendix - A5.0.

2. Profit improvement and organic growth attributable to equity holders of parent entity excludes acquisitions growth in the current period, reduced interest rates, lease accounting changes, redundancies FY20 vs FY19, and the increased lapse provision.

3. Acquisition growth includes the net effect of acquisitions, divestments, bolt-ons and increased equity stakes in FY20 vs FY19. Financing costs of Acquisitions are currently being held in Corporate Head Office.

4. Represents the net impact of material FY20 redundancies vs FY19.

5. In order to give a more comprehensive view of performance, figures include results from ‘associates’ (not consolidated in the financial statements) at an aggregate 100% of all business revenues, expenses and profits with those of the consolidated businesses before deducting outside shareholder interests. 6. Net profit before tax attributable to equity holders of parent entity.

New Zealand



Profit contribution to AUB Group – Pre-tax ($mns) Commission and fee income (net) Premium Funding	FY20 53.4 3.8	FY19 45.8 3.4	Movement ($) 7.6 0.4	Movement (%) 16.6% 11.7%
Interest Other Income Total Underlying Revenue_4_	0.5 0.8 58.5	0.8 0.7 50.6	(0.2) 0.1 7.9	(28.2%) 14.2% 15.6%
Underlying Expenses_4_ Underlying EBIT_4_ Profit before tax & non-controlling interests (PBT&NCI)	(39.4) 19.1 16.0	(33.6) 17.0 14.0	(5.8) 2.1 2.0	17.3% 12.2% 14.5%
Net profit before tax attributable to equity holders of parent entity	12.1	9.2	2.9	31.9%
Underlying EBIT margin	32.6%	33.6%	n/a	(100bps)

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Pre-tax profit contribution $12.1mn, an increase of 31.9% on FY19.
Significant portion of profit growth arising from the acquisition of a further 50% of BWRS (effective 1 January 2019).
Flattening premium rate growth and reduced interest income observed towards the end of FY20.
Investment in NZ group management and infrastructure (including technology) was made in order to support an expanded business.
NZbrokers continues to perform well with growth in members and improved membership proposition including enhanced technology.

FY19 to FY20 AUB Share PBT ($mns)[5]

PBT attributable to parent equity holders[5] ($mns)

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+31.9% +31.9%
12.1 12.1
0.4
2.9
9.2 9.2
0.4
6.5
5.5
FY19 Profit Improvement Acquisition Growth [2] Financing costs FY20 FY17 FY18 FY19 FY20
and Organic Growth [1] of Acquisitions [3]
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1. Profit improvement and organic growth attributable to equity holders of parent entity excludes acquisitions growth in the current period and financing costs of acquisitions.

2. Acquisition growth includes the net effect of acquisitions, divestments, bolt-ons and increased equity stakes in FY20 vs FY19.

3. Represents the interest paid on borrowings to fund acquisitions and interest received on proceeds from divestments.

4. Underlying Results: In order to give a more comprehensive view of performance, figures include results from ‘associates’ (not consolidated in the financial statements) at an aggregate 100% of all business revenues, expenses and profits with those of the consolidated businesses before deducting outside shareholder interests.

5. Net profit before tax attributable to equity holders of parent entity.

Australian Agencies

Profit contribution to AUB Group – Pre- tax ($mns) Commission and fee income (net) Interest Other income Total Underlying Revenue3 Underlying Expenses3 UnderlyingEBIT3	FY20 FY19 Movement ($) Movement (%) 55.8 57.7 (2.0) (3.4%) 0.5 0.8 (0.2) (30.9%) 3.0 2.9 0.1 4.4% 59.3 61.4 (2.1) (3.4%) (40.4) (40.7) 0.3 (0.8%) 19.0 20.7 (1.8) (8.6%) 17.1 18.9 (1.8) (9.4%) 13.6 15.5 (1.9) (12.2%) 32.0% 33.8% n/a (180bps)
Profit before tax & non-controlling interests (PBT&NCI) Net profit before tax attributable to equity holders ofparent entity
Underlying EBIT Margin

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Pre-tax profit contribution to AUB Group of $13.6mn, a decline of 12.2% on FY19. This was partially due to the impact of COVID-19 on the hospitality industry as well as ongoing process and pricing changes in strata. The latter are being remedied by the implementation of the new agency system, cost reductions and fine tuning arrangements with insurers.
Expenses decreased 0.8% from FY19 (but up 1.1% excl. last year’s agency system cost over-run) largely reflecting savings on discretionary spend.

FY19 to FY20 AUB Share PBT ($mns)[4]

PBT attributable to parent equity holders[4] ($mns)

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-12.2% -12.2%
15.5 15.5
2.1 13.6 13.9 13.6
0.2 12.5
FY19 Profit Improvement Acquisition Growth [2] FY20 FY17 FY18 FY19 FY20
and Organic Growth [1]
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1. Profit improvement and organic growth attributable to equity holders of parent entity excludes acquisitions growth in the current period.

2. Acquisition growth includes the net effect of acquisitions, divestments and increased equity stakes in FY20 vs FY19.

3. Underlying Results: In order to give a more comprehensive view of performance, figures include results from ‘associates’ (not consolidated in the financial statements) at an aggregate 100% of all business revenues, expenses and profits with those of the consolidated businesses before deducting outside shareholder interests.

4. Net profit before tax attributable to equity holders of parent entity.

Health and Rehabilitation



Profit contribution to AUB Group – Pre- tax ($mns)	FY20	FY19	Movement ($)	Movement (%)

Underlying Revenue1,2	51.4	51.2	0.2	0.5%
Underlying Expenses1,2 Underlying EBIT1,2	(44.1) 7.3	(48.9) 2.3	4.7 5.0	(9.7%) 215.7%
Profit before tax & non-controlling interests (PBT&NCI)	7.2	2.1	5.0	236.0%
Net profit before tax attributable to equity holders ofparent entity	4.2	1.0	3.2	330.3%
Underlying EBIT margin	14.2%	4.5%	n/a	970bps

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Pre-tax profit contribution to AUB Group of $4.2mn increased by 330.3% on FY19, as a result of improved utilisation, reduced costs and a more diverse set of services.
The Procare business which provides diversified services to insurers and insurance broking clients was moved to the Austbrokers division effective 1 July 2019. The remaining businesses comprise Health & Rehabilitation Services.
On 1 April 2020, AUB Group sold its entire ownership interest in the Allied Health business.

PBT attributable to parent equity holders[1,3] ($mns)

Underlying EBIT Margin[1,3] (%)

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6.5
5.5
+330.3%
4.2
1.0
FY17 FY18 FY19 FY20
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20.7
17.3
14.2
4.5
FY17 FY18 FY19 FY20
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1. The Risk Services division has been restructured with Procare moving to Australian Broking and the remaining businesses servicing the Health & Rehabilitation market. The cost of AUB Corporate staff overseeing Health & Rehabilitation was previously captured in Corporate Expenses. These costs have been reclassified to Health & Rehabilitation. Comparative information has been restated to conform with the presentation in the current period. Refer to Appendix – A5.0.

2. Underlying Results: In order to give a more comprehensive view of performance, figures include results from ‘associates’ (not consolidated in the financial statements) at an aggregate 100% of all business revenues, expenses and profits with those of the consolidated businesses before deducting outside shareholder interests.

3. Net profit before tax attributable to equity holders of parent entity.

Strong Balance Sheet and Capital Position

Consolidated Balance Sheet Overview ($mns)	FY20	FY19	Movement
Cash – Corporate	36.1	17.2	18.9
Cash – Consolidated	84.4	70.0	14.4
Cash – Trust (Consolidated)	158.8	150.0	8.8
Interest-bearing loans and borrowings – Corporate	192.0	55.5	136.5
Interest-bearing loans and borrowings – Consolidated	231.8	104.5	127.3
Investment in Associates	271.0	127.5	143.5
Intangible assets and goodwill	385.5	401.1	-15.6
Total Assets	1,022.0	856.0	166.0
Total Liabilities	530.0	372.5	157.5
Total Equity	492.0	483.4	8.6

1. Gearing ratio = Debt / (Debt + Equity). Includes AUB Group’s percentage share of associates total debt. Gearing ratio maximum 45%.

2. Leverage ratio = Debt / (EBITDA at Group + EBITDA of Associates AUB Group's share). Debt includes share of associates. Leverage ratio maximum 3.0:1.

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$103.4mn
$86.3mn
FY20 EBITDA
FY20 EBITDA
Consolidated
AUB Share
and Associate
(FY19 $75.6m)
(FY19 $87.3m)
34.2% 2.47:1
FY20 AUB FY20 AUB Group
Group Gearing [1] Leverage Ratio [2]
(FY19 21.7%) (FY19 1.53:1)
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AUB Group Debt

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Total AUB Group Debt on a look-through basis[1] ($mns)

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255.2
(12.3) (3.0) 20.0
43.2
136.5
134.0
23.0
192.0
55.5
55.5
Total AUB Group Corporate Debt [2] Consolidated Entity Associates Total AUB Group
Debt 30 June 2019 [6] Debt 30 June 2020 [6]
Associates Debt (look through) Consolidated Entities Debt (look-through) Corporate Debt
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AUB Group Leverage Ratio[3]

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2.47
Average 1.90
7
1.79 1.80
7
1.53
FY17 FY18 FY19 FY20
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34.2%
FY20 AUB Group Gearing
Ratio [4]
(FY19 21.7%)
12.4:1
FY20 AUB Group Interest
Cover Ratio [5]
(FY19 10.5:1)
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23
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1. Look through basis = 100% consolidated debt + AUB share of Associates debt

2. Corporate debt includes borrowings, repayments and translation differences

3. Leverage ratio = Debt / (EBITDA at Group + EBITDA of Associates AUB Group's share). Debt includes share of associates. Leverage ratio maximum 3.0:1.

4. Gearing ratio = Debt / (Debt + Equity). Includes AUB Group’s percentage share of associates total debt. Gearing ratio maximum 45%.

5. Interest Cover ratio = (Look through debt / debt + equity) / (Group interest expense plus share of associates interest expense). Debt includes share of associates. Interest Cover ratio minimum 4.0:1.

6. Includes contingent considerations payables as shown on Note 15 of the Financial Statements

AASB16 Leases – FY20 Impact of Underlying NPAT

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The new lease standard (AASB16) has become effective for the Group commencing 1 July 2019.

All leases are now recognised on the balance sheet at inception of the lease, with the exception of short-term leases and leases of low-value assets.

The lessee must recognise a right-of-use asset and a corresponding lease liability totalling the present value of the remaining lease payments.

Interest expense and a straight-lined amortisation expense have replaced rental expense from leases in scope of AASB16.

Over the life of any lease, the total expense to the income statement is the same as the total cash rental paid pre and post AASB16.

AASB16 decreases UNPAT (relative to pre AASB16) towards the beginning of the lease and increases UNPAT towards the end of the lease. The longer the lease period the greater the impact.

EBITDA increases as the rental expense is removed.

EBIT increases as the rental expense is removed and only partially offset by increased amortisation.

FY20 Impact:

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OLD NEW NEW NEW
$mn After tax impact Rent Interest Amortisation Impact
Consolidated entities [1] 5.7 1.3 5.2 0.8
Share of associates 2.1 0.3 2.1 0.3
7.8 1.6 7.3 1.1
UNPAT
$mn decrease
UNPAT
increase
7.5
7.1
FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29
Amortisation Interest Rent
Example based on 10 year lease
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1. Excludes non-controlling interests

A1.0 Reconciliation of Reporting NPAT to Underlying NPAT[1]

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	FY20 ($000)	FY19 ($000)	Movement (%)
Net Profit after tax attributable to equity holders of the parent	47,254	48,361	(2.3%)
Add back noncontrollinginterest as per financialstatements	8,846	811
Add backtaxexpense as per financialstatements	11,299	12,958
Profit beforeincome tax	67,399	62,130	8.5%
Add back/(less):
Add backassociate share oftaxes	9,926	8,562
Amortisationofbrokingregisters9	11,132	8,937
Interest Unwind onput option liability6	353	696
Adjustments to carrying value of associates, estimates for contingent considerationandmovementsinput option liability2,3,8	(1,790)	(5,424)
Profit/(loss) from sale/dilution of interests in controlled entities, associates and insurance portfolios4,7	2,739	(1,155)
Impairment of the Right of Use Asset and Onerous Lease Expense	2,550	-
Group share of associate profit on sale of from sale/dilution of interests in controlled entities, associates andinsurance portfolios4	(1,228)	-
Legal, due diligence and facilitycosts	1,709	-
Canberraremediation5	-	3,189
Non-ControllingInterests	(16,176)	(10,099)
UnderlyingNet Profit Before Tax	76,614	66,836	14.6%
Tax impact on underlying revenues and expenses excluding non controlling interests	(23,199)	(20,457)
Underlying Net Profit After Tax	53,415	46,379	15.2%

1. The financial information in this table has been derived from the audited financial statements. The Underlying NPAT is non-IFRS financial information and as such has not been audited in accordance with Australian Accounting Standards.

2. The Group’s acquisition policy is to defer a component of the purchase price, which is determined by future financial results. An estimate of the contingent consideration is made at the time of acquisition and is reviewed and varied at balance date if estimates change, or payments are made. This adjustment can be a loss (if increased) or a profit (if reduced). Where an estimate or payment is reduced, an offsetting adjustment (impairment) may be made to the carrying value.

3. Where the carrying value of a controlled entity exceeds the fair value an impairment expense is recognised during the period.

4. Gain/loss on deconsolidation are excluded from Underlying NPAT. Such adjustments will only occur in future if further sales of this type are made.

5. The costs associated with the misconduct by the former Managing Director of Austbrokers Canberra incurred from 1 January 2019 to 30 June 2019 have been excluded from Underlying NPAT. 6. Interest expense on movement in value of the put option liability

7. Insurance broking portfolios may be sold from time to time and any gains/loss from sale are excluded from Underlying NPAT.

8. The adjustments to carrying values of associates or controlled entities arise where the Group increases its equity in associates whereupon they became controlled entities or decreases its equity in a controlled entity and it becomes an associate (deconsolidated). As required by accounting standards the carrying values for the existing investments have been adjusted to fair value and the increase included in net profit. Such adjustments will only occur in future if further acquisitions or sales of this type are made.

9. Amortisation expense is a non-cash item.

A2.1 Management Presentation of Results[1,2]

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	FY20 ($’000)	FY19 ($’000)	Movement ($’000)	Movement (%)
Australian Brokingrevenue	409,091	378,339	30,752	8.1%
Australian Broking expenses	(289,488)	(272,823)	(16,665)	6.1%
EBIT - Australian Broking	119,603	105,516	14,087	13.4%
New Zealandrevenue	58,537	50,642	7,895	15.6%
New Zealand expenses	(39,429)	(33,611)	(5,818)	17.3%
EBIT - New Zealand	19,108	17,031	2,077	12.2%
Australian Agenciesrevenue	59,322	61,419	(2,097)	(3.4%)
Australian Agencies expenses	(40,367)	(40,682)	315	(0.8%)
EBIT - Australian Agencies	18,955	20,737	(1,782)	(8.6%)
Health&Rehabilitation revenue	51,418	51,183	235	0.5%
Health&Rehabilitationexpenses	(44,142)	(48,878)	4,736	(9.7%)
EBIT - Health & Rehabilitation	7,276	2,305	4,971	215.7%
Total revenue-operating entities	578,368	541,583	36,785	6.8%
Totalexpenses-operating entities	(413,426)	(395,994)	(17,432)	4.4%
EBIT -operating entities	164,942	145,589	19,353	13.3%
Corporaterevenue	4,487	4,545	(58)	(1.3%)
Corporate expenses	(16,004)	(13,837)	(2,167)	15.7%
EBIT -Corporate	(11,517)	(9,292)	(2,225)	23.9%
Total -Grouprevenue	582,855	546,128	36,727	6.7%
Total -Group expenses	(429,430)	(409,831)	(19,599)	4.8%
Total - EBITbefore NCI	153,425	136,297	17,128	12.6%
Interest expense-Operating entities	(9,224)	(9,672)	448	(4.6%)
Interest expense-Corporate	(3,886)	(3,732)	(154)	4.1%
Total- Interest expense3	(13,110)	(13,404)	294	(2.2%)
Profit before NCI	140,315	122,893	17,422	14.2%
Non-Controlling Interest (NCI)	(63,701)	(56,057)	(7,644)	13.6%
Underlying Net profit before tax	76,614	66,836	9,778	14.6%
Income tax expense	(23,199)	(20,457)	(2,742)	13.4%
Underlying NPAT	53,415	46,379	7,036	15.2%

1. The financials in this table show a management view of the underlying performance of all investments, regardless of ownership level. Revenue and expenses includes all revenue and expenses of the underlying businesses, before considering non-controlling interests. This information is 26 used by management and the board to review business performance.

2. The Risk Services division has been restructured with Procare moving to Australian Broking and the remaining businesses servicing the servicing the Health & Rehabilitation market. The cost of AUB Corporate staff overseeing Australian Broking and Health & Rehabilitation was previously captured in Corporate Expenses. These costs have been reclassified to the respective divisions. Comparative information has been restated to conform with the presentation in the current period. Refer to Appendix – A5.0.

3. Includes interest unwind on adoption of AASB16 Lease liabilities.

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A2.2 Management Presentation of Results[1,2]

	FY20 ($’000)	FY19 ($’000)	Movement ($’000)	Movement (%)
Australian Brokingrevenue	409,091	378,339	30,752	8.1%
Australian Broking expenses	(293,684)	(277,427)	(16,257)	5.9%
Net profit- Australian Broking	115,407	100,912	14,495	14.4%
Profit attributable to otherequityinterests	(53,260)	(46,694)	(6,566)	14.1%
Australian Broking net profit	62,147	54,218	7,929	14.6%
New Zealandrevenue	58,537	50,642	7,895	15.6%
New Zealand expenses	(42,496)	(36,631)	(5,865)	16.0%
Net profit- New Zealand	16,041	14,011	2,030	14.5%
Profit attributable to otherequityinterests	(3,956)	(4,852)	896	(18.5%)
New Zealand net profit	12,085	9,159	2,926	31.9%
Australian Agenciesrevenue	59,322	61,419	(2,097)	(3.4%)
Australian Agencies expenses	(42,232)	(42,562)	330	(0.8%)
Net profit- Agencies	17,090	18,857	(1,767)	(9.4%)
Profit attributable to otherequityinterests	(3,460)	(3,339)	(121)	3.6%
Australian Agencies net profit	13,630	15,518	(1,888)	(12.2%)
Health&Rehabilitation revenue	51,418	51,183	235	0.5%
Health&Rehabilitationexpenses	(44,238)	(49,046)	4,808	(9.8%)
Net profit- Health&Rehabilitation	7,180	2,137	5,043	236.0%
Profit attributable to otherequityinterests	(3,025)	(1,171)	(1,854)	158.2%
Health & Rehabilitation net profit	4,155	966	3,189	330.3%
Net profit before corporate income / expenses	92,017	79,860	12,157	15.2%
Corporate expenses	(15,843)	(13,154)	(2,689)	20.4%
Acquisitionexpenses	(161)	(683)	522	(76.4%)
Corporatefinance costs	(3,886)	(3,732)	(154)	4.1%
Corporateincome	4,487	4,545	(58)	(1.3%)
Net corporateresult	(15,403)	(13,024)	(2,379)	18.3%
Net profit before tax	76,614	66,836	9,778	14.6%
Income taxexpense	(23,199)	(20,457)	(2,742)	13.4%
Underlying NPAT	53,415	46,379	7,036	15.2%

1. The financials in this table show a management view of the underlying performance of all investments, after adjusting for non-controlling interests. This information is used by management and the board to review business performance.

2. The Risk Services division has been restructured with Procare moving to Australian Broking and the remaining businesses servicing the Health & Rehabilitation market. The cost of AUB Corporate staff overseeing Australian Broking and Health & Rehabilitation was previously captured in Corporate Expenses. These costs have been reclassified to the respective divisions. Comparative information has been restated to conform with the presentation in the current period. Refer to Appendix – A5.0.

A3.0 Consolidated Cash flow Statement

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	FY20 ($’000)	FY19 ($’000)
Cash flows from operations	79,190	54,271

Cash flows from investing activities
Acquisition	(151,971)	(33,022)
Net Salesproceeds(net of cash reduced on deconsolidation)	(2,147)	4,773
Plant equipment / Other	2,021	(4,633)
Payments for deferred settlements	(5,398)	(3,935)
	(157,495)	(36,817)
Cash flows from financing activities
Dividends	(28,975)	(40,323)
Proceeds from share capital & DRP	-	113,197
Net borrowings	127,941	(44,592)
Repayment of lease liabilities	(9,168)	-
	89,798	28,282
Net increase in broker trust account cash	12,114	15,257
Net increase/(decrease) in cash	23,607	60,993
Cash and cash equivalents at beginningof theperiod	219,997	158,657
Impact as a result of foreign exchange	(454)	347
Total cash	243,151	219,997

A4.0 Reconciliation of Operating Segments

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	30 June 2020	30 June 2020	30 June 2020	30 June 2020	30 June 2020	30 June 2019	30 June 2019	30 June 2019	30 June 2019	30 June 2019
	Australian Broking3 ($'000)	Australian Agencies ($'000)	New Zealand ($'000)	Support Services ($'000)	Total ($'000)	Australian Broking3 ($'000)	Australian Agencies ($'000)	New Zealand ($'000)	Support Services ($'000)	Total ($'000)
Segment Financial Performance
Inter-segment revenue1	2,160	-	-	6,969	9,129	1,691	-	-	7,464	9,155
Revenue from external customers	160,599	46,960	46,623	51,602	305,784	147,470	48,761	30,947	52,633	279,811
Total revenue and other income	162,759	46,960	46,623	58,571	314,913	149,161	48,761	30,947	60,097	288,966
Share of Net Underlying Profits of Associates accounted for using the equity method before amortisation on broking registers and income tax expense	35,976	2,223	1,442	-	39,641	31,782	2,054	2,374	-	36,210
Total income	198,735	49,183	48,065	58,571	354,554	180,943	50,815	33,321	60,097	325,176

Less: Expenses
Total underlying cost to provide services and administrative expenses2	(118,130)	(32,729)	(32,025)	(63,045)	(245,929)	(113,934)	(32,875)	(18,851)	(67,526)	(233,186)
Inter-segment expenses1	(4,630)	(2,352)	(2,147)	-	(9,129)	(4,211)	(2,327)	(2,617)	-	(9,155)
Interestpaid and other borrowingcosts	(1,372)	-	(750)	(4,584)	(6,706)	(1,485)	(74)	(516)	(3,825)	(5,900)
Non controlling interest	(12,456)	(472)	(1,058)	(2,190)	(16,176)	(7,095)	(21)	(2,178)	(805)	(10,099)
Underlying Profit Before Tax	62,147	13,630	12,085	(11,248)	76,614	54,218	15,518	9,159	(12,059)	66,836

1. Management fees and interest on loans are recognised as revenue within the Support services segment, and as an expense within other segments.

2. Excludes non operation expenses, refer to preceeding table for reconciliation between statutory profit and underlying profit before tax.

3. Procare was previously within the Risk Services (now support services) segment. From 2020 the entity's results have been included in the Brokers segment and the 2019 comparative restated for comparability.

A5.0 Realignment of Corporate Expenses and Risk Services restructure

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Post-alignment NPBT attributable to equity holders of parent entity	FY19 ($000)	FY18 ($000)	FY17 ($000)	FY16 ($000)

Australian Broking	55,411	53,458	49,166	47,955

Risk Services	3,252	7,753	7,520	7,158

Corporate Expenses re-alignment for Operating entities and Risk Services Restructure2	FY19 ($000)	FY18 ($000)	FY17 ($000)	FY16 ($000)

Australian Broking	(1,193)	(1,022)	(2,394)	(619)

Health and Rehabilitation	(2,287)	(2,278)	(1,068)	(2,433)

Post-alignment NPBT attributable to equity holders of parent entity	FY19 ($000)	FY18 ($000)	FY17 ($000)	FY16 ($000)

Australian Broking	54,218	52,436	46,773	47,336

Health and Rehabilitation	966	5,475	6,453	4,725

1. The financials in this table show a management view of the underlying performance of all investments, after adjusting for non-controlling interests. This information is used by management and the board to review business performance.

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Market Sizing and AUB Group Share

Australian Insurance Market

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27%
Total 2020
Premium
$92bn 46%
27%
General Insurance Life Insurance Health Insurance
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~
11%
AUB Share of the
Intermediated GI Market
~
22%
AUB Share of the GI SME
Segment
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Data sources: APRA Quarterly General Insurance Performance Statistics (March 2020), APRA Intermediated General Insurance Performance Statistics (December 2019), AIMS Broker view (August 2019) and McKinsey & Company (October 2017).

Insurance Portfolio – Premium and Size

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Annual Premium [1] ($bns)
3.5
+11%
~$3.4bn
3.0
Premium under
influence across
the AUB
2.5
network
2.0
1.5
~1.4mn
Australian Broking Policies written
1.0 within the AUB
network
0.5
0.0
FY17 FY18 FY19 FY20
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1. Total includes premium and commission from AUB Network brokers, Agencies GWP, excluding fees, levies and taxes.

Stable and Predictable Operational Drivers

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~$3.4bn
Premium under
influence across
the AUB
network
~9%
increase in average premium
per client CAGR over the last
3 years [1]
~1.4m
…supported by a small but
Policies written consistent increase in average
within the AUB policies per client
network
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92%
FY20 Premium
Retention [1]
(excl. rate increases)
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1. Analysis is based on available data from key Australian Broking businesses as at 30 June 2020. Premium retention is based on individual clients, regardless of policy size.

Diversified Australian Broking Portfolio Mix[1]

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Client Segment Mix Product Line Mix Geography Mix Insurer Mix
Corporate Business Householders NSW WA NT Allianz National Transport Insurance
26% 19% 5% 38% 12% 2% 12% 3%
Medium Enterprise Liability Motor - Fleet VIC SA TAS QBE SURA
25% 11% 5% 20% 9% 1% 12% 3%
Small Enterprise ISR Property QLD ACT CGU AIG
43% 7% 4% 15% 3% 8% 2%
Personal Motor - Commercial Farm Chubb 360
6% 6% 4% 6% 2%
Workers Comp Commercial Insurance VERO Global Transport & Automotive Insurance
6% 4% 5% 2%
o Retail = Retail / Personal Lines clients
o Small Enterprise = Client account size <50k PI Other Millenium SwissRe
o Medium Enterprise = Client account size 50k-250k 6% 23% 4% 2%
o Corporate = Client account size 250k+
Zurich Other
4% 35%
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~ 11% AUB Share of the Intermediated GI Market

~22% AUB Share of the GI SME Segment

1. Portfolio mix is based on available data from key Australian Broking businesses as at 30 June 2020

Group Insurance Portfolio Mix: Product and Insurer

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Portfolio Mix – Premium by Product / Risk Line

Portfolio Mix – Premium by Insurer

19% 24% 11% 4% 4% 4% 8% 4% 4% 8% 5% 5% Business Workers Comp Liability Motor - Private Motor - Commercial Farm Householders Property ISR Motor - Fleet PI Other

11% 32% 10% 8% 2% 2% 8% 2% 3% 7% 4% 5% 6% QBE CGU Ando Allianz Millenium AIG VERO Lloyd’s Other Chubb Zurich IAG National Transport Insurance

Portfolio mix is based on available data from key Australian Broking, New Zealand and Australian Agencies businesses as at 30 June 2020

Insurance Portfolio Mix: Category and Geography

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Portfolio Mix – by Category (%) Portfolio Mix – by Geography (%)
12%
13%
NT
2% QLD
12%
WA
8%
NSW
SA 29%
8% ACT
2%
87% 88%
VIC
15%
Commercial Lines Personal Lines NZ
TAS
23%
1%
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Portfolio mix is based on available data from key Australian Broking, New Zealand and Australian Agency businesses

Insurance Operations: Reach and Scale

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~11%
>450 NT
AUB Share of the
5 locations QLD
locations 13% 75 locations Intermediated GI
Market (AU)
WA
29 locations
SA NSW
29 locations 139 locations
ACT ~22%
>3,000 8 locations
AUB Share of the GI
staff 87% VIC SME Segment (AU)
54 locations
TAS NZ
5 locations 151 locations
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Data sources for market sizing and share calculations: APRA Quarterly General Insurance Performance Statistics (March 2020, APRA Intermediated General Insurance Performance Statistics (December 2019), AIMS Broker view (August 2019) and McKinsey & Company (October 2017).

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AUB Group – An Overview

64 broking partner businesses.
AUSTRALIAN  Established complementary capabilities in Life Insurance Broking, Premium Funding, Claims
BROKING Management, Legal Services, Loss Adjustment, and Investigations.
9 partner businesses including 7 major broker partners, an underwriting agency, and the largest
NEW ZEALAND broking management group in NZ, with presence in 151 locations.
AUSTRALIAN  Design, distribute and manage specific niche insurance products and portfolios via 18 agencies
AGENCIES on behalf of locally licensed insurers and Lloyd’s.
Delivering to our partners’ product, capacity, technology and claims needs through AMS.
GROUP SERVICES  Provision of partner services through AMS Finance and Accounting.
HEALTH AND  Adjacent market equity investments in businesses
REHABILITATION with capabilities in health and rehabilitation services.

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$3.4B+ GWP

STRATEGIC INSURANCE PARTNERSHIPS

INSURANCE BROKING OF $3.0B VIA EQUITY AND NETWORK PARTNERS | SPECIALIST AGENCIES $375M

~700K ~1.4MN >450 CLIENTS POLICIES LOCATIONS

94 BUSINESSES

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LARGEST EQUITY BASED
BROKING GROUP IN
AUSTRALASIA
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34YRS OF ACTIVE PARTNERSHIP EXPERIENCE

3,000

STAFF

Helping our clients to safeguard a stronger, protected future…

As at June 2020

Divisional Overview: Australian Broking

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Our Australian broking business encompasses some of Australia’s largest and most reputable brokerage business, with specialist expertise, market penetration and quality client portfolios.
The portfolio consists of ~ 2,100 staff with capabilities across a broad spectrum of insurance and risk management services.
Our business model is driven by a partnership mindset, and we work to build and expand on partnership that will drive sustainable growth and profitability for the benefit of the Group and our broker network.
The division encompasses 64 ‘brands’ in the market and generates over $2.3bn in premium across the network.
With more than 30 years in the industry and a national footprint, Australian Broking is uniquely placed to provide clients with market leading insurance broking and risk management services.

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64
~$2.3bn 71% partner businesses ~450,000
contribution to
in premium with equity clients
group revenue [1]
ownership
~800,000 ~336 ~2,100 ~22% GI SME
Market Share
policies locations staff
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1. Excludes AUB Group Corporate Revenue

Divisional Overview: New Zealand

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AUB Group New Zealand has grown significantly since commencement in 2015, providing a key source of growth opportunities for the Group.
AUB Group New Zealand, selectively invests in high-performing broking and underwriting agency businesses and also owns NZbrokers Management, serving a network of independent brokers consolidating to achieve scale.
AUB Group's holdings include:
7 Broking companies including Insurance Advisernet NZ
The NZbrokers network
An underwriting agency
NZbrokers is New Zealand’s largest insurance broking collective, representing over 88 independent businesses across the country. Each member leverages the strength and capability of our national group, while retaining their successful formula of local knowledge and long-standing relationships.

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10% ~
~$770mn 190,000
contribution to 9 entities
in premium clients
group revenue [1]
88 businesses
~500,000 ~151 ~900 within NZbrokers
network
policies locations staff
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Excludes AUB Group Corporate Revenue

Divisional Overview: Australian Agencies

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Our Australian Agencies division comprises some of Australia’s leading specialist underwriters who distribute and manage niche insurance products on behalf of domestic and internationally licensed insurers, including Lloyd’s.
The business includes 18 partner agencies, driving ~$340mn in premium, ~40,000 policies to ~40,000 clients.
The business consists of organically developed industry-led capabilities under the SURA brand as well as reputable and established businesses including Millennium, Longitude, Fleetsure, AustRe and Tasman Underwriting.
Our agency partner underwriters are experts in their chosen domain and hence are able to build, tailor and supply purpose-built insurance cover that caters to the specific and bespoke needs of our broad client-base.
The business also include relevant support services, particularly in claims, to provide an unparalleled end-to-end client service.

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~$340mn 10% 18 ~40,000
contribution to Partner agencies
in premium clients
group revenue [1]
Centralised
~40,000 ~8 ~190 specialist claim
policies locations staff capabilities
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1. Excludes AUB Group Corporate Revenue

Partner Services: AMS

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Austbrokers Member Services Deliver market-leading products, services and business support to AUB Group’s partner brokers

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Insurance Technology Claims and Loss Business Education,
Placements Services Adjusting Services Training &
Advocacy
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Australian Agencies – Portfolio Overview

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SME commercial motor vehicle fleet

Farm and residential strata Professional Risks Plant & Equipment Motor Dealers Specialty Construction Engineering Labour Hire Film and Entertainment Use Strata Australian Bus and Coach Hospitality Strata Marine Expert Strata

Residential, Commercial and MixedSchemes, facilities and single oneUse Strata off risks

Professional indemnity

Our Board of Directors

David Clarke

Non-Executive Chairman, Chair of the Nomination

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40 years experience in investment banking, funds management, property and retail banking
Chairman of Charter Hall Group, Resolution Life Australia and Fisher Funds Management Limited
Former CEO of Investec Bank, Allco Finance Group and MLC Limited
Former director of AMP Limited and Westpac's Wealth Management Business, BT Financial Group

Robin Low

Non-Executive Director, Chair of the Audit & Risk Management Committee

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Former PwC partner with over 30 years experience in financial services
Director of Appen, IPH, Marley Spoon, The Australian Reinsurance Pool Corporation, Gordian Runoff, Guide Dogs NSW/ACT, Public Education Foundation and Primary Ethics
Former Deputy Chair of the Auditing and Assurance Standards Board

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Cath Rogers

Non-Executive Director

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Previously held senior roles in leading investment and financial services organisations in Sydney and overseas including AirTree Ventures, Anchorage Capital Partners, Masdar Capital and Credit Suisse
Director of Digital Wallet (Beem It)
Director and co-founder of Digital Receipt Exchange Limited
Former Director of McGrath Limited and Heart Research Institute
Former director of CSG Limited

Mike Emmett CEO & Managing Director

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Previously held senior roles in Australia as Group CEO for Cover-More, previously an ASX-listed global travel insurer and now part of the Zurich Group, at QBE as Group Executive, Operations and at EY leading the Financial Services Advisory business.
International roles include leading Insurance and Banking consulting teams at IBM, Accenture and PwC in London and South Africa
Mike is also currently a Non-Executive Director of 1stGroup (ASX:1ST) and the Gold Coast Suns FC

Ray Carless

Non-Executive Director

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Over 40 years’ experience in the insurance industry experience based in Australia, but with management responsibilities throughout the Pacific rim
Former Managing Director of reinsurance brokers Benfield Greig in Australia, involved in the Australian insurance industry

Paul Lahiff

Non-Executive Director, Remuneration & People Committee

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Former Managing Director of Mortgage Choice, Executive Director of Heritage Bank and Permanent Trustee and held senior roles in Westpac in Sydney and London.
Director of NESS Super, Sezzle Ltd, 86400 Holdings
Member of the Enterprise Ireland Business Advisory Panel

Notice

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SUMMARY INFORMATION

This document has been prepared by AUB Group Limited (ABN 60 000 000 715) (AUB). It is a presentation of general background information about AUB’s activities current at the date of the presentation. It is information in a summary form and does not purport to be complete. It is to be read in conjunction with AUB’s other announcements released to ASX (available at www.asx.com.au). 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 professional advice, when deciding if an investment is appropriate.

TERMINOLOGY

This presentation uses Underlying NPAT to present a clear view of the underlying profit from operations. Underlying NPAT comprises consolidated profit after tax adjusted for value adjustments for the carrying value of associates, after tax profits on the sale of portfolios, interests in associates and controlled entities, contingent consideration adjustments, and income tax credits arising from the recognition of deferred tax assets. It is used consistently and without bias year on year for comparability. A reconciliation to statutory profit is provided in the appendix to this Presentation.

FORWARD LOOKING STATEMENTS

This document contains certain “forward-looking statements”. The words “anticipate”, “believe”, “expect”, “project”, “forecast”, “estimate”, “likely”, “intend”, “should”, “could”, “may”, “target”, “plan” and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings and financial position and performance are also forward- looking statements. Due care and attention has been used in the preparation of forecast information. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of AUB, that may cause actual results to differ materially from those expressed or implied in such statements. There can be no assurance that the actual outcomes will not differ materially from these statements. Neither AUB nor any other person gives any representation, warranty, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this document will actually occur. Except as required by applicable law or the ASX Listing Rules, AUB disclaims any obligation or undertaking to publicly update any forward looking statements, whether as a result of new information or future events.

Statements about past performance are not necessarily indicative of future performance.

NOT AN OFFER

This document does not constitute an offer, invitation, solicitation, recommendation, advice or recommendation with respect to issue, purchase, or sale of any shares or other financial products in AUB. This document does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States or to any “US person” (as defined in Regulation S under the US Securities Act of 1933, as amended (Securities Act) (US Person)). Securities may not be offered or sold in the United States or to US Persons absent registration or an exemption from registration. AUB shares have not been, and will not be, registered under the Securities Act or the securities laws of any state or jurisdiction of the United States.

AI assistant

AUB GROUP LIMITED — Annual Report 2020

64456_rns_2020-08-24_acb035c6-9ed7-45b4-81b2-b0fd14504b0f.pdf

FOR RELEASE TO THE MARKET

Re: AUB Group Results Announcement for the Full Year Ended 30 June 2020

ENDS

About AUB Group

FY20 Performance Overview

Summary

Highlights by operating division

Australian Broking[2]

New Zealand

Australian Agencies

Health & Rehabilitation[2]

Capital Management

Dividends

Execution Priorities Update

Execute on strategically aligned acquisitions

Deliver market leading technology capabilities

Reduce costs and streamline head-office

Optimise our portfolio

Redefine Risk Services strategy

Enhance partner proposition (product, capacity, services)

FY21 Outlook and Guidance Upgrade

Table 1 Financial Results Summary

Table 2 Reconciliation of Underlying NPAT to Reported NPAT[1 ]

Table 3 Management Presentation of Results

KEY MESSAGES

Pleasing result and momentum positioning AUB Group for sustained growth

During this time of uncertainty, AUB Group continues to prioritise customer well-being and employee security

FY20 FINANCIAL PERFORMANCE: OVERVIEW Performed above guidance and delivered an Underlying NPAT of $53.42mn, an increase of 15.2% from FY19 – our best year-on-year growth since FY13

FY19 to FY20 Underlying NPAT[1] Breakdown ($mns)

COVID-19 IMPACT & RESPONSE

Impact

Business Response

AUB Corporate Entity Cash Movement ($mns)

SHAREHOLDER RETURNS

FY21 opportunities and areas of focus

EXPANDING OUR TECHNOLOGY AGENDA

CBS+

Priority

FY21 Evolution

AUB Group Underlying NPAT[1 ] $mns

FY21 Underlying NPAT[1] % growth on PY

FY20

Closing

FY20 INVESTOR PRESENTATION

FY20 Divisional Performance Breakdown

FY19 to FY20 Underlying NPAT[1] Divisional Breakdown ($mns)

Australian Broking

FY19 to FY20 AUB Share PBT ($mns)[1,6]

PBT attributable to parent equity holders[1,6] ($mns)

New Zealand

FY19 to FY20 AUB Share PBT ($mns)[5]

PBT attributable to parent equity holders[5] ($mns)

Australian Agencies

FY19 to FY20 AUB Share PBT ($mns)[4]

PBT attributable to parent equity holders[4] ($mns)

Health and Rehabilitation

PBT attributable to parent equity holders[1,3] ($mns)

Underlying EBIT Margin[1,3] (%)

Strong Balance Sheet and Capital Position

AUB Group Debt

Total AUB Group Debt on a look-through basis[1] ($mns)

AUB Group Leverage Ratio[3]

AASB16 Leases – FY20 Impact of Underlying NPAT

FY20 Impact:

A1.0 Reconciliation of Reporting NPAT to Underlying NPAT[1]

A2.1 Management Presentation of Results[1,2]

A2.2 Management Presentation of Results[1,2]

A3.0 Consolidated Cash flow Statement

A4.0 Reconciliation of Operating Segments

A5.0 Realignment of Corporate Expenses and Risk Services restructure

Market Sizing and AUB Group Share

Australian Insurance Market

Insurance Portfolio – Premium and Size

Stable and Predictable Operational Drivers

Diversified Australian Broking Portfolio Mix[1]

Group Insurance Portfolio Mix: Product and Insurer

Portfolio Mix – Premium by Product / Risk Line

AUB GROUP LIMITED Annual Report 2020