==> picture [50 x 50] intentionally omitted <==

==> picture [327 x 119] intentionally omitted <==

26 August 2021

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

FOR RELEASE TO THE MARKET

FY2021 Results - Announcement and Investor Presentation

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

FY2021 Performance Overview; and
FY2021 Results Investor Presentation.

ENDS

This release has been authorised by the AUB Board.

For further information, contact Richard Bell, Group General Counsel and Company Secretary, on +61 2 9935 2222 or [email protected].

About AUB Group

AUB Group Limited is an ASX200 listed group comprising insurance brokers and underwriting agencies operating in ~500 locations across Australia and New Zealand. Over 3,000 team members work with our 850,000 clients to place more than $4.0bn in insurance premiums with local and foreign insurers.

==> picture [595 x 84] intentionally omitted <==

==> picture [134 x 50] intentionally omitted <==

==> picture [224 x 113] intentionally omitted <==

FY21 Performance Overview

A record FY21 result that positions AUB Group for another strong year

Summary

Underlying NPAT[1,2] up 25.7% to $67.1mn (FY20: $53.4mn) or 22.9% to $65.3mn (FY20: $53.2mn) including the additional cost impact of the accounting policy change for Software as a Service costs.
Underlying earnings per share 87.93 cents, up 22.0%.
A strong FY21 result that exceeded original expectations.
Reported Net Profit After Tax $70.6mn (FY20: $47.0mn), up 50.3%.
Fully franked final dividend of 39.0 cents per share (FY20: 35.5 cps), an increase of 9.9%, taking FY21 total dividend to 55.0 cents per share, an increase of 5 cents per share (10%) compared to FY20.
Excellent results in Australian Broking are the result of recent initiatives driving sustainable improvement in revenue and underlying cost drivers.
Growth in BizCover continues.
Exit from Health & Rehabilitation Services complete.
Continued focus to deliver on upgraded growth ambitions – FY22 Underlying NPAT guidance of $70.0mn - $73.0mn, representing 15.7% - 20.7% growth on FY21 continuing operations[3] .

AUB Group Limited (ASX:AUB) has reported a 22.9% increase in Underlying Net Profit After Tax (Underlying NPAT[1,2] ), to $65.3mn (FY20: $53.2mn). On an Underlying basis, earnings per share has increased to 87.93 cents per share, up 22.0% over the prior comparative period.

Reported Net Profit After Tax (Reported NPAT) attributable to ordinary shareholders of the parent increased 50.3% to $70.6mn (FY20: $47.0mn). The increased Reported NPAT was due to strong underlying organic growth, primarily in the Australian Broking division, and profit on the divestment of Altius.

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.

2 AUB Group has complied with IFRIC’s latest change in accounting policy interpretation with respect to configuration costs of Software as a Service (SaaS) arrangements. Impacts to AUB Group: FY21 impact $1.8mn Underlying NPAT decrease, FY20 $0.2mn Underlying NPAT decrease, YoY impact $1.6mn Underlying NPAT decrease. Comparative information has been restated to conform with the presentation in the current period

3 FY21 Underlying NPAT from continuing operations has excluded FY21 JobKeeper receipts $1.8mn UNPAT and FY21 Altius Profits $3.0mn UNPAT

==> picture [595 x 84] intentionally omitted <==

==> picture [134 x 50] intentionally omitted <==

==> picture [224 x 113] intentionally omitted <==

AUB Group CEO and Managing Director, Michael Emmett, said: “FY21 was a year of extraordinary ups and downs. Our clients and our teams continued, as they do today, to face significant personal and commercial stresses given the range of COVID-19 consequences and interventions. I am very proud of the way in which the AUB family has dealt with this. The business continues to demonstrate a remarkable resilience although one we do not take for granted. Our teams have worked tirelessly to support our clients and each other and it is an honour to share in their success today as we announce a very strong result.

The transformation of AUB Group has continued at pace during FY21. Our exit from Health and Rehabilitation Services is complete, the performance improvement in Austbrokers has accelerated, BizCover continues to grow both revenue and profit at an impressive rate while the remediation of Agencies is starting to deliver results with both margin and profit improvement during the period. We are however far from done. Our New Zealand operations are still in the early stages of transformation, running until FY23. We have restructured key elements of the New Zealand business, have a technology investment underway and plan a series of acquisitions to grow scale in Agencies and enhance Broking product and geographic capability.

Initiatives to support our growth plans for FY22 and beyond are well in flight. As a result, we anticipate Underlying Net Profit after Tax in FY22 of between $70mn and $73mn representing growth on continuing operations of 15.7% to 20.7%.”

Highlights by operating division

Australian Broking[1]

Underlying pre-tax profit for the year increased by 21.8% to $72.0mn (FY20: $59.1mn). This increase was predominantly driven by:
Increased Commercial lines insurance premiums of 6.2% over the period
Renegotiated major insurer agreements improving insurance commercials
o Ongoing cost reductions due to network rationalisation
Acquisition related profit growth included a strong contribution from the investment in Experien (1 August 2020).
EBIT margin 31.9% up 360bps from FY20.

BizCover[1]

Underlying pre-tax profit for the year increased by 190.0% to $8.9mn (FY20: $3.1mn). This increase was due to:
Organic profit growth assisted by operating leverage, scalability of the platform and strong revenue growth
The current period included an extra 7 months of BizCover ownership (investment on 1 February 2020).

1 Australian Broking has been restructured with BizCover moving to a stand-alone operating business. Comparative information has been restated to conform with the presentation in the current period

==> picture [595 x 84] intentionally omitted <==

==> picture [134 x 50] intentionally omitted <==

==> picture [224 x 113] intentionally omitted <==

New Zealand[1]

Underlying pre-tax profit for the year decreased by 13.2% to $10.6mn (FY20: $12.2mn). This decrease was primarily due to the impact of a change in accounting treatment of Software as a Service (SaaS) costs in both years. Excluding the SaaS adjustment, pre-tax profit for the year increased by 3.6% to $12.5mn (FY20: $12.1mn).
Competitive broking market, good pipeline of new clients and acquisition opportunities.
▪ Flat premium rates observed.
Major investment in technology to enhance the offering to NZbrokers members, delivering benefits to clients, productivity improvements to brokers and improved adoption of the new regulatory regime.

Australian Agencies[2]

Underlying pre-tax profit for the year increased by 13.9% to $14.8mn (FY20: $13.0mn). This increase was after the impact of a change in accounting treatment of SaaS costs in both years. Excluding the SaaS adjustment, pre-tax profit for the year increased by 15% to $15.6mn (FY20: $13.6mn)
FY21 includes the investment in 360 Underwriting Solutions from 1 December 2020, accelerating AUB Group’s scale in Agencies.
COVID-19 impacted clients in the Hospitality, Bus and Coach and Film & Entertainment industries during FY21.
EBIT margin 31.9% up 100bps from FY20.

Health & Rehab (Exited)

Underlying pre-tax profit for the year increased by 2.5% to $4.3mn (FY20: $4.2mn). Altius and Allied Health were sold on 1 April 2021 and 1 April 2020 respectively.

Capital Management

Look through gearing[3] has decreased to 28.5% at 30 June 2021 (30 June 2020: 34.2%).
AUB Group has cash and undrawn debt facilities of $89.5mn at 30 June 2021 (30 June 2020: $83.8mn[4] ).

Dividends

The Board has determined a fully franked final dividend of 39.0 cents per share (FY20: 35.5 cps), a 9.9% increase.
The final dividend is payable on 11 October 2021 to shareholders on the register at 5:00pm on 9 September 2021 (record date).
The Dividend Reinvestment Plan (DRP) has been suspended and will not apply to the final dividend.

1 AUB Group has complied with IFRIC’s latest change in accounting policy interpretation with respect to configuration costs of Software as a Service (SaaS) arrangements. Impacts to New Zealand: FY21 $1.9mn pre-tax decrease, FY20 $0.1mn pre-tax increase, YoY impact $2.0mn pre-tax decrease. Comparative information has been restated to conform with the presentation in the current period

2 AUB Group has complied with IFRIC’s latest change in accounting policy interpretation with respect to configuration costs of Software as a Service (SaaS) arrangements. Impacts to Australian Agencies: FY21 $0.8mn pre-tax decrease, FY20 $0.6mn pre-tax decrease, YoY impact $0.2mn pre-tax decrease. 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

4 FY20 closing cash balance net of the interim dividend payment of $10.3mn, paid in 1H21

==> picture [595 x 84] intentionally omitted <==

==> picture [134 x 50] intentionally omitted <==

==> picture [224 x 113] intentionally omitted <==

FY22 Outlook

The AUB Group expects to deliver FY22 Underlying NPAT of $70.0mn - $73.0mn, representing growth of 15.7% - 20.7% over FY21 continuing operations.[1]
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%;
Continued small bolt-on acquisitions and shareholding changes in existing network members are included in the outlook;
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 March and June renewal cycle to perform in line with historical performance;
COVID-19 impacts to be muted and in-line with those experienced in FY21.

==> picture [595 x 84] intentionally omitted <==

1 FY21 Underlying NPAT from continuing operations has excluded FY21 JobKeeper receipts $1.8mn UNPAT and FY21 Altius Profits $3.0mn UNPAT

==> picture [134 x 50] intentionally omitted <==

==> picture [224 x 113] intentionally omitted <==

AUB GROUP FY21 PRESENTATION OF FINANCIAL RESULTS TABLES

Table 1 Financial Results Summary

==> picture [457 x 24] intentionally omitted <==

----- Start of picture text -----

FINANCIAL RESULTS SUMMARY FY21 FY20 Variance
$ 000 $ 000 %
----- End of picture text -----


Revenue from ordinary activities1	351,696	335,355	4.9%
Underlying NPAT2	65,301	53,152	22.9%
Profit before tax	102,203	67,020	52.5%
Net profit after tax (before non-controlling interests)	83,726	55,845	49.9%
Net profit attributable to members (Reported NPAT)	70,621	46,984	50.3%
Reported earnings per share (cents)	95.09	63.74	49.2%
Underlying earnings per share (cents)2	87.93	72.10	22.0%
Dividend per share ( cents)	55.00	50.00	10.0%

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.

==> picture [595 x 84] intentionally omitted <==

==> picture [134 x 50] intentionally omitted <==

==> picture [224 x 113] intentionally omitted <==

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.

==> picture [450 x 245] intentionally omitted <==

----- Start of picture text -----

RECONCILIATION OF REPORTED NPAT TO UNDERLYING NPAT 1 2021 2020 Var %
$'000 $'000
Net Profit after tax attributable to equity holders of the parent 70,621 46,984 50.3%
Add back/(less):
- Share of Amortisation of broking registers 9 10,948 7,114
- Adjustments to value of entities (to fair value) on the day they became controlled entities8 (3,851) (2,862)
- Remeasurement of put option liability (net of Interest unw ind) 6 5,587 (3,861)
- Share of impairment charge3 2,679 3,578
- Share of movements in contingent consideration, net of impairment charge2 (372) (476)
- (Profit)/Loss on deconsolidation of controlled entity 4 (18,138) 2,899
- Capital losses not previously recognised5 (1,791) (2,250)
- Share of Profit from sale or dilution of interests in associates, controlled entities and 7 (2,050) (961)
broking portfolios
- Share of Impairment of the Right of Use Asset and Onerous Lease Expense3 611 1,785
- Share of Legal, due diligence and debt costs 1,057 1,202
Underlying Net Profit After Tax 65,301 53,152 22.9%
Represented by:
Underlying profit pre tax 94,399 76,236
Tax Expense (29,098) (23,084)
Underlying Net Profit After Tax 65,301 53,152 22.9%
----- End of picture text -----

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 an investment or asset exceeds the fair value or value in use an impairment expense/onerous lease 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.

Deferred capital losses can only be recognised to the extent the business can demonstrate recovery. As the Group's strategy is to hold it's investments, the Group's capital losses are not generally carried forward.
6 Includes 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.

==> picture [595 x 84] intentionally omitted <==

==> picture [134 x 50] intentionally omitted <==

==> picture [224 x 113] intentionally omitted <==

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.

==> picture [439 x 322] intentionally omitted <==

----- Start of picture text -----

Management Presentation of Results FY21 FY20 Variance Variance
$000 $000 $ %
Australian Broking revenue1 429,183 395,005 34,178 8.7%
Australian Broking expenses1 (292,360) (283,045) (9,315) 3.3%
EBIT - Australian Broking1 136,823 111,960 24,863 22.2%
BizCover revenue1,2 58,732 19,586 39,146 199.9%
BizCover expenses1,2 (36,710) (11,943) (24,767) 207.4%
EBIT - BizCover1,2 22,022 7,643 14,379 188.1%
New Zealand Broking revenue 58,602 58,537 65 0.1%
New Zealand Broking expenses (41,667) (39,318) (2,349) 6.0%
EBIT - New Zealand 16,935 19,219 (2,284) -11.9%
Australian Agencies revenue 73,535 59,322 14,213 24.0%
Australian Agencies expenses3 (50,098) (40,971) (9,127) 22.3%
EBIT - Australian Agencies3 23,437 18,351 5,086 27.7%
Health and Rehabilitation revenue 31,758 51,418 (19,660) -38.2%
Health and Rehabilitation expenses (25,928) (44,142) 18,214 -41.3%
EBIT - Health and Rehabilitation 5,830 7,276 (1,446) -19.9%
Total revenue - Operating entities 651,810 583,868 67,942 11.6%
Total expenses - Operating entities 3 (446,763) (419,418) (27,345) 6.5%
EBIT - Operating entities3 205,047 164,450 40,597 24.7%
Corporate revenue 3,557 4,487 (930) -20.7%
Corporate expenses3 (14,769) (15,879) 1,110 -7.0%
EBIT - Corporate3 (11,212) (11,392) 180 -1.6%
Total - Group revenue 655,367 588,355 67,012 11.4%
Total - Group expenses3 (461,532) (435,297) (26,235) 6.0%
Total - EBIT Group before NCI 193,835 153,058 40,777 26.6%
Interest expense - Operating entities (6,459) (9,224) 2,765 -30.0%
Interest expense - Corporate (4,892) (3,886) (1,006) 25.9%
Total - Interest expense (11,351) (13,110) 1,759 -13.4%
Profit before NCI 182,484 139,948 42,536 30.4%
Non - Controlling Interest (NCI) (88,085) (63,712) (24,373) 38.3%
Underlying Net profit before tax 3 94,399 76,236 18,163 23.8%
Income tax expense (29,098) (23,084) (6,014) 26.1%
Underlying NPAT3 65,301 53,152 12,149 22.9%
----- End of picture text -----

Australian Broking has been restructured with BizCover moving to a stand-alone operating business. Comparative information has been restated to conform with the presentation in the current period.
The prior comparative period for BizCover reflects results effective from 1 February 2020.
AUB Group has complied with IFRIC’s latest change in accounting policy interpretation with respect to configuration costs of Software as a Service (SaaS) arrangements. FY21 New Zealand impact -$1.9mn EBIT reduction (FY20: $0.1mn EBIT increase), FY21 Australian Agencies impact -$0.8mn EBIT reduction

(FY20: -$0.6mn EBIT reduction) and FY21 Corporate impact $0.2mn EBIT increase (FY20 Corporate impact $0.1mn EBIT increase).

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.

==> picture [595 x 84] intentionally omitted <==

==> picture [960 x 119] intentionally omitted <==

FY21 Investor Presentation 26 August 2021 Mike Emmett CEO and Managing Director Mark Shanahan CFO

==> picture [132 x 49] intentionally omitted <==

KEY MESSAGES

1 2 3 Strong and Strategic Exit Ongoing growth accelerating from Health & in Australian financial Rehabilitation Broking and performance complete BizCover

Revenue, Margin and  Sale of equity in UNPAT all growing Altius and Allied strongly completed
21.8% growth in Austbrokers Profit before tax
Austbrokers and  Enables further focus BizCover performing and investment in well core business
On a pro-forma basis, BizCover revenue grew 35% and profit before tax by 66%
Improvement in Agencies starting to flow through as planned
BizCover reported as a new segment due to its growing scale and technologybased operating model
New Zealand performance lagging expectations, actions in place to improve

4 5 Underwriting Continued Agencies progress with performance Strategic improving as Priorities planned

Network optimisation well progressed
EBIT margin has improved by 100bps to 33%
Acquisitions complementing growth
15% growth in Profit before tax to $15.6mn
Technology rollout in Australia largely complete and utilisation growing
Head-office cost reduction benefits of $2.8mn pa

==> picture [168 x 119] intentionally omitted <==

6 Ambitious growth continuing in FY22

Guidance of 15.7% to 20.7% Underlying NPAT growth from continuing business
Underlying NPAT of $70mn to $73mn
EPS of 94.3 to 98.3 cps

==> picture [960 x 119] intentionally omitted <==

FY21 Results Overview

==> picture [132 x 49] intentionally omitted <==

FINANCIAL HIGHLIGHTS

Revenue, margin and UNPAT growth have accelerated over the past three years

==> picture [168 x 119] intentionally omitted <==

FY21 FY20 FY19 Performance Highlights	FY21 FY20 FY19 Performance Highlights	FY21 FY20 FY19 Performance Highlights	FY21 FY20 FY19 Performance Highlights	FY21 FY20 FY19 Performance Highlights
Underlying Revenue1	$651.8mn (+11.6%)	$583.9mn (+7.8%)	$541.6mn (+3.2%)	Growth in Underlying revenue continues to accelerate, growing at 11.6% in FY21, and 20.4% since FY19
Underlying EBIT Margin excl. SaaS adj1,4	31.9% (+360bps)	28.3% (+140bps)	26.9% (-140bps)	Strategic Initiatives have supported a strong expansion in EBIT margin of 360bps in FY21 and 500bps since FY19
Underlying NPAT excl. SaaS adj1,2,5	$67.1mn (+25.7%)	$53.4mn (+15.2%)	$46.4mn (+4.1%)	Revenue growth and margin expansion enabling Underlying NPAT growth of 25.7% in FY21, and 44.6% since FY19_(pre-SaaS adj)_
Underlying Earnings per Share excl. SaaS adj3,5	90.38 cents (+24.7%)	72.45 cents (+8.7%)	66.64 cents (-3.1%)	Underlying EPS growth in FY21 of 24.7% (22% after SaaS adj) and 35.6% since FY19 (31% after SaaS adj)
Dividend per Share	55.0 cents (+10.0%)	50.0 cents (+8.7%)	46.0 cents (+1.1%)	Dividend growth of 10% in FY21 and 19.6% since FY19

2. 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

3. Underlying EPS calculation = (Underlying NPAT) / (weighted average number of shares)

4. AUB Group has complied with IFRIC's latest change in accounting policy interpretation with respect to configuration costs of Software as a Service (SaaS) arrangements. FY21 New Zealand impact -$1.9mn PBT reduction (FY20: $0.1mn PBT increase), FY21 Australian Agencies impact -$0.8mn PBT reduction (FY20: -$0.6mn PBT reduction)

5. AUB Group has complied with IFRIC's latest change in accounting policy interpretation with respect to configuration costs of Software as a Service (SaaS) arrangements. FY21 impact -$1.8mn Underlying NPAT, FY20 impact -$0.2mn Underlying NPAT. All prior comparative periods shown have been restated to conform with the presentation in the current period

FY21 UNPAT PERFORMANCE EXCL SaaS IMPACT[2]

UNPAT growth in FY21 underpinned by strong organic growth and complemented by accretive acquisitions

==> picture [168 x 119] intentionally omitted <==

FY20 to FY21 Underlying NPAT[1,2] Breakdown ($mns)

Notes

==> picture [572 x 302] intentionally omitted <==

----- Start of picture text -----

25.7%
1.4 67.1
0.1
5.8 (2.6%) 0.2%
10.9%
8.7  Altius sold 1 Apr’21
 Allied sold 1 Apr’20
 BizCover, acquired in
53.4 0.5 Feb’20, contributing
16.3% $3.1mn (excl JobKeeper)
0.9%  Experien, acquired in
Aug’20 contributing
$1.6mn
 Includes BizCover
growth $1.0mn (excl
JobKeeper)
FY20 as JobKeeper [3] Organic Growth [4] Acquisition Financing costs Health & Rehab FY21 before
previously Growth [5] of Acquisitions [6] accounting
reported policy change
----- End of picture text -----

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

BizCover

Profit for the period 1 July 2020 to 31 January 2021 is included as ‘Acquisition Growth’
Profit growth for the period 1 February to 30 June 2021 is included as ‘Organic growth’ reflecting profit growth over the prior corresponding period following the investment in BizCover
BizCover FY21 UNPAT of $6.2mn vs FY20 UNPAT pro-forma of $3.7mn

SaaS:

Accounting for configuration costs of Software as a Service has changed. This slide excludes the impact. It is explained on slide 7

2. Underlying NPAT calculated consistently with prior year - excludes change in accounting policy with respect to Software as a Service (SaaS) configuration costs. FY21 impact -$1.8mn Underlying NPAT reduction not included, FY20 impact -$0.2mn Underlying NPAT reduction not included.

3. JobKeeper receipts in FY21 and FY20 are excluded from the calculation of Staff and Executive Bonuses

4. Organic growth excludes acquisition growth, financing costs of acquisitions, JobKeeper receipts and Health & Rehab

5. Acquisition growth includes the net effect of acquisitions, divestments, bolt-ons and increased equity stakes in FY21 vs FY20, excludes Health & Rehab

6. Represents the interest paid on borrowings to fund acquisitions net of interest received on proceeds from divestments

FY21 UNPAT PERFORMANCE EXCL SaaS IMPACT[4] Strong organic growth across the business in 2H21

==> picture [321 x 150] intentionally omitted <==

----- Start of picture text -----

Premium Retention [1,2] (%)
93
92
90
FY19 FY20 FY21
----- End of picture text -----

FY21 Underlying NPAT[3,4] by Half ($mns)

==> picture [310 x 237] intentionally omitted <==

----- Start of picture text -----

JobKeeper 1H21:
$1.8mn
2.7%
54.2% 43.1%
2H21: 1H21:
$36.4mn $28.9mn
----- End of picture text -----

==> picture [324 x 171] intentionally omitted <==

----- Start of picture text -----

Strong Premium expansion (GWP $bn FY19-FY21)
11%
9% ~11%
8% 17.6% increase in average
premium per client 4.0
6.3%
CAGR over the last
3.2 3.4 3 years [4]
FY19 FY20 FY21
Average Premium per client 3 year CAGR [1]
----- End of picture text -----

==> picture [168 x 119] intentionally omitted <==

Notes

==> picture [30 x 10] intentionally omitted <==

----- Start of picture text -----

SaaS
----- End of picture text -----

Accounting for configuration costs of Software as a Service changed in April and is explained on slide 7

==> picture [83 x 10] intentionally omitted <==

----- Start of picture text -----

Premium Rates
----- End of picture text -----

Australian FY21 and 2H21 average commercial premium rate rises of 6.2% and 5.5% respectively, in line with previously provided guidance

1. Analysis is based on available data from key Australian Broking businesses as at 30 June 2021

2. Premium retention is based on individual clients, regardless of policy size

3. 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

4. Underlying NPAT calculated consistently with prior year - excludes change in accounting policy with respect to Software as a Service (SaaS) configuration costs. FY21 impact -$1.8mn Underlying NPAT reduction not included, 1H21 impact -$0.7mn Underlying NPAT reduction not included

FY20 & FY21 UNPAT: SaaS IMPACT[2]

Underlying NPAT adjusted for impact of changed accounting policy

==> picture [168 x 119] intentionally omitted <==

==> picture [863 x 380] intentionally omitted <==

----- Start of picture text -----

FY20 Underlying NPAT [1,2] Impact of Accounting Policy Change – SaaS [2] ($mns) FY21 Underlying NPAT [1,2]
Restated ($mns) Restated ($mns)
 IFRIC interpretation issued in April 2021
 Software as a Service (SaaS) configuration costs are
now expensed in year of spend, no longer amortised
53.4 over 5 years 67.1
0.2  Adjustments have been made retrospectively
53.2
1.8

UNPAT Impact of Accounting Policy Change ($mns)
65.3
1.4 1.2
1.0
0.8
0.4
0.1 0.1
-0.2
-1.2 -1.8 -1.8
FY17- FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29
FY20 as previously Accounting Policy FY20 restated FY19 FY21 Accounting Policy FY21 restated
reported Change - SaaS [2] for accounting Change - SaaS [2] for accounting
policy change policy change
----- End of picture text -----

2. AUB Group has complied with IFRIC's latest change in accounting policy interpretation with respect to configuration costs of Software as a Service (SaaS) arrangements. FY21 impact -$1.8mn Underlying NPAT, FY20 impact -$0.2mn Underlying NPAT, YoY impact -$1.6mn Underlying NPAT

FY20 & 21 PERFORMANCE: INCLUDING SaaS IMPACT UNPAT adjusted for the Accounting Policy change for Software as a Service (SaaS) configuration costs

==> picture [168 x 119] intentionally omitted <==

FY20 to FY21 Underlying NPAT[1,6] Breakdown ($mns)

==> picture [882 x 300] intentionally omitted <==

----- Start of picture text -----

22.9%
1.4 67.1
0.1
5.8 (2.6%) 0.2% 1.8 65.3
(3.4%)
10.9%
 Altius sold 1 Apr’21
 Allied sold 1 Apr’20
8.9
 BizCover, acquired in
Feb’20, contributing
$3.1mn (excl JobKeeper)
53.2 0.5  Experien, acquired in
16.9% Aug’20 contributing
0.9% $1.6mn
 Includes BizCover
growth $1.0mn (excl
JobKeeper)
FY20 restated JobKeeper [2] Organic Growth [3] Acquisition Growth [4] Financing costs Health & Rehab FY21 before Accounting Policy FY21 restated
for accounting of Acquisitions [5] accounting Change - SaaS [6] for accounting
policy change policy change policy change
----- End of picture text -----

2. JobKeeper receipts in FY21 and FY20 are excluded from the calculation of Staff and Executive Bonuses

3. Organic growth excludes acquisition growth, financing costs of acquisitions, JobKeeper receipts, Health & Rehab, and the Accounting Policy Change – SaaS

4. Acquisition growth includes the net effect of acquisitions, divestments, bolt-ons and increased equity stakes in FY21 vs FY20, excludes Health & Rehab

5. Represents the interest paid on borrowings to fund acquisitions net of interest received on proceeds from divestments

6. AUB Group has complied with IFRIC's latest change in accounting policy interpretation with respect to configuration costs of Software as a Service (SaaS) arrangements. FY21 impact -$1.8mn Underlying NPAT, FY20 impact -$0.2mn Underlying NPAT, YoY impact -$1.6mn Underlying NPAT

AUB CORPORATE CASH FLOW AND FUNDING

==> picture [168 x 119] intentionally omitted <==

AUB Corporate Entity Cash Movement ($mns)

==> picture [877 x 346] intentionally omitted <==

----- Start of picture text -----

Operating cash generated of $60.0mn
17.3
10.0
18.0
77.3
36.4
25.8
21.4
FY21 Opening Dividends received Net corporate expenses Debt repayment Acquisitions net Dividends paid FY21 closing
cash balance [1] of Disposals cash balance
Head Entity Cash Head Entity Debt Total Funding Available
Covenants Limit at 30 June-21 Actual at 30 June-21
Headroom at 30 June 21
Gearing Ratio [2] ≤ 45.0% 28.5% $21.4mn $68.1mn $89.5mn
Leverage Ratio [3] ≤ 3.00:1 1.99:1
----- End of picture text -----

1. FY21 Opening Cash balance net of FY20 interim dividend payment of $10.3mn. Paid in 1H21

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

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

SHAREHOLDER RETURNS

Underlying EPS & Dividend growth

==> picture [168 x 119] intentionally omitted <==

Underlying Earnings Per Share[1,2] (Cents per share)

==> picture [784 x 141] intentionally omitted <==

----- Start of picture text -----

Underlying Earnings Per Share (Cents per share) 22.0%
7.4%
7.5% -0.1%
4.9% 87.93
62.52 67.21 67.12 72.10
59.57
FY16 FY17 FY18 FY19 FY20 FY21
----- End of picture text -----

==> picture [882 x 11] intentionally omitted <==

==> picture [868 x 173] intentionally omitted <==

----- Start of picture text -----

Dividend Per Share (Cents) 10.0%
8.7%
5.0% 8.3% 1.1% 55.0
50.0
45.5 46.0
42.0
40.0
35.5 [39.0] 62.5%
32.0 32.5
28.0 29.5 FY21
Dividend
12.0 12.5 13.5 13.5 14.5 16.0 Payout Ratio
FY16 FY17 FY18 FY19 FY20 FY21 (Policy is 50%
to 70%)
Final Dividend Interim Dividend
----- End of picture text -----

2. AUB Group has complied with IFRIC's latest change in accounting policy interpretation with respect to configuration costs of Software as a Service (SaaS) arrangements. All prior comparative periods shown have been restated to conform with the presentation in the current period

1. Underlying EPS calculation = (Underlying NPAT) / (weighted average number of shares). FY18 EPS includes a TERP adjustment of 98.6%

==> picture [960 x 119] intentionally omitted <==

Divisional Performance

==> picture [132 x 49] intentionally omitted <==

FY21 DIVISIONAL PERFORMANCE Excellent results in Australian Broking with a 360bps improvement in margins as benefits of strategic initiatives flow through

==> picture [168 x 119] intentionally omitted <==

AUSTRALIAN BROKING2	BIZCOVER2,3	AUSTRALIAN AGENCIES4	NEW ZEALAND	CONTINUING OPERATIONS	HEALTH AND REHABILITATION (Exited)5	OPERATING BUSINESSES6
$429.2mn	$58.7mn	$73.5mn	$58.6mn	$620.0mn	$31.8mn	$651.8mn
8.7%	*FY20: $19.6mn	24.0%	0.1%	16.5%	(38.2%)	11.6%
31.9%	37.5%	33.0%	32.2%	32.6%	18.4%	31.9%
360bps		100bps	(50bps)	300bps	420bps	360bps
$72.0mn	$8.9mn	$15.6mn	$12.5mn	$109.0mn	$4.3mn	$113.3mn
21.8%	*FY20: $3.1mn	15.0%	3.6%	24.1%	2.5%	23.1%
	*Compared to prior partial period after AUB investment in Feb 2020	$14.8mn	$10.6mn	$106.2mn		$110.5mn

2. Australian Broking has been restructured with BizCover moving to a stand-alone operating business. Comparative information has been restated to conform with the presentation in the current period. Refer to Appendix – A4.0

3. The prior comparative period for BizCover reflects results effective from 1 February 2020

4. 360 Underwriting results are included within Australian Agencies from 1 December 2020

5. Altius sale effective 1 April 2021, Allied sale effective 1 April 2020

6. Excludes AUB Group Corporate Revenue & Expenses

7. AUB Group has complied with IFRIC's latest change in accounting policy interpretation with respect to configuration costs of Software as a Service (SaaS) arrangements. FY21 New Zealand impact -$1.9mn PBT reduction (FY20: $0.1mn PBT increase), FY21 Australian Agencies impact -$0.8mn PBT reduction (FY20: -$0.6mn PBT reduction)

AUSTRALIAN BROKING[2] : INCREASING OPERATING LEVERAGE Recent initiatives in Australian Broking are driving improved revenue and underlying cost drivers

==> picture [168 x 119] intentionally omitted <==

Australian Broking[2] Revenue and Expense: FY19-FY21

==> picture [876 x 223] intentionally omitted <==

----- Start of picture text -----

Revenue [1]
31.9%
…expanding the jaws to EBIT Margin
28.3% deliver EBIT margin growth
EBIT Margin
27.9%
EBIT Margin
Expenses [1]
FY19 FY20 FY21
----- End of picture text -----

==> picture [822 x 108] intentionally omitted <==

----- Start of picture text -----

FY20 to FY21 – Key Performance Metrics
Revenue Growth Expense Growth EBIT Growth EBIT Margin Expansion
+8.7 % +3.3 % +22.2 % +360 bps
----- End of picture text -----

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. Australian Broking has been restructured with BizCover moving to a stand-alone operating business. Comparative information has been restated to conform with the presentation in the current period. Refer to Appendix – A4.0

BIZCOVER

Multiple initiatives underway to drive continued growth and outperformance

==> picture [168 x 119] intentionally omitted <==

Continued strong growth in revenue…

Strategic Update

Cumulative Revenue ($mns)[1] 3 ~~4%~~

==> picture [346 x 95] intentionally omitted <==

…resulting in accelerated profitability as benefits of platform scale and efficiency continue.

Cumulative PBT ($mns)[1] 6 ~~9%~~

==> picture [350 x 97] intentionally omitted <==

==> picture [354 x 30] intentionally omitted <==

----- Start of picture text -----

Prior period Feb’19-Jun’20 Since ownership Feb’20-Jun’21
Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
----- End of picture text -----

Referral Portal launched

Project BLAZE progressing strongly

New Zealand momentum growing

Client experience remains a priority

Launched a new referral portal in June 2021 partnering with professional advisory firms to service the insurance needs of their clients

Successfully re-platformed the underlying technology to enhance capabilities with flexible architecture and new features including reducing the new product on-boarding time by 50%

Growth and expansion in the New Zealand market prioritised with a focus on expanding product and insurer offerings

Client experience is core to growth. NPS score improved to a market-leading +72

==> picture [154 x 36] intentionally omitted <==

14 1. Excluding JobKeeper

UNDERWRITING AGENCIES

The restructure and improved performance of Austagencies is showing early promise and is a priority for FY22

	Austagencies – FY21 Key Initiatives and Progress	Austagencies – FY21 Key Initiatives and Progress	Austagencies – FY21 Key Initiatives and Progress	Austagencies – FY21 Key Initiatives and Progress
Focus	Redesign Operating Model Restructure operating model to realign capabilities, create scale and improve accountability	Reduce cost-to-serve Invest in back-office operational improvement to deliver efficient and effective support operations	Acquire for scale Deliver outperformance through strategic M&A	Underlying Revenue1 $73.5mn 24%YoY growth 33.0% EBIT Margin (excl SaaS adj) 100bps YoY expansion in EBIT margin (excl SaaS adj) PBT $15.6mn 15%YoYgrowth
Key Initiatives	Restructured operating model into three units: • General Commercial Underwriting (15 agencies) • SURA Specialty (9 agencies) providing specialty insurance products and • Strata Agencies (1 agency)	- Built and implemented Sentinel, an agency management platform with end-to-end digital policy life cycle. - 11 agencies live with 3 more planned - Centralised Claims and support capabilities across most of the agencies	- Acquired 360 Underwriting, a group of 10 agencies and an established partner of Austbrokers - Acquired TLC Underwriting in NZ
(excl SaaS adj)

==> picture [12 x 380] intentionally omitted <==

==> picture [168 x 119] intentionally omitted <==

FY22 Focus Increase Austagencies penetration across the Austbrokers network Expand binder capacity across the portfolio Embed Austagencies offerings into ExpressCover and streamline quoting for high-volume business Continue strategic consolidation to create scale and realign capability and expertise

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 busin ~~ess revenues, expenses and profits with those~~ of the consolidated businesses before deducting outside shareholder interests. Excludes AUB Group Corporate Revenue and Expenses

NEW ZEALAND

Strategy to improve income growth and returns in a low premium rate increase environment

==> picture [168 x 119] intentionally omitted <==

FY21 Performance Business Update and FY22/23 opportunity

$831mn FY21 GWP +8% on FY20

32.2% EBIT Margin (excl SaaS adj)

3.6% YoY growth in PBT (excl SaaS adj)

==> picture [20 x 220] intentionally omitted <==

==> picture [37 x 40] intentionally omitted <==

==> picture [47 x 47] intentionally omitted <==

Evolving regulatory environment Technology leadership BWRS transformation Agency growth Inorganic growth focus

Recent significant & welcome change in the regulatory environment to ‘professionalise’ the industry. The quantum of change however has diverted significant focus, capacity and resourcing to implement changes and educate and train our brokers

NZbrokers has a dominant market position due to our leading partner proposition. To enhance this, we commenced Project Lola in early FY21 to transform the broking experience via a new platform that enhances sales and policy management, with significant efficiency and income benefits expected in 18-24 months

Performance in BWRS, our largest brokerage, has been below expectations. During FY21 we undertook a restructure of the business, including several leadership changes. The business is now better positioned to capitalise on its scale, capability and reputation, evidenced by a major recent win of a large corporate account from a global broking competitor

We are significantly under-represented in the NZ Agency market. 360 Underwriting will lead our expansion of General Commercial agencies in New Zealand, and recently completed the acquisition of TLC Underwriting as a first step.

A disciplined approach to acquisitions will allow us to fill strategic gaps across product, industry and geographic segments. We have a strong pipeline of opportunities.

SUPPORTING OUR TEAM THROUGH THE PANDEMIC AUB has implemented changes to support our team through these challenging times

==> picture [168 x 119] intentionally omitted <==

Ke em lo ee initiatives* y p y
A new 4/1 work policy Redesign of our work Generous approaches to Physical and Mental Health environment and leave and work-hour a priority
employee engagement flexibility adopted
Teams now work a rostered day  Employee engagement (Officevibe)  Free time-off is provided for Covid  Physical challenges including team per week in the office working the vaccinations walking ‘races,’ home virtual remaining 4 days per week from  Health and welfare tools including exercise classes and other home physical and mental health  Two bonus days of leave as an wellness items challenges and apps incentive for employees to be
Staff members are provided with a vaccinated  Extensive healthy snacks have home office set-up allowance and a  Virtual interaction tools (Starleaf, been added in office locations fortnightly work from home stipend Teams)  Bonus leave is given to anyone who reaches a nil leave balance in  Mental Health support and advice
A virtual ergonomic assessment is  On-line workplace booking tool any 6-month period provided proactively by our EAP conducted on each home-work offering tailored workspaces for partner space ‘day in office’

* Implemented in AUB Group, Austagencies, Austbrokers Member Services and partially implemented by some network members

==> picture [960 x 119] intentionally omitted <==

Progress against our Strategic Priorities over the past two years

==> picture [132 x 49] intentionally omitted <==

DELIVERING ON OUR STRATEGIC PRIORITIES

==> picture [168 x 119] intentionally omitted <==

Our overarching strategic focus Leading group of Insurance Brokers and Agents…

…offering General and Specialist products and industry solutions…

…to Commercial customers of all sizes…

…that operate in Australia and New Zealand.

==> picture [53 x 42] intentionally omitted <==

Delivering on our strategy – Key Initiatives

1 Network Optimisation

2 Acquisitions

3 Technology

4 Partner Proposition

5 Cost Management

1. NETWORK OPTIMISATION Significant driver of margin expansion

==> picture [168 x 119] intentionally omitted <==

FY19 – Total Partner Business Count

~105

Consolidate Portfolio Realignment Merge portfolios and Strategically ‘re-home’ businesses for scale, market underperforming portfolios leadership and efficiency across the network 4 major portfolio realignments via a variety of transactions models including x-network sales, business model redesign including AR, portfolio

4 major portfolio realignments via a variety of transactions models including x-network sales, business model redesign including AR, portfolio leases

==> picture [45 x 19] intentionally omitted <==

Specialty Disposals / Exits Segment and acquire Strategic disposals of nonexpertise-driven portfolios core assets to align, scale and expand expertise

==> picture [305 x 131] intentionally omitted <==

Entity Rationalisation Operational rationalisation of entities and licences

Multiple entity rationalisation and simplification transactions

to reduce / optimise portfolio management efforts, drive increased accountability and improve reporting transparency across the portfolio

FY21 – Total Partner Business Count 75

Fewer, bigger, better-run, more profitable operations

2. ACQUISITIONS Accretive acquisitions are accelerating strategy

==> picture [168 x 119] intentionally omitted <==

==> picture [78 x 8] intentionally omitted <==

----- Start of picture text -----

Insurance made easy
----- End of picture text -----

==> picture [121 x 176] intentionally omitted <==

----- Start of picture text -----

Increase market-share
in core Broking and
Agencies
Expand capabilities in
specialist and/or
complementary
markets
Entry into growth
market segments
----- End of picture text -----

==> picture [25 x 219] intentionally omitted <==

February 2020 August 2020 December 2020 April 2021 - - - - Market-leading direct small Leading broker with scale in 10 high-performing and Led by 360 as a signal for business insurance platform specialist focus of life and market-leading agencies and growth and expansion in New
- 34% revenue & 69% profit general insurance for doctors, established partner of Zealand growth since investment with dentists and other professions Austbrokers - Enhances capability in the -
significant potential for further Core to unlocking latent mobile plant and equipment growth potential and drive growth in segment our wider-Agencies portfolio

==> picture [98 x 10] intentionally omitted <==

==> picture [99 x 10] intentionally omitted <==

==> picture [98 x 11] intentionally omitted <==

August 2020 November 2020 - Acquired portfolio and - Specialist accident
leadership capability to drive management, assessment &
growth in the newly merged repair in heavy motor
Comsure business - Opportunity to increase partnership with key Austbroker clients

==> picture [48 x 10] intentionally omitted <==

----- Start of picture text -----

April 2021
----- End of picture text -----

Managing large, complex claims requiring specialist legal, commercial, scientific, engineering, and surveying expertise
- Opportunity to leverage across Austbrokers

3. TECHNOLOGY

The AUB technology landscape has rapidly transformed, delivering cost-effective solutions for clients and network partners

==> picture [168 x 119] intentionally omitted <==

Initiative		Uplift process and operational efficiency	Improve sales effectiveness	Enhance user experience (clients, brokers)
- Share system enhancements across the network CBS+	*September 2019*	✓
- Efficient quote to bind system	*March 2020*	✓	✓	✓
- Agency management platform	*March 2020*	✓	✓	✓
- Analytics tools and team to optimise partner performance	*June 2020*	✓	✓
- Simplify and automate low-value processes *BOTS, AI & AUTOMATION*	*October 2020*	✓
- Digital insurance platform *ProjectLOLA***	*January 2021*	✓	✓	✓

Targeted initiatives designed to implement best-practice data and technology solutions to uplift efficiency, drive sales effectiveness for our brokers and agencies, while improving client and broker experience for the benefit of our brokers, clients and underwriting partners

4. PARTNER PROPOSITION

New and enhanced services for network partners

==> picture [261 x 387] intentionally omitted <==

----- Start of picture text -----

Negotiated 2 updated major
insurer agreements and 6
new ExpressCover insurer
agreements
Launched The Insurance Alliance –
leveraging our investment in AMS
capabilities to enable a broader cross-
section of brokerages to benefit from
the Group’s capabilities
----- End of picture text -----

==> picture [152 x 125] intentionally omitted <==

----- Start of picture text -----

Negotiated improved product
wordings and coverage to
improve Austbroker offering
in the market
----- End of picture text -----

==> picture [9 x 237] intentionally omitted <==

ENHANCE PARTNER PROPOSITION Deliver market-leading products, offerings and sales capabilities to our brokers, and proactively support their growth objectives to allow them to win market

==> picture [26 x 221] intentionally omitted <==

Launched AMS Data & Analytics capability, leveraging partner level-insights to drive growth, sharing effort & reward metrics with sales teams

==> picture [56 x 55] intentionally omitted <==

==> picture [168 x 119] intentionally omitted <==

Negotiated new claims delegation authorities with insurers on behalf of brokers, leading to improved client experience

Cost-reduction programs have led to material savings, which have been passed on to partners in the form of reduced recharges

==> picture [960 x 119] intentionally omitted <==

FY22 Priorities & Outlook

==> picture [132 x 49] intentionally omitted <==

FY22 PRIORITIES – CONTINUE THE MOMENTUM

==> picture [168 x 119] intentionally omitted <==

FY22 Priority

==> picture [257 x 347] intentionally omitted <==

----- Start of picture text -----

REINVIGORATE INSURANCE
1
AGENCIES
2 OPTIMISE OUR NETWORK
EXECUTE ON STRATEGICALLY
3
ALIGNED ACQUISTIONS
DELIVER MARKET LEADING
4
TECHNOLOGY CAPABILITIES
ENHANCE PARTNER
5
PROPOSITION
----- End of picture text -----

Overview

Capitalise on FY21 momentum in Agencies by increasing focus on expanded binder capacity, enhanced offering proposition, increased penetration into the Austbrokers network and leveraging synergies

Continue to optimise our network to deliver outperformance Disciplined approach to acquisitions, including increased investments in current network businesses, new complementary bolt-ons and new external investments Drive adoption of ExpressCover and Sentinel in Australia and implementation of technology solution for New Zealand Continue to enhance our partner and client value proposition by leveraging the Group’s scale and expertise to source market-leading offerings for our clients and allow our partners to ‘win’ in market

FY22 OUTLOOK

Underlying NPAT for FY22 in the range of $70.0mn - $73.0mn, representing growth of 15.7% - 20.7% over FY21 continuing operations

==> picture [168 x 119] intentionally omitted <==

FY22 Underlying NPAT[1,3] growth on PY $mns

==> picture [587 x 295] intentionally omitted <==

----- Start of picture text -----

15.7% - 20.7%
1.5 – 2.5 70.0 – 73.0
8.0 – 10.0
65.3 1.8
3.0
60.5
FY21 restated FY21 JobKeeper Altius Sale FY21 continuing Organic Growth Acquisition FY22 Guidance
for accounting operations Growth [2]
policy change
----- End of picture text -----

Highlights

Outlook assumes premium rate rises for Australia in the range of 5% to 6%
Estimates exclude the impact of major acquisitions - if these occur, the Group will provide updated guidance
Broking renewals in March and June are assumed to perform in line with historical performance
The impact of COVID-19 on FY22 performance is assumed to be negligible and to align with the FY21 impact

==> picture [261 x 125] intentionally omitted <==

----- Start of picture text -----

FY22 Underlying EPS growth on PY
(cents per share)
15.7% – 20.7%
94.26 – 98.30
81.47
FY21 continuing operations FY22 Guidance
----- End of picture text -----

2. Acquisition growth includes the net effect of acquisitions, divestments, bolt-ons and increased equity stakes in FY22 vs FY21. Excludes major acquisitions and the Altius Sale

3. AUB Group has complied with IFRIC's latest change in accounting policy interpretation with respect to configuration costs of Software as a Service (SaaS) arrangements. FY21 impact -$1.8mn Underlying NPAT, FY22 forecast impact -$1.8mn Underlying NPAT, YoY impact flat

==> picture [960 x 119] intentionally omitted <==

Questions?

==> picture [68 x 67] intentionally omitted <==

Mike Emmett CEO and Managing Director Mark Shanahan CFO

==> picture [132 x 49] intentionally omitted <==

==> picture [960 x 119] intentionally omitted <==

Closing

==> picture [68 x 67] intentionally omitted <==

Mike Emmett CEO and Managing Director

==> picture [132 x 49] intentionally omitted <==

APPENDICES

==> picture [168 x 119] intentionally omitted <==

A FY21 Detailed Financial Results

Appendices

B AUB Group Business Overview C AUB Group Portfolio Overview

==> picture [960 x 119] intentionally omitted <==

Appendices A. FY21 – Detailed Financial Results

==> picture [132 x 49] intentionally omitted <==

FY21 DIVISIONAL PERFORMANCE BREAKDOWN

==> picture [168 x 119] intentionally omitted <==

FY20 to FY21 Underlying NPAT[1,8] ($mns)

==> picture [857 x 294] intentionally omitted <==

----- Start of picture text -----

22.9%
1.8 1.6
0.1 0.8
5.8
6.0
65.3
12.9
53.2
Pre-Tax
FY20 Australian BizCover [3,4] Australian New Zealand Health and Net Corporate Tax FY21
Broking [2,3] Agencies [5] Rehabilitation result [7]
(discontinued) [6]
----- End of picture text -----

2. Includes benefits of acquisitions mainly 73% of Experien effective 1 August 2020

3. Australian Broking has been restructured with BizCover moving to a stand-alone operating business. Comparative information has been restated to conform with the presentation in the current period. Refer to Appendix – A4.0

4. The prior comparative period for BizCover reflects results effective from 1 February 2020

5. 360 Underwriting results are included within Australian Agencies from 1 December 2020

6. Altius sale effective 1 April 2021. Allied sale effective 1 April 2020

7. Net Corporate result includes corporate revenue and interest expense

8. AUB Group has complied with IFRIC's latest change in accounting policy interpretation with respect to configuration costs of Software as a Service (SaaS) arrangements. FY21 impact -$1.8mn Underlying NPAT, FY20 impact -$0.2mn Underlying NPAT. All prior comparative periods shown have been restated to conform with the presentation in the current period

AUSTRALIAN BROKING[7]

Profit contribution to AUB Group – Pre-tax ($mns) Commission and fee income (net) Premium Funding Interest Other Income Total Underlying Revenue_1_ Underlying Expenses_1_ UnderlyingEBIT_1_	FY21 FY20 Movement Movement (%) 381.4 343.0 38.4 11.2% 30.1 30.9 (0.8) (2.7%) 2.2 5.2 (3.0) (57.5%) 15.5 15.8 (0.3) (2.2%) 429.2 395.0 34.2 8.7% (292.4) (283.0) (9.3) 3.3% 136.8 112.0 24.9 22.2% 133.9 107.8 26.1 24.3% 72.0 59.1 12.9 21.8% 31.9% 28.3% n/a 360bps
Profit before tax & non-controlling interests (PBT&NCI) Net profit before tax attributable to equity holders ofparent entity
Underlying EBIT margin

==> picture [168 x 119] intentionally omitted <==

Underlying pre-tax profit for the year increased by 21.8% to $72.0mn (FY20: $59.1mn). This increase predominantly driven by organic growth as follows:
Increased Commercial Lines premiums averaging 6.2% over the period
Renegotiated major insurer agreements improving insurance commercials
Ongoing cost reductions due to network rationalisations
Acquisition-related profit growth included the investment in Experien (1 August 2020)
EBIT margin 31.9% up 360bps from FY20

FY20 to FY21 AUB Share PBT ($mns)[2]

PBT attributable to parent equity holders ($mns)[2]

==> picture [910 x 145] intentionally omitted <==

----- Start of picture text -----

21.8%
21.8%
72.0
72.0
2.8 2.2 0.7 59.1
52.4 54.2
11.6
59.1
FY20 Organic Growth [3] Acquisition Growth [4] Techology JobKeeper [6] FY21 FY18 FY19 FY20 FY21
Investment [5]
----- End of picture text -----

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

3. Organic growth attributable to equity holders of parent entity excludes Acquisitions growth, Technology investment and Job Keeper receipts

4. Acquisition growth includes the net effect of acquisitions, divestments, bolt-ons and increased equity stakes in FY21 vs FY20. Financing costs of Acquisitions are currently being held in Corporate Head Office

5. Technology Investment includes Austbrokers ExpressCover

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

7. Australian Broking has been restructured with BizCover moving to a stand-alone operating business. Comparative information has been restated to conform with the presentation in the current period. Refer to Appendix – A4.0

BIZCOVER[2,3]



Profit contribution to AUB Group – Pre-tax ($mns)	FY21	FY20 (5 months since acq only)	Movement	Movement (%)

Underlying Revenue1	58.7	19.6	39.1	199.9%
Underlying Expenses1	(36.7)	(11.9)	(24.8)	207.4%
Underlying EBIT1	22.0	7.6	14.4	188.1%
Profit before tax & non-controlling interests (PBT&NCI)	22.0	7.6	14.4	188.1%
Net profit before tax attributable to equity holders ofparent entity	8.9	3.1	5.8	190.0%
Underlying EBIT margin	37.5%	39.0%	n/a	(150bps)

==> picture [168 x 119] intentionally omitted <==

Underlying pre-tax profit for the year increased by 190.0% to $8.9mn (FY20: $3.1mn):
FY20 included 5 months of BizCover (investment 1 February 2020)
Organic profit growth was assisted by operating leverage and scalability of the platform, and strong revenue growth

Since AUB Group’s investment in Feb’20 (excludes JobKeeper)

Cumulative Revenue ($mns)

==> picture [436 x 157] intentionally omitted <==

----- Start of picture text -----

Cumulative Revenue ($mns)
34%
Prior period Feb’19-Jun’20
Since ownership Feb’20-Jun’21
Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
----- End of picture text -----

Cumulative PBT ($mns)

~~69%~~ Prior period Feb’19-Jun’20 Since ownership Feb’20-Jun’21

==> picture [168 x 119] intentionally omitted <==

AUSTRALIAN AGENCIES



Profit contribution to AUB Group – Pre-tax ($mns)	FY21	FY20	Movement	Movement (%)
Commission and fee income (net) Interest Other income	68.7 0.3 4.5	55.8 0.5 3.0	13.0 (0.3) 1.5	23.3% (52.1%) 50.7%
Total Underlying Revenue1,7 Underlying Expenses1,6,7 UnderlyingEBIT1,6,7 Profit before tax & non-controlling interests (PBT&NCI)6,7	73.5 (50.1) 23.4 22.1	59.3 (41.0) 18.4 16.5	14.2 (9.1) 5.1 5.6	24.0% 22.3% 27.7% 34.1%
Net profit before tax attributable to equity holders ofparent entity6,7	14.8	13.0	1.8	13.9%
Underlying EBIT Margin6,7	31.9%	30.9%	n/a	100bps

Underlying pre-tax profit for the year increased by 13.9% to $14.8mn (FY20: $13.0mn):
COVID-19 impacted clients in the Hospitality, Bus and Coach and Film & Entertainment industries during a transitional year
The investment in 360 Underwriting Solutions from 1 December 2020, is accelerating AUB Group’s scale in Agencies
EBIT margin 31.9% up 100bps from FY21

FY20 to FY21 AUB Share PBT ($mns)[2,6,7]

PBT attributable to parent equity holders ($mns)[2,6,7]

==> picture [862 x 163] intentionally omitted <==

----- Start of picture text -----

13.9% 13.9%
15.0% 16.3
14.8
15.6 13.1 13.0
13.6 13.0 2.3 0.7 0.4 0.8 14.8
0.6
FY20 FY20 FY20 restated Organic Acquisition Financing FY21 FY21 FY21 restated FY18 FY19 FY20 FY21
excluding Accounting for Accounting Growth [3] Growth [4] costs of excluding Accounting for Accounting
Accounting Policy Change Policy change Acquisitions [5] Accounting Policy Change Policy Change
Policy Change - SaaS [6] Policy Change - SaaS [6]
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
----- End of picture text -----

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

3. Organic growth attributable to equity holders of parent entity excludes Acquisitions growth

4. Acquisition growth includes the net effect of acquisitions, divestments and increased equity stakes in FY21 vs FY20

5. Represents the interest paid on borrowings to fund acquisitions net of interest received on proceeds from divestments

6. AUB Group has complied with IFRIC's latest change in accounting policy interpretation with respect to configuration costs of Software as a Service (SaaS) arrangements. FY21 Australian Agencies impact -$0.8mn PBT reduction (FY20: -$0.6mn PBT reduction) 7. 360 Underwriting results are included within Australian Agencies from 1 December 2020

NEW ZEALAND



Profit contribution to AUB Group – Pre-tax ($mns)	FY21	FY20	Movement	Movement (%)
Commission and fee income (net) Premium Funding Interest	53.8 3.6 0.2	53.4 3.8 0.5	0.4 (0.2) (0.4)	0.7% (4.8%) (65.6%)
Other Income Total Underlying Revenue1 Underlying Expenses1,6 UnderlyingEBIT1,6	1.0 58.6 (41.7) 16.9	0.8 58.5 (39.3) 19.2	0.2 0.1 (2.3) (2.3)	26.5% 0.1% 6.0% (11.9%)
Profit before tax & non-controlling interests (PBT&NCI)6 Net profit before tax attributable to equity holders ofparent entity6	14.7 10.6	16.2 12.2	(1.4) (1.6)	(8.7%) (13.2%)
Underlying EBIT margin6	28.9%	32.8%	n/a	(390bps)

==> picture [168 x 119] intentionally omitted <==

Underlying pre-tax profit for the year decreased by 13.2% to $10.6mn (FY20: $12.2mn). This decrease was primarily due to the impact of a change in accounting treatment of technology project costs ($1.9mn). Excluding this, pre-tax profit for the year increased by 3.6% to $12.5mn
The broking market remains competitive, with a good pipeline of new client and acquisition opportunities
Flat premium rates continued to be observed
NZbrokers (member services) major investment in technology to support broker productivity and new regulatory compliance, enhancing the offering to our NZbrokers’ members (equity and non-equity)

FY20 to FY21 AUB Share PBT ($mns)[2,6]

PBT attributable to parent equity holders ($mns)[2,6]

==> picture [879 x 177] intentionally omitted <==

----- Start of picture text -----

-13.2%
-13.2%
3.6%
12.2
12.1 12.2 12.5 10.6
0.1 0.1 0.5 0.1
1.9 10.6 8.7
6.2
FY20 FY20 FY20 restated Organic Acquisition Financing FY21 FY21 FY21 restated FY18 FY19 FY20 FY21
excluding Accounting for Accounting Growth [3] Growth [4] costs of excluding Accounting for Accounting
Accounting Policy Change Policy change Acquisitions [5] Accounting Policy Change Policy Change
Policy Change - SaaS [6] Policy Change - SaaS [6]
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
----- End of picture text -----

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

3. Organic growth attributable to equity holders of parent entity excludes Acquisitions growth

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

5. Represents the interest paid on borrowings to fund acquisitions net of interest received on proceeds from divestments

BALANCE SHEET AND CAPITAL POSITION

==> picture [168 x 119] intentionally omitted <==

Consolidated Balance Sheet Overview ($mns)	FY21	FY201	Movement
Cash – Corporate	21.4	36.1	(14.7)
Cash – Consolidated	76.6	84.4	(7.8)
Cash – Trust (Consolidated)	205.2	158.8	46.4
Interest-bearing loans and borrowings – Corporate	182.0	192.0	(10.0)
Interest-bearing loans and borrowings – Consolidated	212.3	231.8	(15.5)
Investment in Associates	280.6	271.0	9.6
Intangible assets and goodwill	469.7	382.9	86.8
Total Assets	1,146.1	1,020.3	125.8
Total Liabilities	547.8	529.9	17.9
Total Equity	598.3	490.4	107.9

The Group continues to be strongly cash-generative
Intangible assets and goodwill increased due to 360 and Experien acquisitions, partially offset by the Altius disposal

1. FY20 has been restated as a result of an accounting policy change, refer to Note 2.2 within the AUB Group Financial Report

AUB GROUP DEBT

==> picture [168 x 119] intentionally omitted <==

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

==> picture [507 x 155] intentionally omitted <==

----- Start of picture text -----

255.2
20.0 10.1 4.2 2.5 238.4
17.5
43.2
39.0
192.0 181.9
Total AUB Group Corporate Debt [2] Consolidated Entity Associates Total AUB Group
Debt 30 June 2020 Debt 30 June 2021 [6]
Associates Debt (look through) Consolidated Entities Debt (look through) Corporate Debt
----- End of picture text -----

AUB Group Leverage Ratio[3]

==> picture [526 x 121] intentionally omitted <==

----- Start of picture text -----

2.47
Average 1.92
1.99
7
1.79 1.80 7
1.53
FY17 FY18 FY19 FY20 FY21
----- End of picture text -----

==> picture [228 x 133] intentionally omitted <==

----- Start of picture text -----

28.5%
FY21 AUB Group Gearing
Ratio [4]
(FY20 34.2%)
----- End of picture text -----

==> picture [228 x 133] intentionally omitted <==

----- Start of picture text -----

16.3:1
FY21 AUB Group Interest
Cover Ratio [5]
(FY20 12.4:1)
----- End of picture text -----

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

A1.0 RECONCILIATION OF REPORTED NPAT TO UNDERLYING NPAT[1]

==> picture [168 x 119] intentionally omitted <==

	FY21 ($000)	FY20 ($000)	Movement (%)
Net Profit after tax attributable to equity holders of theparent	70,621	46,984	50.3%
Add back/(less):
Share of Amortisation of brokingregisters9	10,948	7,114
Adjustments to value of entities (to fair value) on the day they became controlled entities8	(3,851)	(2,862)
Remeasurement of put option liability (net of Interest unwind)6	5,587	(3,861)
Share of impairment charge3	2,679	3,578
Share of movements in contingent consideration,net of impairment charge2	(372)	(476)
(Profit)/ Loss on deconsolidation of controlled entity4	(18,138)	2,899
Capital losses not previously recognised5	(1,791)	(2,250)
Share of Profit from sale or dilution of interests in associates, controlled entities and broking portfolios7	(2,050)	(961)
Share of Impairment of the Right of Use Asset and Onerous Lease Expense3	611	1,785
Share of Legal, due diligence and debt costs	1,057	1,202
Underlying Net Profit After Tax	65,301	53,152	22.9%

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 an investment or asset exceeds the fair value or value in use an impairment expense/onerous lease 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. Deferred capital losses can only be recognised to the extent the business can demonstrate recovery. As the Group's strategy is to hold its investments, the Group's capital losses are not generally carried forward

6. Includes 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]

==> picture [168 x 119] intentionally omitted <==

	FY21 ($’000)	FY20 ($’000)	Movement FY($’000)	Movement FY(%)
Australian Brokingrevenue2	429,183	395,005	34,178	8.7%
Australian Broking expenses2	(292,360)	(283,045)	(9,315)	3.3%
EBIT - Australian Broking2	136,823	111,960	24,863	22.2%
BizCover revenue2,3	58,732	19,586	39,146	199.9%
BizCoverexpenses2,3	(36,710)	(11,943)	(24,767)	207.4%
EBIT - BizCover2,3	22,022	7,643	14,379	188.1%
New Zealandrevenue	58,602	58,537	65	0.1%
New Zealand expenses4	(41,667)	(39,318)	(2,349)	6.0%
EBIT - New Zealand4	16,935	19,219	(2,284)	-11.9%
Australian Agenciesrevenue	73,535	59,322	14,213	24.0%
Australian Agencies expenses4	(50,098)	(40,971)	(9,127)	22.3%
EBIT - Australian Agencies4	23,437	18,351	5,086	27.7%
Health&Rehabilitation revenue	31,758	51,418	(19,660)	-38.2%
Health&Rehabilitationexpenses	(25,928)	(44,142)	18,214	-41.3%
EBIT - Health & Rehabilitation	5,830	7,276	(1,446)	-19.9%
Total revenue-operating entities	651,810	583,868	67,942	11.6%
Totalexpenses-operating entities4	(446,763)	(419,418)	(27,345)	6.5%
EBIT -operating entities4	205,047	164,450	40,597	24.7%
Corporaterevenue	3,557	4,487	(930)	-20.7%
Corporate expenses	(14,769)	(15,879)	1,110	-7.0%
EBIT –Corporate	(11,212)	(11,392)	180	-1.6%
Total -Grouprevenue	655,367	588,355	67,012	11.4%
Total -Group expenses4	(461,532)	(435,297)	(26,235)	6.0%
Total - EBITbefore NCI	193,835	153,058	40,777	26.6%
Interest expense-Operating entities	(6,459)	(9,224)	2,765	-30.0%
Interest expense–Corporate	(4,892)	(3,886)	(1,006)	25.9%
Total- Interest expense	(11,351)	(13,110)	1,759	-13.4%
Profit before NCI	182,484	139,948	42,536	30.4%
Non-Controlling Interest (NCI)	(88,085)	(63,712)	(24,373)	38.3%
Underlying Net profit before tax4	94,399	76,236	18,163	23.8%
Income tax expense	(29,098)	(23,084)	(6,014)	26.1%
Underlying NPAT4	65,301	53,152	12,149	22.9%

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 used by management and the board to review business performance

2. Australian Broking has been restructured with BizCover moving to a stand-alone operating business. Comparative information has been restated to conform with the presentation in the current period

3. The prior comparative period for BizCover reflects results effective from 1 February 2020

4. AUB Group has complied with IFRIC's latest change in accounting policy interpretation with respect to configuration costs of Software as a Service (SaaS) arrangements. FY21 New Zealand impact -$1.9mn EBIT reduction (FY20: $0.1mn EBIT increase), FY21 Australian Agencies impact -$0.8mn EBIT reduction (FY20: -$0.6mn EBIT reduction) and FY21 Corporate impact $0.2mn EBIT increase (FY20 Corporate impact $0.1mn EBIT increase)

A2.2 MANAGEMENT PRESENTATION OF RESULTS[1]

==> picture [168 x 119] intentionally omitted <==

	FY21 ($’000)	FY20 ($’000)	Movement FY($’000)	Movement FY(%)
Australian Brokingrevenue2	429,183	395,005	34,178	8.7%
Australian Broking expenses2	(295,285)	(287,241)	(8,044)	2.8%
Net profit- Australian Broking2	133,898	107,764	26,134	24.3%
Profit attributable to otherequityinterests	(61,932)	(48,674)	(13,258)	27.2%
Australian Broking net profit2	71,966	59,090	12,876	21.8%
BizCover revenue2,3	58,732	19,586	39,146	199.9%
BizCoverexpenses2,3	(36,710)	(11,943)	(24,767)	207.4%
Net profit- BizCover2,3	22,022	7,643	14,379	188.1%
Profit attributable to otherequityinterests	(13,156)	(4,586)	(8,570)	186.9%
BizCover net profit2,3	8,866	3,057	5,809	190.0%
New Zealandrevenue	58,602	58,537	65	0.1%
New Zealand expenses4	(43,862)	(42,385)	(1,477)	3.5%
Net profit- New Zealand4	14,740	16,152	(1,412)	-8.7%
Profit attributable to otherequityinterests	(4,169)	(3,967)	(202)	5.1%
New Zealand net profit4	10,571	12,186	(1,614)	-13.2%
Australian Agenciesrevenue	73,535	59,322	14,213	24.0%
Australian Agencies expenses4	(51,432)	(42,836)	(8,596)	20.1%
Net profit– Agencies4	22,103	16,486	5,617	34.1%
Profit attributable to otherequityinterests	(7,264)	(3,460)	(3,804)	109.9%
Australian Agencies net profit4	14,839	13,026	1,813	13.9%
Health&Rehabilitation revenue	31,758	51,418	(19,660)	-38.2%
Health&Rehabilitationexpenses	(25,933)	(44,238)	18,305	-41.4%
Net profit- Health&Rehabilitation	5,825	7,180	(1,355)	-18.9%
Profit attributable to otherequityinterests	(1,565)	(3,025)	1,460	-48.3%
Health & Rehabilitation net profit	4,260	4,155	105	2.5%
Net profit before corporate income / expenses4	110,503	91,513	18,989	20.8%
Corporate expenses4	(14,758)	(15,718)	960	-6.1%
Acquisitionexpenses	(11)	(161)	150	-93.2%
Corporatefinance costs	(4,892)	(3,886)	(1,006)	25.9%
Corporaterevenue	3,557	4,487	(930)	-20.7%
Net corporate result4	(16,104)	(15,278)	(826)	5.4%
Net profit before tax4	94,399	76,236	18,163	23.8%
Income taxexpense	(29,098)	(23,084)	(6,014)	26.1%
Underlying NPAT4	65,301	53,152	12,149	22.9%

3. The prior comparative period for BizCover reflects results effective from 1 February 2020

A2.3 MANAGEMENT PRESENTATION OF RESULTS[1]

==> picture [168 x 119] intentionally omitted <==

	FY21 ($’000)	2H21 ($’000)	1H21 ($’000)	FY20 ($’000)	2H20 ($’000)	1H20 ($’000)	FY19 ($’000)	2H19 ($’000)	1H19 ($’000)	FY18 ($’000)	2H18 ($’000)	1H18 ($’000)	FY17 ($’000)	2H17 ($’000)	1H17 ($’000)
Australian Broking revenue2	429,183	223,723	205,460	395,005	207,053	187,952	378,339	198,745	179,594	366,929	198,714	168,215	336,761	181,405	155,356
Australian Broking expenses2	(292,360)	(152,851)	(139,509)	(283,045)	(143,009)	(140,036)	(272,823)	(138,211)	(134,612)	(263,783)	(136,281)	(127,502)	(244,371)	(126,374)	(117,996)
EBIT - Australian Broking2	136,823	70,872	65,951	111,960	64,044	47,916	105,516	60,534	44,982	103,146	62,433	40,713	92,390	55,031	37,360
BizCover revenue2,3	58,732	30,785	27,947	19,586	19,586	-	-	-	-	-	-	-	-	-	-
BizCover expenses2,3	(36,710)	(19,543)	(17,167)	(11,943)	(11,943)	-	-	-	-	-	-	-	-	-	-
EBIT - BizCover2,3	22,022	11,242	10,780	7,643	7,643	-	-	-	-	-	-	-	-	-	-
New Zealand revenue	58,602	31,314	27,288	58,537	31,109	27,428	50,642	28,324	22,318	42,434	24,254	18,180	38,412	20,449	17,963
New Zealand expenses4	(41,667)	(21,640)	(20,027)	(39,318)	(20,310)	(19,007)	(34,137)	(18,865)	(15,272)	(27,123)	(15,267)	(11,856)	(25,057)	(12,829)	(12,228)
EBIT - New Zealand4	16,935	9,674	7,261	19,219	10,799	8,421	16,505	9,459	7,046	15,311	8,987	6,324	13,355	7,620	5,735
Australian Agencies revenue	73,535	44,248	29,287	59,322	30,169	29,153	61,419	32,701	28,718	56,585	30,752	25,833	56,317	31,281	25,036
Australian Agencies expenses4	(50,098)	(28,821)	(21,277)	(40,971)	(19,419)	(21,552)	(39,861)	(19,247)	(20,614)	(37,695)	(18,087)	(19,608)	(37,318)	(19,521)	(17,797)
EBIT - Australian Agencies4	23,437	15,427	8,010	18,351	10,750	7,601	21,558	13,454	8,104	18,890	12,665	6,225	18,999	11,760	7,239
Health & Rehabilitation revenue	31,758	10,814	20,944	51,418	23,885	27,533	51,183	25,016	26,167	58,746	29,349	29,397	56,756	29,690	27,066
Health & Rehabilitation expenses	(25,928)	(8,977)	(16,951)	(44,142)	(19,964)	(24,178)	(48,878)	(24,415)	(24,463)	(48,560)	(25,282)	(23,278)	(45,004)	(23,322)	(21,682)
EBIT - Health & Rehabilitation	5,830	1,837	3,993	7,276	3,921	3,355	2,305	601	1,704	10,186	4,067	6,119	11,752	6,368	5,384
Total revenue - operatingentities	651,810	340,884	310,926	583,868	311,802	272,066	541,583	284,786	256,797	524,694	283,069	241,625	488,246	262,825	225,421
Total expenses - operating entities4	(446,763)	(231,832)	(214,931)	(419,418)	(214,646)	(204,773)	(395,699)	(200,737)	(194,961)	(377,161)	(194,916)	(182,245)	(351,749)	(182,046)	(169,703)
EBIT - operating entities4	205,047	109,052	95,995	164,450	97,156	67,293	145,884	84,049	61,836	147,533	88,153	59,380	136,497	80,779	55,718
Corporate revenue	3,557	1,419	2,138	4,487	2,030	2,457	4,545	3,309	1,236	2,187	1,104	1,083	2,248	1,180	1,068
Corporate expenses4	(14,769)	(7,459)	(7,310)	(15,879)	(8,898)	(6,980)	(13,712)	(7,559)	(6,153)	(14,141)	(7,849)	(6,292)	(13,640)	(6,357)	(7,283)
EBIT – Corporate	(11,212)	(6,040)	(5,172)	(11,392)	(6,868)	(4,523)	(9,167)	(4,250)	(4,917)	(11,954)	(6,745)	(5,209)	(11,392)	(5,177)	(6,215)
Total - Grouprevenue	655,367	342,303	313,064	588,355	313,832	274,523	546,128	288,095	258,033	526,881	284,173	242,708	490,494	264,005	226,489
Total - Groupexpenses4	(461,532)	(239,291)	(222,241)	(435,297)	(223,544)	(211,753)	(409,410)	(208,296)	(201,115)	(391,303)	(202,765)	(188,537)	(365,389)	(188,403)	(176,986)
Total - EBIT before NCI	193,835	103,012	90,823	153,058	90,288	62,770	136,718	79,799	56,918	135,578	81,408	54,171	125,105	75,602	49,503
Interest expense - Operatingentities	(6,459)	(2,850)	(3,609)	(9,224)	(3,365)	(5,859)	(9,672)	(5,308)	(4,364)	(8,225)	(4,271)	(3,954)	(7,491)	(3,948)	(3,543)
Interest expense – Corporate	(4,892)	(2,350)	(2,542)	(3,886)	(2,457)	(1,429)	(3,732)	(2,316)	(1,416)	(2,353)	(1,494)	(859)	(1,762)	(912)	(850)
Total - Interest expense	(11,351)	(5,200)	(6,151)	(13,110)	(5,822)	(7,288)	(13,404)	(7,624)	(5,780)	(10,578)	(5,765)	(4,813)	(9,253)	(4,860)	(4,393)
Profit before NCI4	182,484	97,812	84,672	139,948	84,466	55,482	123,314	72,175	51,138	125,000	75,643	49,358	115,851	70,742	45,110
Non - ControllingInterest(NCI)	(88,085)	(47,160)	(40,925)	(63,712)	(38,672)	(25,040)	(56,002)	(29,177)	(26,825)	(62,143)	(35,779)	(26,364)	(58,411)	(34,484)	(23,927)
Underlying Netprofit before tax4	94,399	50,652	43,747	76,236	45,794	30,442	67,312	42,998	24,314	62,857	39,863	22,994	57,440	36,257	21,183
Income tax expense	(29,098)	(15,358)	(13,740)	(23,084)	(13,725)	(9,359)	(20,593)	(13,179)	(7,414)	(19,329)	(12,306)	(7,022)	(17,518)	(10,853)	(6,665)
Underlying NPAT4	65,301	35,294	30,007	53,152	32,069	21,083	46,719	29,819	16,900	43,529	27,557	15,972	39,922	25,404	14,518

3. The prior comparative period for BizCover reflects results effective from 1 February 2020

4. AUB Group has complied with IFRIC's latest change in accounting policy interpretation with respect to configuration costs of Software as a Service (SaaS) arrangements. All prior comparative periods shown have been restated to conform with the presentation in the current period

A2.4 MANAGEMENT PRESENTATION OF RESULTS[1]

==> picture [168 x 119] intentionally omitted <==

	FY21 ($’000)	2H21 ($’000)	1H21 ($’000)	FY20 ($’000)	2H20 ($’000)	1H20 ($’000)	FY19 ($’000)	2H19 ($’000)	1H19 ($’000)	FY18 ($’000)	2H18 ($’000)	1H18 ($’000)	FY17 ($’000)	2H17 ($’000)	1H17 ($’000)
Australian Brokingrevenue2	429,183	223,723	205,460	395,005	207,053	187,952	378,339	198,745	179,594	366,929	198,714	168,215	336,761	181,405	155,356
Australian Broking expenses2	(295,285)	(154,205)	(141,080)	(287,241)	(144,208)	(143,033)	(277,427)	(140,661)	(136,766)	(267,845)	(138,350)	(129,495)	(248,113)	(128,412)	(119,701)
Net profit- Australian Broking2	133,898	69,518	64,380	107,764	62,845	44,919	100,912	58,084	42,828	99,084	60,364	38,720	88,648	52,994	35,655
Profit attributable to other equity interests2	(61,932)	(32,533)	(29,399)	(48,674)	(28,311)	(20,363)	(46,694)	(25,676)	(21,018)	(46,648)	(27,032)	(19,616)	(41,875)	(24,609)	(17,266)
Australian Broking netprofit2	71,966	36,985	34,981	59,090	34,534	24,556	54,218	32,408	21,810	52,436	33,332	19,104	46,773	28,385	18,389
BizCover revenue2,3	58,732	30,785	27,947	19,586	19,586	-	-	-	-	-	-	-	-	-	-
BizCover expenses2,3	(36,710)	(19,543)	(17,167)	(11,943)	(11,943)	-	-	-	-	-	-	-	-	-	-
Netprofit – BizCover2,3	22,022	11,242	10,780	7,643	7,643	-	-	-	-	-	-	-	-	-	-
Profit attributable to otherequityinterests2,3	(13,156)	(6,709)	(6,447)	(4,586)	(4,586)	-	-	-	-	-	-	-	-	-	-
BizCover netprofit2,3	8,866	4,533	4,333	3,057	3,057	-	-	-	-	-	-	-	-	-	-
New Zealand revenue	58,602	31,314	27,288	58,537	31,109	27,428	50,642	28,324	22,318	42,434	24,253	18,181	38,412	20,449	17,963
New Zealand expenses4	(43,862)	(22,738)	(21,124)	(42,385)	(21,682)	(20,702)	(37,157)	(20,691)	(16,466)	(29,419)	(16,485)	(12,934)	(27,166)	(13,887)	(13,279)
Netprofit - New Zealand4	14,740	8,576	6,164	16,152	9,427	6,726	13,485	7,633	5,852	13,015	7,768	5,247	11,246	6,562	4,684
Profit attributable to other equityinterests4	(4,169)	(2,470)	(1,699)	(3,967)	(2,267)	(1,700)	(4,797)	(1,931)	(2,866)	(6,813)	(4,285)	(2,528)	(5,788)	(3,607)	(2,181)
New Zealand netprofit4	10,571	6,106	4,465	12,186	7,160	5,026	8,688	5,703	2,985	6,202	3,483	2,718	5,458	2,955	2,503
Australian Agencies revenue	73,535	44,248	29,287	59,322	30,169	29,153	61,419	32,701	28,718	56,585	30,752	25,833	56,317	31,281	25,036
Australian Agencies expenses4	(51,432)	(29,217)	(22,215)	(42,836)	(20,315)	(22,521)	(41,741)	(20,182)	(21,559)	(39,437)	(19,017)	(20,420)	(38,791)	(20,279)	(18,512)
Netprofit - Agencies4	22,103	15,031	7,072	16,486	9,854	6,632	19,678	12,519	7,159	17,148	11,735	5,413	17,526	11,002	6,524
Profit attributable to other equityinterests4	(7,264)	(5,061)	(2,203)	(3,460)	(1,864)	(1,596)	(3,339)	(1,242)	(2,097)	(4,096)	(2,528)	(1,568)	(5,617)	(3,431)	(2,186)
Australian Agencies netprofit4	14,839	9,970	4,869	13,026	7,990	5,036	16,339	11,277	5,062	13,052	9,207	3,845	11,909	7,571	4,338
Health & Rehabilitation revenue	31,758	10,814	20,944	51,418	23,885	27,533	51,183	25,016	26,167	58,746	29,349	29,397	56,756	29,690	27,066
Health&Rehabilitationexpenses	(25,933)	(8,979)	(16,954)	(44,238)	(19,862)	(24,376)	(49,046)	(24,512)	(24,534)	(48,685)	(25,334)	(23,351)	(45,171)	(23,417)	(21,754)
Netprofit - Health & Rehabilitation	5,825	1,835	3,990	7,180	4,023	3,157	2,137	504	1,633	10,061	4,015	6,046	11,585	6,273	5,312
Profit attributable to other equityinterests	(1,565)	(388)	(1,177)	(3,025)	(1,644)	(1,381)	(1,171)	(328)	(843)	(4,586)	(1,935)	(2,651)	(5,133)	(2,838)	(2,294)
Health & Rehabilitation netprofit	4,260	1,447	2,813	4,155	2,379	1,776	966	176	790	5,475	2,080	3,395	6,453	3,435	3,018
Net profit before corporate income / expenses	110,503	59,041	51,461	91,513	55,119	36,395	80,211	49,563	30,647	77,165	48,103	29,062	70,593	42,346	28,248
Corporate expenses4	(14,758)	(7,452)	(7,306)	(15,718)	(8,738)	(6,979)	(13,029)	(7,382)	(5,647)	(13,971)	(6,820)	(7,151)	(13,378)	(5,245)	(8,133)
Acquisition expenses	(11)	(7)	(4)	(161)	(161)	-	(683)	(177)	(506)	(170)	(170)	-	(262)	(262)	-
Corporate finance costs	(4,892)	(2,350)	(2,542)	(3,886)	(2,456)	(1,430)	(3,732)	(2,316)	(1,416)	(2,353)	(2,353)	-	(1,762)	(1,762)	-
Corporate revenue	3,557	1,419	2,138	4,487	2,030	2,457	4,545	3,309	1,236	2,187	1,104	1,083	2,248	1,180	1,068
Net corporate result4	(16,104)	(8,390)	(7,714)	(15,277)	(9,325)	(5,952)	(12,899)	(6,566)	(6,333)	(14,307)	(8,239)	(6,068)	(13,154)	(6,089)	(7,065)
Netprofit before tax4	94,399	50,652	43,747	76,236	45,794	30,442	67,312	42,998	24,314	62,857	39,864	22,994	57,440	36,257	21,183
Income tax expense	(29,098)	(15,358)	(13,740)	(23,084)	(13,725)	(9,359)	(20,593)	(13,179)	(7,414)	(19,328)	(12,306)	(7,022)	(17,518)	(10,853)	(6,665)
Underlying NPAT4	65,301	35,294	30,007	53,152	32,069	21,083	46,719	29,819	16,900	43,529	27,558	15,972	39,922	25,404	14,518

3. The prior comparative period for BizCover reflects results effective from 1 February 2020

A3.0 CONSOLIDATED CASH FLOW STATEMENT[1]

==> picture [168 x 119] intentionally omitted <==

	FY212 ($’000)	FY201,2 ($’000)
Cash flows from operations	83,840	77,995

Cash flows from investing activities
Acquisitions	(26,859)	(148,279)
Salesproceeds(net of cash reduced on deconsolidation)	49,526	1,094
Plant equipment / Other	2,752	(1,274)
Payments for deferred settlements	(2,186)	(5,398)
	23,233	(153,857)
Cash flows from financing activities
Dividends	(60,358)	(28,975)
Net borrowings	(10,245)	127,941
Repayment of lease liabilities	(9,346)	(9,168)
Acquisitions	(19,497)	(3,692)
Saleproceeds	2,458	1,250
	(96,988)	87,356
Net increase/(decrease)in broker trust account cash	28,746	12,114
Net increase/(decrease) in cash	38,831	23,608
Cash and cash equivalents at beginningof theperiod	243,151	219,997
Impact as a result of foreign exchange	(162)	(454)
Total cash	281,820	243,151

1. FY20 has been restated as a result of an accounting policy change, refer to Note 2.2 within the AUB Group Annual Report

2. Cash flows from transactions between owners which do not lead the Group gaining or losing control of an entity has been classified in the current year as a financing activity. Comparative information has been revised to conform with the current year's presentation

==> picture [168 x 119] intentionally omitted <==

A4.0 AUSTBROKERS RESTRUCTURE AND BIZCOVER REALIGNMENT[1,2,3]

Net Profit before tax attributable to equity holders of parent entity as previously reported	FY21 ($000)	2H21 ($000)	1H21 ($000)	FY20 ($000)	2H20 ($000)	1H20 ($000)

Australian Broking	80,832	41,518	39,314	62,147	37,591	24,556

BizCover re-alignment out of Austbrokers	FY21 ($000)	2H21 ($000)	1H21 ($000)	FY20 ($000)	2H20 ($000)	1H20 ($000)

BizCover	8,866	4,533	4,333	3,057	3,057	-

Net Profit before tax attributable to equity holders of parent entity restated	FY21 ($000)	2H21 ($000)	1H21 ($000)	FY20 ($000)	2H20 ($000)	1H20 ($000)

Australian Broking	71,966	36,985	34,981	59,090	34,534	24,556

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.

==> picture [960 x 119] intentionally omitted <==

Appendices

B. AUB Group Business Overview

==> picture [132 x 49] intentionally omitted <==

AUB GROUP – AN OVERVIEW

==> picture [168 x 119] intentionally omitted <==

Full complement of services and technology supporting the Austbrokers network of 50 brokerages
Established complementary capabilities in Life Insurance Broking, Premium Funding, Claims Management, Legal Services, Loss Adjustment, and
AUSTRALIAN Investigations. BROKING  Austplacements: support complex placements for member brokers in local and international markets
The Insurance Alliance: a non-equity membership network for independent brokers seeking to take advantage of the AUB Group capabilities and offerings
Design, distribute and manage insurance products and portfolios via 27
AUSTAGENCIES agencies on behalf of locally licensed insurers and Lloyd’s syndicates  Austagencies includes the 360 Underwriting and SURA Specialty portfolios

$4.0BN+ GWP

INSURANCE BROKING OF $3.4BN VIA EQUITY AND NETWORK PARTNERS | SPECIALIST AGENCIES $0.6BN

~ ~850K 1.6MN >500 CLIENTS POLICIES LOCATIONS

55 27 EQUITY-PARTNER BROKING SPECIALIST AGENCIES BUSINESSES

 AUB operates NZbrokers, the largest broker management group in NZ with 49 members (including 42 non-equity members) NEW ZEALAND  In addition, AUB has equity investments in 5 major broker partners, 2 underwriting agencies, and 1 platform

 BizCover is Australia’s leading digital SME insurance platform with multichannel presence and a comprehensive insurance offering

 ExpressCover is Australia’s newest and most advanced SME insurance BIZCOVER platform utilising the BizCover quote and bind engine  Investments underway in AU&NZ Insurtech platforms to assist brokers and agencies

35YRS 15 OF ACTIVE PARTNERSHIP STRATEGIC INSURANCE EXPERIENCE PARTNERSHIPS AND ACCESS TO INTERNATIONAL PLACEMENTS VIA AUSTPLACEMENTS

3,000 STAFF

Helping our clients to safeguard a stronger, protected future…

1. All data as at 30 June 2021

DIVISIONAL OVERVIEW: AUSTRALIAN BROKING

==> picture [168 x 119] intentionally omitted <==

OVERVIEW

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 ~2,200 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 50 brokerages in the market and generates over $2.6bn 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.

==> picture [545 x 309] intentionally omitted <==

----- Start of picture text -----

50
~$2.6bn 65% partner businesses ~520,000
contribution to
in premium [2] with equity clients
group revenue [1]
ownership
~880,000 ~355 ~2,200
policies locations staff
----- End of picture text -----

1. Excludes AUB Group Corporate Revenue

2. Includes BizCover premium

DIVISIONAL OVERVIEW: BIZCOVER

ESTABLISHED IN SME INSURANCE MARKET

Positioned for ongoing growth – multi-channel presence underpinned by a comprehensive offering

==> picture [168 x 119] intentionally omitted <==

==> picture [685 x 371] intentionally omitted <==

----- Start of picture text -----

BizCover
Multi-channel market penetration leverages market leading platform while investment in brand drives operational leverage
BizCover Direct White-label BizCover for Brokers ExpressCover
Multi-product offerings across all major Commercial insurance risks provide comprehensive SME insurance offerings
Business Pack Professional Management
 Business InterruptionEmployee fraud & Indemnity Public Liability Liability (D&O) Households
dishonesty
 Tax Audit Personal Accident Cyber Liability Motor – Private and Landlords
 Commercial
Commercial Property
Available To-be-launched in 2022
Partnerships with leading global and domestic insurers deliver on shared objectives of efficiency and client satisfaction
Channel
Products
Insurer
----- End of picture text -----

==> picture [186 x 375] intentionally omitted <==

----- Start of picture text -----

Leading full lifecycle SME
insurance platform in AU and
NZ – operates across entire
value chain, no underwriting
risk
Lifetime Value/Customer
Acquisition Cost
>3
NPS Score
+72
Over a decade of
investment to create a
highly scalable market-
leading platform and
business model
----- End of picture text -----

DIVISIONAL OVERVIEW: AUSTRALIAN AGENCIES

==> picture [168 x 119] intentionally omitted <==

OVERVIEW

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 27 specialist agencies, driving ~$600mn in premium, ~90,000 policies to ~90,000 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, Tasman Underwriting and 360 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.

==> picture [545 x 309] intentionally omitted <==

----- Start of picture text -----

~600mn 11% 27 ~90,000
contribution to Specialist agencies
in premium clients
group revenue [1]
Centralised
~90,000 ~12 ~300 specialist claim
policies locations staff capabilities
----- End of picture text -----

1. Excludes AUB Group Corporate Revenue

==> picture [168 x 119] intentionally omitted <==

DIVISIONAL OVERVIEW: NEW ZEALAND

==> picture [545 x 365] intentionally omitted <==

----- Start of picture text -----

~$831mn 5 Brokers
in premium 9% 2 Agencies ~200,000
contribution to 1 member network
(21% of AUB Group clients
Premium) group revenue [1] 1 Platform
88 businesses
~550,000 ~150 ~950 within NZbrokers
network
policies locations staff
----- End of picture text -----

OVERVIEW

5 Broking businesses including Insurance Advisernet NZ
Selectively invest in high-performing broking businesses delivering ~$650mn in premium & an additional $145mn in IA NZ

 2 underwriting agencies

o Selectively invest in high-performing underwriting agency businesses – investments in Rosser Underwriting Agency ~$32mn premium and TLC Insurance ~$25mn premium

 The NZbrokers network

o NZbrokers is New Zealand’s largest insurance broking collective, representing over 49 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; serving a network of independent brokers consolidating to achieve scale

1. Excludes AUB Group Corporate Revenue

ESG: FY21 HIGHLIGHTS

Significant changes to enhance employee welfare, deliver on clients’ needs, and support the communities in which we operate

==> picture [168 x 119] intentionally omitted <==

Employees

. .

4/1 work from home (4 days a week) program introduced
$1,500 one-off work-from-home & fortnightly allowances
Officevibe – digital employee survey & feedback platform - implemented; Employee Net Promoter Score up from 5 to 17 since Officevibe launch in August 2020
Incentives provided for exercise challenges
Leave incentives to encourage Covid19 vaccination
18,000 training hours
Women in Insurance cadetship program - encourage women to join the sector - first candidates Q2FY22

==> picture [11 x 84] intentionally omitted <==

==> picture [88 x 11] intentionally omitted <==

AUB Group ESG Framework

==> picture [273 x 295] intentionally omitted <==

==> picture [11 x 83] intentionally omitted <==

==> picture [95 x 10] intentionally omitted <==

Customer

.

Increased investment in supporting clients with disruption claims from public health orders
Worked with insurers to better manage coverage requirements

Social and Environment

.

Donations and sponsorships
in excess of $1m
Employees contribute hundreds of hours to charity events.
NZbrokers Foundation - senior leader and broker scholarships to build financial services skills in the community
44% reduction in emissions

==> picture [52 x 13] intentionally omitted <==

----- Start of picture text -----

Board
----- End of picture text -----

Governance

33% female (NEDs 40%)
5 out of 6 Directors are Independent (including Board Chair and Board Committee Chairs)
Diverse expertise and experience in governance, risk management, insurance, accounting, finance, M&A and leadership

OUR NON-EXECUTIVE DIRECTORS

David Clarke

Robin Low

Non-Executive Chair, Chair of the Nominations Committee

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

==> picture [124 x 124] intentionally omitted <==

Former PwC partner with over 30 years’ experience in financial services
40 years’ experience in investment banking, funds management, property and retail banking
Director of Appen, IPH, Marley Spoon, The Australian Reinsurance Pool Corporation, Gordian Runoff, Guide Dogs NSW/ACT, Sax Institute and Primary Ethics
Chair of Charter Hall Group, Resolution Life Australia and Fisher Funds Management Limited
Former CEO of Investec Bank, Allco Finance Group and MLC Limited
Former Deputy Chair of the Auditing and Assurance Standards Board
Former director of AMP Limited and Westpac's Wealth Management Business, BT Financial Group
Former director of CSG Limited

Ray Carless Non-Executive Director

Peter Harmer

Non-Executive Director

==> picture [124 x 123] intentionally omitted <==

Over 40 years’ experience in the insurance industry experience based in Australia, but with management responsibilities throughout the Pacific rim
Over 40 years’ experience in the insurance industry including reinsurance and insurance broking
Previous CEO roles include IAG Limited, CGU, Aon Limited UK, Aon Risk Services Australia Pacific, and Aon Re Australia
Former Managing Director of reinsurance brokers Benfield Greig in Australia, involved in the Australian insurance industry
Non-Executive Director of Commonwealth Bank of Australia and nib Holdings Limited
Member of Bain & Company’s Advisory Council

==> picture [168 x 119] intentionally omitted <==

Paul Lahiff

Non-Executive Director, Chair of the Remuneration & People Committee

==> picture [124 x 124] intentionally omitted <==

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 Inc, 86400 Holdings Pty Ltd and Harmoney Corp Limited
Member of the Enterprise Ireland Business Advisory Panel

Cath Rogers

Non-Executive Director

==> picture [124 x 123] intentionally omitted <==

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
Appointment of Peter Harmer confirmed by the Board of AUB Group Limited on 22 July 2021, after the reporting period, subject to shareholder approval at the Annual General Meeting in Nov 2021

==> picture [960 x 119] intentionally omitted <==

Appendices

C. AUB Group Portfolio Overview

==> picture [132 x 49] intentionally omitted <==

INSURANCE PORTFOLIO – PREMIUM AND SIZE

==> picture [168 x 119] intentionally omitted <==

==> picture [819 x 347] intentionally omitted <==

----- Start of picture text -----

Annual Premium [[1]] ($bns)
4.0
~$4.0bn
+13.0% CAGR
Premium under
3.4 influence
3.2
across the AUB
network
2.8 2.2
1.8
1.8
2H 1.5
Australian Broking
~1.6mn
1.8 Policies written
1.6
1.4
1H 1.3 within the AUB
network (FY21)
FY18 FY19 FY20 FY21
----- End of picture text -----

Annual Premium[[1]] ($bns)

1. Total includes premium and commission from AUB Network brokers, Agencies GWP, excluding fees, levies and taxes

AUSTRALIAN BROKING PORTFOLIO MIX BY CLIENT SEGMENT, PRODUCT, GEOGRAPHY & INSURER

==> picture [168 x 119] intentionally omitted <==

==> picture [880 x 360] intentionally omitted <==

----- Start of picture text -----

Client Segment Mix Product Line Mix Geography Mix Insurer Mix
Corporate Business Motor - Commercial NSW WA NT QBE Millenium
26% 19% 6% 39% 11% 2% 12% 3%
Medium Enterprise Liability Workers Comp VIC SA TAS Allianz SURA
25% 13% 6% 20% 9% 1% 11% 2%
Personal Personal Motor - Fleet QLD ACT CGU Dual
6% 11% 5% 15% 3% 8% 2%
Chubb 360
Small Enterprise ISR Farm
6% 2%
43% 10% 4%
Vero AIG
o Retail = Retail / Personal Lines clients PI Other
o Small Enterprise = Client account size <50k 6% 20% 5% 2%
oo Medium Enterprise = Client account size 50k-250kCorporate = Client account size 250k+ Zurich Global Transport & Automotive
4% 2%
National Transport Insurance Other
4% 37%
----- End of picture text -----

1. Portfolio mix is based on available data from key Australian Broking businesses as at 30 June 2021

GROUP: INSURANCE PORTFOLIO MIX, BY PRODUCT AND INSURER

==> picture [168 x 119] intentionally omitted <==

Portfolio Mix – Premium by Product / Risk Line

Portfolio Mix – Premium by Insurer

==> picture [220 x 320] intentionally omitted <==

----- Start of picture text -----

15%
19%
3%
3%
3%
4%
15%
4%
5%
8% 12%
9%
Business Workers Comp
Personal Farm
Liability Commercial Insurance
Motor - Commercial Motor - Fleet
ISR Strata
PI Other
----- End of picture text -----

==> picture [245 x 307] intentionally omitted <==

----- Start of picture text -----

11%
9%
34%
8%
8%
2%
2%
3%
2%
8%
3%
3% 7%
QBE Chubb Millenium
CGU Lloyd’s AIG
Allianz Zurich Various
Vero Ando
IAG National Transport Insurance
----- End of picture text -----

Portfolio mix is based on available data from key Australian Broking, New Zealand and Australian Agencies businesses as at 30 June 2021

GROUP: INSURANCE PORTFOLIO MIX, BY PRODUCT CATEGORY AND GEOGRAPHY

==> picture [168 x 119] intentionally omitted <==

Portfolio Mix – by Category (%)

Portfolio Mix – by Geography (%)

==> picture [800 x 297] intentionally omitted <==

----- Start of picture text -----

12%
13%
NT
1% QLD
12%
WA
8%
NSW
SA 31%
8% ACT
2%
87% 88%
VIC
15%
Commercial Personal NZ
TAS
22%
1%
----- End of picture text -----

Portfolio mix is based on available data from key Australian Broking, New Zealand and Australian Agency businesses

INSURANCE OPERATIONS REACH AND SCALE

==> picture [168 x 119] intentionally omitted <==

==> picture [684 x 350] intentionally omitted <==

----- Start of picture text -----

500 NT
6 locations QLD
locations 13% 82 locations
WA
34 locations
SA NSW
29 locations 145 locations
ACT
>3,000 10 locations
staff
87% VIC
55 locations
TAS NZ
5 locations 150 locations
----- End of picture text -----

NOTICE

==> picture [168 x 119] intentionally omitted <==

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.

==> picture [960 x 119] intentionally omitted <==

Thank You

==> picture [132 x 49] intentionally omitted <==

AI assistant

AUB GROUP LIMITED — Earnings Release 2021

64456_rns_2021-08-25_70ac6058-c59f-4f87-ab49-b85e105a839b.pdf

26 August 2021

FOR RELEASE TO THE MARKET

FY2021 Results - Announcement and Investor Presentation

ENDS

About AUB Group

FY21 Performance Overview

Summary

Highlights by operating division

Australian Broking[1]

BizCover[1]

New Zealand[1]

Australian Agencies[2]

Health & Rehab (Exited)

Capital Management

Dividends

FY22 Outlook

AUB GROUP FY21 PRESENTATION OF FINANCIAL RESULTS TABLES

Table 1 Financial Results Summary

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

Table 3 Management Presentation of Results

KEY MESSAGES

FINANCIAL HIGHLIGHTS

Revenue, margin and UNPAT growth have accelerated over the past three years

FY21 UNPAT PERFORMANCE EXCL SaaS IMPACT[2]

FY20 to FY21 Underlying NPAT[1,2] Breakdown ($mns)

Notes

BizCover

SaaS:

FY21 UNPAT PERFORMANCE EXCL SaaS IMPACT[4] Strong organic growth across the business in 2H21

FY21 Underlying NPAT[3,4] by Half ($mns)

Notes

FY20 & FY21 UNPAT: SaaS IMPACT[2]

Underlying NPAT adjusted for impact of changed accounting policy

FY20 & 21 PERFORMANCE: INCLUDING SaaS IMPACT UNPAT adjusted for the Accounting Policy change for Software as a Service (SaaS) configuration costs

FY20 to FY21 Underlying NPAT[1,6] Breakdown ($mns)

AUB CORPORATE CASH FLOW AND FUNDING

AUB Corporate Entity Cash Movement ($mns)

SHAREHOLDER RETURNS

Underlying EPS & Dividend growth

Underlying Earnings Per Share[1,2] (Cents per share)

FY21 DIVISIONAL PERFORMANCE Excellent results in Australian Broking with a 360bps improvement in margins as benefits of strategic initiatives flow through

AUSTRALIAN BROKING[2] : INCREASING OPERATING LEVERAGE Recent initiatives in Australian Broking are driving improved revenue and underlying cost drivers

Australian Broking[2] Revenue and Expense: FY19-FY21

BIZCOVER

Multiple initiatives underway to drive continued growth and outperformance

Continued strong growth in revenue…

Strategic Update

UNDERWRITING AGENCIES

NEW ZEALAND

FY21 Performance Business Update and FY22/23 opportunity

DELIVERING ON OUR STRATEGIC PRIORITIES

Delivering on our strategy – Key Initiatives

1. NETWORK OPTIMISATION Significant driver of margin expansion

FY19 – Total Partner Business Count

~105

3. TECHNOLOGY

4. PARTNER PROPOSITION

FY22 Priorities & Outlook

FY22 PRIORITIES – CONTINUE THE MOMENTUM

FY22 Priority

Overview

FY22 OUTLOOK

FY22 Underlying NPAT[1,3] growth on PY $mns

Highlights

APPENDICES

FY21 DIVISIONAL PERFORMANCE BREAKDOWN

FY20 to FY21 Underlying NPAT[1,8] ($mns)

AUSTRALIAN BROKING[7]

FY20 to FY21 AUB Share PBT ($mns)[2]

PBT attributable to parent equity holders ($mns)[2]

BIZCOVER[2,3]

Since AUB Group’s investment in Feb’20 (excludes JobKeeper)

Cumulative Revenue ($mns)

Cumulative PBT ($mns)

AUSTRALIAN AGENCIES

FY20 to FY21 AUB Share PBT ($mns)[2,6,7]

PBT attributable to parent equity holders ($mns)[2,6,7]

AUB GROUP LIMITED Earnings Release 2021