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ASX Announcement

24 August 2022

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

FY2022 Results - Announcement and Investor Presentation

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

FY22 Performance Overview; and
FY22 Results Investor Presentation.

The release of this announcement was 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 (ASX: AUB) is an ASX200 listed group comprising insurance brokers and underwriting agencies operating in ~520 locations across Australia and New Zealand. Over 3,000 team members work with our 900,000 clients to place more than $4.4bn in insurance premiums with local and foreign insurers.

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FY22 Performance Overview Strong momentum continues

Summary

Underlying NPAT[1] of $74.0mn: o up 13.3% on FY21 Underlying NPAT of $65.3mn. o up 22.2% on FY21 Underlying NPAT from continuing operations[3 ] of $60.5mn.
— Underlying earnings per share[2] of 96.70 cents per share: o up 12.3% on FY21 underlying EPS of 86.12 cents. o up 21.1% on FY21 underlying EPS from continuing operations[3 ] of 79.85 cents.
Reported Net Profit After Tax $80.8mn (FY21: $70.6mn), up 14.5%.
Fully franked final dividend of 38.0 cents per share (FY21: 39.0 cps), down 2.6% taking FY22 total dividend to 55.0 cents per share (FY21: 55.0 cps).
Australian Broking delivered revenue growth & margin expansion from ongoing network optimisation, disciplined acquisitions and enhanced broker propositions.
Agency growth progressed well with significant improvements in revenue, margin and profit as a result of enhanced scale and capability expansion.
Growth in BizCover continues.
— FY23 Underlying NPAT guidance in the range of $86.0mn - $91.0mn, 16.2% - 23.0% growth over FY22, excluding Tysers.

AUB Group Limited (ASX:AUB) has reported a 22.2% increase in Underlying Net Profit After Tax (Underlying NPAT[1] ) from continuing operations to $74.0mn (FY21[3] : $60.5mn). The increased Underlying NPAT was primarily due to strong organic growth in Australian Broking and Agencies. Underlying Earnings Per Share[2] has increased to 96.70 cents per share, up 21.1% over the prior comparative period on a continuing operations[3] basis.

Reported Net Profit After Tax (Reported NPAT) attributable to ordinary shareholders of the parent increased 14.5% to $80.8mn (FY21: $70.6mn). The increased Reported NPAT was due to strong organic growth in Australian Broking and Agencies along with fair value adjustments in the current period from the step-up investment and consolidation of 3 entities previously held as associates, partially offset by acquisition expenses. The prior year result included the profit on sale 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 The Underlying EPS in prior periods have been adjusted by the theoretical ex-rights price factor (TERP) resulting from the number of new shares issued following a nonrenounceable entitlement offer. The TERP adjustment factor applied to the EPS values previously reported is 0.9794.

3 FY21 Underlying NPAT from continuing operations $60.5mn excludes FY21 JobKeeper receipts $1.8mn UNPAT and FY21 profits from Altius (sold) $3.0mn UNPAT.

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AUB Group CEO and Managing Director, Michael Emmett, said: “FY22 has been a challenging year for our partners and clients with the ongoing COVID-19 pandemic, major flooding events in Australia and uncertain geopolitical and macroeconomic environments. Despite the challenges, I’m pleased to report another strong operational and financial result for FY22, a reflection of the efforts and support our brokers and teams provide to our clients. The Group’s ongoing focus on growth, both organic and through acquisition, delivered a revenue uplift of 12.2% for the year, while our focus on enhancing operational leverage further expanded margins by 240bps resulting in 22.2% growth in Underlying NPAT from continuing operations. This performance underlines the strength and resilience of the business, and a commitment to deliver on our shareholders’ growth ambitions.

In FY21, we acquired 360 Underwriting and restructured the Agencies division. In FY22, Agencies gained momentum and I’m pleased to report a 41.0% growth in Underlying Revenue, 510bps improvement in Underlying EBIT margin, and 53.5% growth in pre-tax profit. Australian Broking continued to grow strongly with pre-tax profit up 23.4% supported by 7.6% Underlying Revenue growth and 250bps EBIT margin expansion. BizCover performed well, growing pre-tax profit by 24.7%. International expansion and below expectation performance in intermediated channels meant overall growth was slower. In New Zealand, the majority of our businesses performed in-line with expectation, however under-performance in BWRS, our largest equity broker, and ongoing investment in our core New Zealand technology project led to a 15.3% decrease in pre-tax profit for the division.

This performance is a result of strong progress against our FY22 Strategic Priorities. The Agencies division saw the launch of 3 agencies and 2 acquisitions; we acquired iaAnyware to accelerate our technology agenda; Australian Broking made a number of acquisitions including Vaughan & Monaghan and a number of strategic equity step-ups in existing businesses. We continued optimising our network via consolidation to create scale. Brokers are working harder than ever to assist clients to manage the costs of insurable risks in their businesses. This combined with increased Insurer risk aversion makes it more difficult to place certain categories of risk leading to an unprecedented increase in the need to place risks into the international market.

In May 2022, we announced our acquisition of Tysers, a leading specialist international insurance broker based in London, placing ~$A3.6bn in premium. The acquisition provides a platform for the next phase of growth for AUB, providing a strong capability to place our international risks. Tysers has seen revenue growth of 8% for the six months to 30 June 2022. AUB Group has commenced synergy, operating model and governance planning. The regulatory approval process is progressing well and completion of the acquisition is targeted for late 2022, subject to final regulatory approvals.

AUB Group sees evidence of the FY22 momentum across the Group continuing into 1H23. We anticipate Underlying Net Profit after Tax in FY23 of between $86.0mn and $91.0mn, representing growth of 16.2% to 23.0%, excluding Tysers.”

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Highlights by operating division

Australian Broking

Underlying pre-tax profit for the year increased by 19.7% to $86.1mn (FY21: $72.0mn). Excluding $2.1mn non-recurring JobKeeper receipts in the prior period, the Underlying pre-tax profit for the year increased by 23.4%. This increase was predominantly driven by organic profit growth which included:
Increased Commercial Lines premiums
Growth in client and policy count
Ongoing cost reductions from network rationalisations
Partially offset by wage inflation and the increased cost of corporate insurances
Acquisition related profit growth included investments in iaAnyware (1 October 2021) & Vaughan & Monaghan (1 October 2021).
EBIT Margin 33.7% up 250bps from FY21 after excluding non-recurring JobKeeper receipts.

BizCover

Underlying pre-tax profit for the year increased by 18.4% to $10.5mn (FY21: $8.9mn). Excluding $0.4mn non-recurring JobKeeper receipts in the prior period, the Underlying pre-tax profit for the year increased by 24.7%. This increase was due to organic profit growth assisted by operating leverage and scalability of the platform.
Future accelerated growth anticipated in foreign markets.
▪ EBIT Margin 37.8% up 150bps from FY21 after excluding non-recurring JobKeeper receipts.

New Zealand Broking

Underlying pre-tax profit for the year decreased by 15.3% to $9.0mn (FY21: $10.6mn). This decrease was primarily due to an increase in technology investment of $4.6mn incurred in the current period (FY21: $2.2mn) to transform and enhance the NZ broking experience via a new platform. Excluding NZ technology investment costs from both periods, the Underlying pre-tax profit for the year increased by 5.7% which included:
Revenue and profit growth for the majority of NZ businesses, supported by increased Commercial Lines premiums.
Partly offset by a profit reduction in BWRS with remediation plan underway.

Agencies

Underlying pre-tax profit for the year increased by 53.5% to $22.8mn (FY21: $14.8mn).
The current year includes the full period benefit of the investment in 360 Underwriting Solutions from 1 December 2020, which has accelerated AUB Group’s scale in Agencies.
Strong organic growth especially across Construction and Engineering, Technology Risks, and Farm and Regional businesses.
EBIT margin 37.0% up 510bps from FY21.

Health & Rehab (Exited)

Underlying pre-tax profit in FY21 was $4.3mn. Altius was sold on 1 April 2021.

Capital Management

Post the $350mn equity capital raising in May 2022, AUB Group used a portion of the proceeds to discharge its debt obligations to its lenders and the existing debt facility was cancelled.

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Dividends

The Board has determined a fully franked final dividend of 38.0 cents per share (FY21: 39.0 cps), a 2.6% decrease. FY22 total dividend 55.0 cents per share (FY21: 55.0 cps).
The final dividend is payable on 7 October 2022 to shareholders on the register at 5:00pm on 8 September 2022 (record date).
The Dividend Reinvestment Plan (DRP) remains suspended.

FY23 Outlook

This outlook excludes Tysers and the cost of any debt funding the Tysers acquisition.
AUB Group expects to deliver FY23 Underlying NPAT in the range of $86.0mn to $91.0mn, representing 16.2% to 23.0% growth over FY22, excluding Tysers.
In estimating FY23 Underlying NPAT excluding Tysers, the Group has assumed the following:
Continued strong premium rate rises for Australia and moderate but accelerating rate rises in New Zealand;
Guidance excludes the impact of other major acquisitions and acquisitions not currently known about or anticipated;
Australian Broking renewals in March and June are assumed to perform in line with historical performance;
No Corporate debt and interest expense in FY23, with corporate debt fully repaid in May’22;
Excludes any profit contribution from Tysers or additional debt and the issue of vendor equity relating to the acquisition;

AUB GROUP FY22 PRESENTATION OF FINANCIAL RESULTS TABLES

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Table 1 Financial Results Summary

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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. The Underlying EPS in prior periods have been adjusted by the theoretical ex-rights price factor (TERP) resulting from the number of new shares issued following a non-renounceable entitlement offer. The TERP adjustment factor applied to the EPS values previously reported is 0.9794.

3 The Reported EPS in prior periods have been adjusted by the theoretical ex-rights price factor (TERP) resulting from the number of new shares issued following a non-renounceable entitlement offer. The TERP adjustment factor applied to the EPS values previously reported is 0.9794.

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Table 2 Reconciliation of Reported NPAT to Underlying 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.

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

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

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

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

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

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

9 Amortisation expense is a non-cash item.

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Table 3 Management Presentation of Results

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

Management Presentation of Results	FY22	FY21	Variance	Variance
	$000	$000	$	%
Australian Broking revenue	457,211	429,183	28,028	6.5%
Australian Brokingexpenses	(303,029)	(292,360)	(10,669)	3.6%
EBIT - Australian Broking	154,182	136,823	17,359	12.7%
BizCover revenue	69,730	58,732	10,998	18.7%
BizCover expenses	(43,354)	(36,710)	(6,644)	18.1%
EBIT - BizCover	26,376	22,022	4,354	19.8%
New Zealand Broking revenue	58,875	58,602	273	0.5%
New Zealand Brokingexpenses	(43,471)	(41,667)	(1,804)	4.3%
EBIT - New Zealand Broking	15,404	16,935	(1,531)	-9.0%
Agencies revenue1	103,721	73,535	30,186	41.0%
Agencies expenses1	(65,324)	(50,098)	(15,226)	30.4%
EBIT - Agencies 1	38,397	23,437	14,960	63.8%
Health & Rehab revenue	-	31,758	(31,758)	-100.0%
Health & Rehab expenses	-	(25,928)	25,928	-100.0%
EBIT - Health & Rehab	-	5,830	(5,830)	-100.0%
Total revenue - Operating entities	689,537	651,810	37,727	5.8%
Total expenses - Operatingentities	(455,178)	(446,763)	(8,415)	1.9%
EBIT - Operating entities	234,359	205,047	29,312	14.3%
Corporate revenue	1,982	3,557	(1,575)	-44.3%
Corporate expenses	(19,966)	(14,769)	(5,197)	35.2%
EBIT - Corporate	(17,985)	(11,212)	(6,773)	60.4%
Total - Group revenue	691,519	655,367	36,152	5.5%
Total - Groupexpenses	(475,144)	(461,532)	(13,612)	2.9%
Total - EBIT Group before NCI	216,374	193,835	22,539	11.6%
Interest expense - Operating entities	(5,289)	(6,459)	1,170	-18.1%
Interest expense - Corporate	(4,309)	(4,892)	583	-11.9%
Total - Interest expense	(9,598)	(11,351)	1,753	-15.4%
Profit before NCI	206,776	182,484	24,292	13.3%
Non - ControllingInterest(NCI)	(100,690)	(88,085)	(12,605)	14.3%
Underlying Net profit before tax	106,086	94,399	11,687	12.4%
Income tax expense	(32,068)	(29,098)	(2,970)	10.2%
Underlying NPAT	74,018	65,301	8,717	13.3%
1. 360 Underwriting results are included within Agencies from 1 December 2020.

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

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FY22 Investor Presentation 24 August 2022 Mike Emmett CEO and Managing Director Mark Shanahan CFO

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KEY MESSAGES

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1 2 3 4 5 6
Strong financial Australian BizCover Agencies Mixed New FY23 Guidance performance Broking revenue and strategy Zealand momentum profit growth delivering ahead performance continues of plan
▪ Strong results from ▪ Australian Broking ▪ The business grew ▪ Revenue growth of ▪ Growth in revenue ▪ FY23 Underlying continuing EBIT grew 16.2%[1] revenues by 21.0%, 41.0% and EBIT up 0.5%, margin 170bps NPAT forecast to be operations[1] : ▪ Operational while benefits of by 63.8% year on and EBIT 5.6% (excl. $86.0mn to $91.0mn scale enabled EBIT
o 12.2% growth in performance improving year tech investment) ▪ Guidance represents o revenueUnderlying EBIT with further 250bpsmargin expansion[1] ▪ growth of 26.2% Direct channel [1] ▪ 510bps improvement in margin as benefits of ▪ BWRS core to growth of 16.2% to 23.0% vs FY2223.0% vs FY22 underperformance with
margin 34.0% (up ▪ Bolt-on acquisitions performance remains strong with revenue operational scale deliver value remediation underway ▪ This excludes profits 240bps) continue to expand
o 22.2% growth in scale and capability growing 26.9%, offset by slower growth in ▪ Acquisitions, as well as ▪ Other businesses and financing costs arising from the arising from the UNPAT while strategic equity Intermediated expanding capability delivering on target proposed acquisition of step-ups in existing via new launches is
o 10.0% growth in businesses provide channels driving growth ▪ Substantial tech Tysers GWP to $4.4bn access to future growth ▪ EBIT performance in investment in Project AU on-track, offset by Lola provides future investment in revenue and margin international expansion opportunities
FY23 Underlying NPAT forecast to be $86.0mn to $91.0mn
Guidance represents growth of 16.2% to 23.0% vs FY2223.0% vs FY22
This excludes profits and financing costs arising from the arising from the proposed acquisition of Tysers

The proposed Tysers acquisition will enhance AUB Group’s proposition to Brokers and Agencies to support more complex placements for clients into Lloyd’s whilst also enabling AUB Group to benefit from EPS accretion of c. 30% after synergies[2]

1. Excludes JobKeeper receipts and Health & Rehabilitation Services (sold). 2. EPS accretion is based on UNPAT on a pro forma CY22 basis. Includes full run rate synergies of AUD 25mn. Based on 100% acquisition of Tysers, and does not include the impact of the Tysers UK Retail JV

TRACK RECORD OF GROWTH

(CONTINUING OPERATIONS[4] )

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Premium Client Count Underlying Revenue [1,4] Underlying EBIT [1,4] Underlying EBIT Margin [1,4]
+11.2% CAGR +14.2% CAGR +12.0% CAGR +17.7% CAGR +470bps
+10.0% +4.3% +12.2% +20.8% +240bps
FY19 FY20 FY21 FY22 FY19 FY20 FY21 FY22 FY19 FY20 FY21 FY22 FY19 FY20 FY21 FY22 FY19 FY20 FY21 FY22
Underlying NPAT [2,4] Underlying NPAT [2] (not adj for Underlying EPS [3,4] Underlying EPS [3 ] (not adj, used for Dividend
JobKeeper and ceased operations) executive incentive measurement)
+17.1% CAGR +16.6% CAGR +14.3% CAGR +13.7% CAGR +6.1% CAGR
+22.2% +13.3% +21.1% +12.3% 0.0%
FY19 FY20 FY21 FY22 FY19 FY20 FY21 FY22 FY19 FY20 FY21 FY22 FY19 FY20 FY21 FY22 FY19 FY20 FY21 FY22
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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. Excludes AUB Group Corporate Revenue and Expenses

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). The Underlying EPS in prior periods have been adjusted by the theoretical ex-rights price factor (TERP) resulting from the number of new shares issued following a non-renounceable entitlement offer. The TERP adjustment factor applied to the EPS values previously reported is 0.9794 4. Excludes JobKeeper receipts and Health & Rehab (sold)

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FY22 Results Overview

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FINANCIAL HIGHLIGHTS – CONTINUING OPERATIONS[4] Continued momentum in Revenue growth and Margin expansion delivering strong UNPAT and EPS growth

FY22 FY214 FY204 Performance Highlights	FY22 FY214 FY204 Performance Highlights	FY22 FY214 FY204 Performance Highlights	FY22 FY214 FY204 Performance Highlights	FY22 FY214 FY204 Performance Highlights
Underlying Revenue1	$689.5mn (+12.2%)	$614.8mn (+16.3%)	$528.6mn (+7.8%)	▪Growth in Underlying revenue of 12.2% in FY22, CAGR of 12.0% since FY19
Underlying EBIT Margin1	34.0% (+240bps)	31.6% (+260bps)	29.0% (-30bps)	▪Strategic Initiatives have supported continued strong expansion in EBIT margin, an increase of 240bps in FY22
Underlying NPAT2	$74.0mn (+22.2%)	$60.5mn (+23.6%)	$49.0mn (+6.4%)	▪Revenue growth and margin expansion enabling Underlying NPAT growth of 22.2% in FY22,17.1% CAGR since FY19
Underlying Earnings per Share3	96.70 cents (+21.1%)	79.85 cents (+22.7%)	65.09 cents (+0.5%)	▪Underlying EPS growth in FY22 of 21.1% with 14.3% CAGR since FY19
Dividend per Share	55 cents (0.0%)	55.0 cents (+10.0%)	50.0 cents (+8.7%)	▪Dividend per share flat in light of the potential Tysers acquisition. Payout ratio above the mid-point of the 50% to 70% policy payout ratio

4. Excludes JobKeeper receipts and Health and Rehab (sold)

FY22 FINANCIAL PERFORMANCE: OVERVIEW

FY22 Underlying NPAT grew by 22.2% on continuing operations, arising from strong organic performance as well as accretive acquisitions

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FY21 to FY22 Underlying NPAT [1] Breakdown $mn
22.2%
13.3%
1.6 74.0
3.5
(2.7%)
5.8%
65.3 11.6
1.8
3.0 60.5
19.1%
FY21 FY21 JobKeeper [2] Altius FY21 Continuing Organic Growth Acquisition Growth [3] NZ Tech Investment FY22
(Sold) Operations Year on Year [4]
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1. Underlying NPAT is used by management and the board to assess operational performance and excludes non-operational items, such as profits and losses on sale of equity interests, fair value adjustments to carrying values on ownership changes, changes to estimates or payments of deferred contingent consideration amounts, impairment adjustments and amortisation of intangible assets

2. FY21 JobKeeper $1.8mn Underlying NPAT as communicated in the FY21 AUB Group Investor Presentation on page 6

3. Acquisition growth includes the net effect of acquisitions, divestments, bolt-ons and increased equity stakes in FY22 vs FY21. Excludes Altius (Sold)

4. Represents Project Lola costs incurred in FY22 vs FY21 to transform the NZ broking experience via a new platform

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PORTFOLIO GROWTH AND PROFITABILITY

Growth in Premium remains strong while Underlying NPAT continues to accelerate from the investment in yield improvement initiatives

Premium Growth (GWP $bn FY19-FY22)

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+11.2% CAGR
10.0%
4.4
4.0
3.4
3.2
FY19 FY20 FY21 FY22
Premium Mix by Period (1H v 2H)
48%
($2.1bn) 52%
($2.3bn)
1H22
2H22
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Underlying NPAT[1,2] Growth ($mn) (Continuing Operations)

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+17.1% CAGR
22.2%
74.0
60.5
49.0
46.0
FY19 FY20 FY21 FY22
Underlying NPAT [1] Mix by Period (1H v 2H)
41%
($30.6mn) 59%
1H22 ($43.4mn)
2H22
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SHAREHOLDER RETURNS

21.1% uplift in Underlying EPS from continuing operations, with FY22 total dividend of 55.0 cents, flat YoY in light of the potential Tysers acquisition

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Underlying Earnings Per Share[1] (Cents per share) (not adjusted)

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12.3%
22.0%
96.70
7.4% 86.12 Historic
7.5% -0.1%
Underlying
70.61
65.82 65.74 EPS i.e. not
61.23
adjusted for
JobKeeper
or Health &
Rehab exit
FY17 FY18 FY19 FY20 FY21 FY22
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Underlying Earnings Per Share Continuing Operations1,2(Cents per share)

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21.1%
22.7%
96.70
79.85
65.09
FY20 FY21 FY22
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Dividend Per Share (Cents)

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0.0%
55.0 55.0
64.5%
39.0 38.0
FY22
Dividend
Payout Ratio
16.0 17.0
(Policy is 50%
FY21 FY22 to 70%)
Final Dividend Interim Dividend
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1. Underlying EPS calculation = (Underlying NPAT) / (weighted average number of shares). The Underlying EPS in prior periods have been adjusted by the theoretical ex-rights price factor (TERP) resulting from the number of new shares issued following a non-renounceable entitlement offer. The TERP adjustment factor applied to the EPS values previously reported is 0.9794

2. Excludes JobKeeper receipts and Health and Rehab (Sold) from all periods

FULL CONVERSION OF PROFITS TO CASH

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Cash Flow Summary[1]

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FY22 FY21
Statutory Operating Cash Flow [2] $102.0mn $83.8mn
Less Lease Obligation Payments ($7.4mn) ($9.4mn)
Adjusted Operating Cashflow $94.6mn $74.5mn
Underlying NPAT [3] $74.0mn $65.3mn
>100% >100%
Conversion Conversion
of $74.0mn FY22 of $65.3mn FY21
UNPAT to Cash UNPAT to Cash
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2. Excludes movement in trust accounts

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

1. Refer to the Consolidated Statement of Cash Flows in the Annual Report

FY22 EXECUTION PRIORITIES UPDATE

Consistent focus on delivering against Strategic Priorities has been key to AUB Group performance

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1 2 3 4 5	REINVIGORATE INSURANCE AGENCIES OPTIMISE OUR NETWORK EXECUTE ON STRATEGICALLY ALIGNED ACQUISTIONS DELIVER MARKET LEADING TECHNOLOGY CAPABILITIES ENHANCE PARTNER PROPOSITION	Pre-tax profit uplift of 53.5% and an EBIT margin improvement of 510bps Acquired one and launched 3 new agencies	Premium uplift of 31% to $658mn with Austbrokers penetration increasing by 61% to ~$200mn
		Completed six internal restructures to simplify portfolio and create scale Consolidated fragmented agencies portfolio to create scale Consolidated WRI into Comsure, expanding our market-leading footprint in Motor Dealers Exited SRG, and sold Nexus to Insurance Advisernet
		Acquired iaAnyware to accelerate our technology ambitions Acquired Anchorage Marine in 360 Underwriting Acquired Vaughan & Monaghan in Finsura	Completed five equity step-ups to access future growth Announced the acquisition of Tysers– completion of the acquisition is targeted for late 2022, subject to final regulatory approvals
		Sentinel agency system launched in 5 agencies, now LIVE in 15 agencies Continued investment and expansion by BizCover	Leverage iaAnyware as the foundation for our broker management platforms moving forward Project Lola in NZ is running behind schedule
		Growing utilisation of Austplacements in supporting our brokers in complex placement requirements ExpressCover take-up is slower than planned	Investment in Tysers designed to materially accelerate the value proposition for our brokers and agencies with direct access to Lloyd's market

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Divisional Performance

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FY22 DIVISIONAL PERFORMANCE Strong performance achieved across Operating Businesses with growth in underlying revenue, margin and profitability

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Vs. FY21 comparative period	AUSTRALIAN BROKING4	BIZCOVER4	AGENCIES2	NEW ZEALAND BROKING	OPERATING BUSINESSES3,4
Underlying1 Revenue	$457.2mn	$69.7mn	$103.7mn	$58.9mn	$689.5mn
	7.6%	21.0%	41.0%	0.5%	12.2%
Underlying1 EBIT Margin	33.7%	37.8%	37.0%	26.2% *34.9% Excl. NZ Tech Inv5*	34.0%
	250bps	150bps	510bps	*+170bps Excl. NZ Tech Inv5* (270bps)	240bps
Underlying1 EBIT	$154.2mn	$26.4mn	$38.4mn	$15.4mn *$20.5mn Excl. NZ Tech Inv5*	$234.4mn
	16.2%	26.2%	63.8%	*+5.6% Excl. NZ Tech Inv5* (9.0%)	20.8%
_PBT_attributable to equity holders of parent company	$86.1mn	$10.5mn	$22.8mn	$9.0mn *$13.5mn Excl. NZ Tech Inv5*	$128.4mn
	23.4%	24.7%	53.5%	(15.3%) *+5.7% Excl. NZ Tech Inv5*	23.8%

2. 360 Underwriting results are included within Agencies from 1 December 2020

3. Excludes AUB Group Corporate Revenue & Expenses

4. Excludes prior period JobKeeper receipts (Australian Broking and BizCover) and Altius (Sold)

5. Represents FY22 and FY21 Project Lola costs incurred to transform the NZ broking experience via a new platform

AUSTRALIAN BROKING

Network optimisation, disciplined acquisition and enhanced broker propositions continue to deliver revenue growth & margin expansion

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$457.2mn Revenue[1] Key Metrics FY22 Performance +7.6% on FY21[2]

33.7% EBIT Margin[1] +250bps on FY21[2]

$154.2mn EBIT[1] +16.2% on FY21[2]

Australian Broking Revenue and Expense[1,2] : FY20-FY22

FY22 Highlights

General Insurance Commissions up ~10.5% while Fee Income up ~4.5% vs FY21. Renewing Premium (same client, same risk, same insurer) up 9% vs FY21

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Revenue
33.7%
EBIT Margin
…expanding the jaws to deliver
31.2%
EBIT margin growth
EBIT Margin
27.8%
EBIT Margin
Expenses
FY20 FY21 FY22
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Expenses
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Network Optimisations – to create scale and efficiency, and deliver capability leadership
- WRI joined Comsure to expand the Motor Dealer broking footprint
- Nexus consolidated into Insurance Advisernet and SRG sold simplifying AUB’s portfolio in WA
- Multiple portfolio restructures within the network to create scale, market leadership and improve operational efficiency
M&A – strategically aligned inorganic growth
- Completed acquisition of Vaughan & Monaghan into Finsura and other small bolt-ons in Austbrokers
- Investment in several equity step-ups to capitalise on the growing portfolio as well as enable succession planning
Partner Proposition – improved member value proposition

▪

Benefits from insurer commercial renegotiations from FY21
Continued expansion of The Insurance Alliance - seven brokers (in The Broker Co-op)
Benefits of greater leverage of technology investments

BIZCOVER

Continued strong growth in direct channel, with an increased focus on investment for intermediated channels and international expansion

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Key Metrics FY22 Performance

$69.7mn Revenue +21.0% on FY21[1]

37.8% EBIT Margin +150bps on FY21[1]

$26.4mn EBIT +26.2% on FY21[1]

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EBIT Australia ($mns) [1,2] (%)
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Revenue Growth – Direct v Intermediated (%)

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Direct Channel Intermediated
+45.1% CAGR
Channel
The established market-leader Underserviced market
26.4%
in the segment segment presenting material
growth opportunity 26.2
20.7
~26.9% ~13.6% 12.4
from FY21 from FY21
FY20 FY21 FY22
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Australian Active Clients (all channels) EBIT Margin – Australia [1] v Non-AU (%)
(000’s)
+28% CAGR
40.9 40.9
39.9
18%
19.9
179
14.6
151
110
4.2
FY20 FY21 FY22 FY20 FY21 FY22
AU [1] Non-AU
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2. Based on BizCover Australia financial information only. Does not tie to BizCover slide 27 and Appendix slides 32-35

Highlights

21.0% growth in revenue, delivering 26.2% growth in EBIT, with continuous margin expansion of 150bps
Growth in Direct channel remains strong at 26.9%
Intermediated channel growth, particularly with White Label partners, and growth in other markets proving to be slower than planned
BizCover’s value proposition remains strong as a genuine alternative to intermediated markets for micro-SME clients
NPS score remains at a market leading +72

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1. Excluding JobKeeper receipts from all periods

AGENCIES

Growth in revenue, margin and profit underpinned by expansions in scale and breadth of product and capability

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$103.7mn Revenue [1,2] 37.0% EBIT Margin [1,2] $38.4mn EBIT [1,2]
Key Metrics
FY22 Performance
+41.0% on FY21 +510b s on FY21 +63.8% on FY21
p
Performance Drivers & Opportunities
Increased portfolio alignment between AUB Broker
Expanding scale and market share Strategic acquisitions and new agency launches
needs and Agency offering
GWP increase of 32% [3] for FY22, and 97% since ▪ Continued expansion across the newly restructured
FY20 as a result of a strategic focus to create scale business via acquisitions and organic launches of new Underwriters / Capacity providers
through acquisitions and organic growth agencies Insurers (Domestic / Intl) Wholesale Brokers
▪ Acquired Rosser, TLC &
+40% CAGR General 20 Agencies Anchorage Marine
Commercial (+5 since ▪ Launched 360 Landlords AUB AGENCIES
+32% Underwriting FY21)
and 360 Mid Market
679
+50%
▪ Launched SURA NON-AUB BROKERS
+5% 516 49% Technology Risks
12 Agencies ▪ Exited SURA Accident &
329 344 43% Specialty (+1 since Health Austbrokers Penetration
FY21) AUB BROKERS
▪ Hiller Marine and SURA
39% Penetration increase is the result of
42% Marine operationally merged
acquisitions that are synergistic to
~$200mn AUB Group’s broking portfolio, as
$mns FY19 FY20 FY21 15% FY22 12% Strata (-2 since FY21)1 Agency ▪ Exited Expert Strata and Sura Strata ~$75mn [3] v FY21 well as an ongoing focus to improve Agency offerings that better align to AUB brokers’ needs
General Commercial SURA Specialty SURA Strata
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2. 360 Underwriting results are included within Agencies from 1 December 2020

3. FY21 was a part year ownership of 360 Underwriting from 1 December 2020

NEW ZEALAND

Strong revenue and profit growth for the majority of AUB businesses offset by costs of the technology investment as well as reduced profit in BWRS

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$58.9mn Revenue [[1]] 26.2% EBIT Margin [[1]] $15.4mn EBIT [[1]]
Key Metrics 34.9% Excl. NZ Tech Inv [[2]] $20.5mn Excl. NZ Tech Inv [[2]]
FY22 Performance +0.5% on FY21 -270bps on FY21 +170bps Excl. NZ Tech Inv [[2]] -9.0% on FY21 +5.6% Excl. NZ Tech Inv [[2]]
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FY22 EBIT[1] Growth ($mns v FY21)

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-9.0%
5.6%
20.5
19.4
3.3
2.2
2.5
5.1
16.9
15.4
FY21 FY21 NZ Tech FY21 excl BWRS Remaining NZ FY22 excl FY22 NZ Tech FY22
Investment [2] NZ Tech Businesses NZ Tech Investment [2]
Investment Investment
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Performance Overview

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▪ Largest AUB NZ equity brokerage
▪ Significant progress made with multiple branch
BWRS
managers replaced and new brokers appointed
▪ Profit improvement changes underway
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NZbrokers network and other broking businesses performing strongly

Remaining NZ Businesses

Evidence of premium increases starting to build with 4.5% rate increase in FY22 for renewing business (same client, same risk, same insurer)

▪ Major technology investment in progress to deliver a platform that will digitise and significantly enhance sales and policy management processes, and provide brokers access to growth insights

Project Lola – Tech Investment

Secured a number of new or amended partnerships and arrangements across multiple products with insurers

2. Represents FY22 and FY21 Project Lola costs incurred to transform the NZ broking experience via a new platform

TYSERS ACQUISITION

Acquisition will materially improve AUB’s broker and client value proposition; revenue growth remains on target as the business emerges from COVID

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On 9 May 2022, AUB Group announced its acquisition of Tysers

Tysers is a leading specialist international and Lloyd’s insurance broker based in London placing ~$3.6bn AUD in GWP
The acquisition is consistent with AUB’s strategy to provide support for clients with international placement needs
Will enable AUB to capture further economics in the broking value chain, accelerate scale in AUB Agencies, and deliver c. 30% EPS accretion including synergies[1]

Delivers specialty Captures further Highly synergistic Strengthens the capabilities that economics in the combination with operational platform, complement AUB’s broking value chain, A$25mn in annual and continued focus segments & and capacity to write margin enhancement execution of strategy accelerate Agencies new business and cost synergies scale

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Business Update

Revenue has grown 8% in the 6 months to Jun’22 vs PY as the business emerges from a Covid impacted environment
Most areas have enjoyed very strong revenue growth although a significant reduction of business conducted in high-risk jurisdictions like Colombia and Ecuador together with sanctions against Russia have reduced the impact of the rebound in revenue
Positive feedback for the potential relationship from AUB Partners, Tysers staff, and strongly positive response to the transaction from key external partners. 3 brokers from the list of key brokers identified during diligence have resigned whilst 4 brokers of a similar level have been recruited in parallel
Tysers Financial Crime Compliance uplift program remains on track to meet 2022 objectives by 31 December 2022 and AUB and Tysers remain committed to continued operationalisation and enhancement of Financial Crime controls

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Integration Planning

AUB Group international placement volumes continue to grow increasing ‘size of prize’ opportunity – hardening market and tightening capacity in local market expected to continue
Synergy planning specific to AUB Group well underway – portfolio alignment opportunities already identified

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New Tysers incentive scheme design in-progress to ensure longer-term retention risk is managed
Retail planning underway, discussions with PSC progressing, further progress closer to transaction completion
AUB Group target operating and governance model review underway
The regulatory approval process is progressing well and completion of the acquisition is targeted for late 2022, subject to final regulatory approvals

1. EPS accretion is based on UNPAT on a pro forma CY22 basis. Includes full run rate synergies of AUD 25mn. Based on 100% acquisition of Tysers, and does not include the impact of the Tysers UK Retail JV

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FY23 Priorities & Outlook

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FY23 EXECUTION PRIORITIES

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FY23 Priority

Overview

IMPROVE AND ENHANCE NEW ZEALAND PERFORMANCE

Successful pilot implementation of Project Lola including interfaces to select Insurers and commencement of roll-out to NZbrokers network
Accelerated revenue and profit growth for AUB’s portfolio of brokers in New Zealand

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2
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4
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5
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OPTIMISE TYSERS POST ACQUISITION

OPTIMISE OUR NETWORK

EXECUTE ON STRATEGICALLY ALIGNED ACQUISTIONS

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ENHANCE PARTNER PROPOSITION
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Optimise Tysers contribution to AUB Group UNPAT post completion
Deliver on key outcomes related to Broker Retention and performance, Tysers Retail, Regulatory projects and Acquisition Synergies
Continue to optimise our portfolio of businesses to outperform by consolidating into more efficient operating entities or to expand specialisation
Disciplined and targeted approach to acquisitions, either bolt-ons that deliver synergy benefits or to expand capabilities and footprint
Investment in current network businesses to aid consolidation/optimisation
Enhancement of member arrangements with external partners especially for Premium Funding, Technology, Insurance

FY23 OUTLOOK

Underlying NPAT for FY23 forecast to be between $86.0mn - $91.0mn, representing growth of 16.2% - 23.0% over FY22 (ex Tysers)

FY22 to FY23 Underlying NPAT[1] Breakdown $mn

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16.2% - 23.0%
4.5 - 6.5 86.0 - 91.0
1.5 - 2.5 81.5 - 84.5
6.0 – 8.0
6.1% - 8.8%
2.0% - 3.4%
Interest benefit from the
use of capital raise
74.0 proceeds to repay
corporate debt in full in
8.1% - 10.8%
May’22
FY22 Organic Growth Acquisition FY23 ex Capital Improved FY23 ex Tysers
Growth ex Tysers [2] Raise & Tysers net interest [3]
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▪ FY23 Underlying EPS[1] expected to be broadly in line with FY22 excluding Tysers, taking into account the near-term dilution from the recent capital raising

FY23 weighted average number of shares to increase by 15.9mn to 92.4mn

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Assumptions

Outlook assumes continued strong premium rate rises for Australia and moderate but accelerating rate rises in New Zealand
Estimates exclude the impact of other major acquisitions and acquisitions not currently known about or anticipated
Australian Broking renewals in March and June are assumed to perform in line with historical performance
No Corporate debt and interest expense in FY23, with corporate debt fully repaid in May’22
Excludes any profit contribution from Tysers or additional debt and the issue of vendor equity relating to the acquisition

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

3. Reflects interest earned on excess cash from the recent capital raising, with corporate debt fully repaid in May’22

1. Underlying NPAT and Underlying EPS 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

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Questions?

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Mike Emmett CEO and Managing Director Mark Shanahan CFO

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Closing

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Mike Emmett CEO and Managing Director

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APPENDICES

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A FY22 Detailed Financial Results

Appendices

B AUB Group Business Overview C AUB Group Portfolio Overview

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Appendices A. FY22 – Detailed Financial Results

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FY22 DIVISIONAL PERFORMANCE BREAKDOWN

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FY21 to FY22 Underlying NPAT[1] ($mn)

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13.3%
1.6
7.9 4.3
1.6 6.2
3.0 74.0
14.2
65.3
Pre-Tax
FY21 Australian BizCover Agencies [2] New Zealand Altius (Sold) [3] Net Corporate Tax FY22
Broking Broking result [4]
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2. 360 Underwriting results are included within Australian Agencies from 1 December 2020

3. Altius sale effective 1 April 2021

4. Net Corporate result includes corporate revenue and interest expense

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AUSTRALIAN BROKING

Profit contribution to AUB Group – Pre-tax ($mn) Commission and fee income (net) Premium Funding Interest Other Income Total Underlying Revenue_1_ Underlying Expenses_1_ Underlying EBIT_1_
	FY22	FY21	Movement	Movement (%)
	413.3 381.4 31.9 8.4% 30.2 30.1 0.1 0.4% 2.0 2.2 (0.2) (11.3%) 11.7 15.5 (3.8) (24.5%)
	457.2 429.2 28.0 6.5% (303.0) (292.4) (10.7) 3.6% 154.2 136.8 17.4 12.7%
Profit before tax & non-controlling interests (PBT&NCI) Net profit before tax attributable to equity holders of parent entity	151.7 133.9 17.8 13.3% 86.1 72.0 14.2 19.7%
Underlying EBIT margin	33.7% 31.9% n/a 180 bps

Underlying pre-tax profit for the year increased by 19.7% to $86.1mn (FY21: $72.0mn). Excluding $2.1mn non-recurring JobKeeper receipts in the prior period, the Underlying pre-tax profit for the year increased by 23.4%.This increase was predominantly driven by organic profit growth which included:
Increased Commercial Lines premiums
Growth in client and policy count
Ongoing cost reductions from network rationalisations
Partially offset by wage cost inflation and the increased cost of corporate insurances
Acquisition-related profit growth included investments in iaAnyware (1 October 2021), Vaughan & Monaghan (1 October 2021)
EBIT Margin 33.7% up 250bps from FY21 after excluding non-recurring JobKeeper receipts

FY21 to FY22 AUB Share PBT ($mn)[2]

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

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19.7%
19.7%
23.4%
86.1
86.1
2.7 72.0
3.9% 59.1
54.2
13.6
72.0
2.1 69.8
(2.9%) 19.5%
FY21 JobKeeper [5] FY21 Continuing Organic Growth [3] Acquisition Growth [4] FY22 FY19 FY20 FY21 FY22
Operations
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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 and JobKeeper receipts

4. Acquisition growth includes the net effect of acquisitions, divestments, bolt-ons and increased equity stakes in FY22 vs FY21

5. JobKeeper receipts excluded from the calculation of Staff and Executive Bonuses. FY21 JobKeeper was previously reported as $2.0mn. This has been retrospectively amended to $2.1mn in line with FY21 reported JobKeeper of $1.8mn UNPAT as communicated in the FY21 AUB Group Investor Presentation on page 6

4 ~~4%~~

BIZCOVER



Profit contribution to AUB Group – Pre-tax ($mn)	FY22	FY21	Movement	Movement (%)

Underlying Revenue1	69.7	58.7	11.0	18.7%
Underlying Expenses1	(43.4)	(36.7)	(6.6)	18.1%
Underlying EBIT1	26.4	22.0	4.4	19.8%
Profit before tax & non-controlling interests (PBT&NCI)	25.9	22.0	3.9	17.8%
Net profit before tax attributable to equity holders ofparent entity	10.5	8.9	1.6	18.4%
Underlying EBIT margin	37.8%	37.5%	n/a	30 bps

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Underlying pre-tax profit for the year increased by 18.4% to $10.5mn (FY21: $8.9mn). Excluding $0.4mn non-recurring JobKeeper receipts in the prior period, the Underlying pre-tax profit for the year increased by 24.7%
This increase was due to organic profit growth assisted by operating leverage and scalability of the platform
Future accelerated growth anticipated in foreign markets
EBIT Margin 37.8% up 150bps from FY21 after excluding non-recurring JobKeeper receipts

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

Cumulative Revenue ($mn)

2 ~~7%~~ Prior period Feb’19-Jun’21 Since ownership Feb’20-Jun’22

Cumulative PBT ($mn)

Prior period Feb’19-Jun’21 Since ownership Feb’20-Jun’22

AGENCIES

Profit contribution to AUB Group – Pre-tax ($mn) Commission and fee income (net) Interest Other income Total Underlying Revenue1,5 Underlying Expenses1,5 UnderlyingEBIT1,5
	FY22	FY21	Movement	Movement (%)
	93.5 68.7 24.8 36.0%
	0.3 0.3 0.0 2.3%
	10.0 4.5 5.4 119.9%
	103.7 73.5 30.2 41.0% (65.3) (50.1) (15.2) 30.4% 38.4 23.4 15.0 63.8%
Profit before tax & non-controlling interests (PBT&NCI)5 38.4 22.1 16.3 73.7% Net profit before tax attributable to equity holders ofparent entity5 22.8 14.8 7.9 53.5%
Underlying EBIT Margin1,5 37.0% 31.9% n/a 510 bps

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Underlying pre-tax profit for the year increased by 53.5% to $22.8mn (FY21: $14.8mn)
The current year includes the full period benefit of the investment in 360 Underwriting Solutions from 1 December 2020, which has accelerated AUB Group’s scale in Agencies
Strong organic growth especially across Construction and Engineering, Technology Risks, and Farm and Regional businesses
EBIT margin 37.0% up 510bps from FY21

FY21 to FY22 AUB Share PBT ($mn)[2,5]

PBT attributable to parent equity holders ($mn)[2,5]

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53.5% 53.5%
22.8 22.8
2.5
5.4 17.0% 16.3
14.8 14.8
13.0
36.5%
FY21 Organic Growth [3] Acquisition Growth [4] FY22 FY19 FY20 FY21 FY22
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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. 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 FY22 vs FY21

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

NEW ZEALAND BROKING

Profit contribution to AUB Group – Pre-tax ($mn) Commission and fee income (net) Premium Funding Interest Other Income Total Underlying Revenue1 Underlying Expenses1 Underlying EBIT1
	FY22	FY21	Movement	Movement (%)
	53.5 53.8 (0.3) (0.6%) 3.8 3.6 0.2 5.0% 0.2 0.2 (0.0) (7.5%) 1.4 1.0 0.4 42.4%
	58.9 58.6 0.3 0.5% (43.5) (41.7) (1.8) 4.3% 15.4 16.9 (1.5) (9.0%)
Profit before tax & non-controlling interests (PBT&NCI) 13.0 14.7 (1.7) (11.6%) Net profit before tax attributable to equity holders of parent entity 9.0 10.6 (1.6) (15.3%)
Underlying EBIT margin 26.2% 28.9% n/a (270 bps)

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Underlying pre-tax profit for the year decreased by 15.3% to $9.0mn (FY21: $10.6mn). NZ technology investment costs of $4.6mn were incurred in the current period (FY21: $2.2mn) to transform and enhance the NZ broking experience via a new platform. Excluding NZ technology investment costs from both periods, the Underlying pre-tax profit for the year increased by 5.7% which included:
Revenue and profit growth for the majority of NZ businesses, supported by increased Commercial Lines premiums
Partly offset by a profit reduction in BWRS with remediation plan underway

FY21 to FY22 AUB Share PBT ($mn)[2]

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

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-15.3%
5.7%
12.2 -15.3%
13.5 10.6
12.8 0.7 0.0
10.6 2.2 5.7% (0.0%) 4.6 8.7 9.0
9.0
FY21 FY21 NZ Tech FY21 excl NZ Organic Acquisition FY22 excl NZ FY22 NZ Tech FY22 FY19 FY20 FY21 FY22
Investment [5] Tech Investment Growth [3] Growth [4] Tech Investment Investment [5]
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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. Net profit before tax attributable to equity holders of parent entity

3. Organic growth attributable to equity holders of parent entity excludes Acquisitions growth and NZ Tech Investment spend in FY22 and FY21

4. Acquisition growth includes the net effect of acquisitions, divestments, bolt-ons and increased equity stakes in FY22 vs FY21

5. Represents Project Lola costs incurred to transform the NZ broking experience via a new platform

BALANCE SHEET AND CAPITAL POSITION

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Consolidated Balance Sheet Overview ($mn)	FY22	FY21	Movement
Cash – incl subs1	259.3	76.6	182.7
Cash – Trust Accounts	333.1	205.2	127.9
Investment in Associates	250.1	280.6	(30.5)
Intangible assets and goodwill	622.5	469.7	152.8
Other Assets	175.5	114.0	61.5
Total Assets	1,640.5	1,146.1	494.4
Interest Bearing Loans and Borrowings – incl subs2	47.8	212.3	(164.5)
Broker / Agency operational payables	354.2	195.7	158.5
Other Liabilities	240.8	139.8	101.0
Total Liabilities 642.8 547.8 95.0
Total Equity 997.7 598.3 399.4

1. Includes AUB Corporate Cash	177.0	21.4	155.6
2. Includes AUB Corporate Debt	0.0	182.0	(182.0)

The Group continues to be strongly cash-generative
Repayment of loan facility lead to decrease in loans and borrowings

▪ Intangible assets and goodwill increased as a result of acquisitions and step ups leading to increased financial consolidation

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

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	FY22 ($000)	FY21 ($000)	Movement (%)
Net Profit after tax attributable to equity holders of theparent	80,836	70,621	14.5%
Add back/(less):(net of NCI and income tax)
Share of Amortisation of brokingregisters9	11,143	10,948
Adjustments to value of entities (to fair value) on the day they became controlled entities8	(41,046)	(3,851)
Remeasurement ofput option liability (net of Interest unwind)6	1,104	5,587
Share of impairment charge3	7,537	2,679
Share of movements in contingent consideration,net of impairment charge2	(337)	(372)
Profit on deconsolidation of controlled entity4	(3,303)	(18,138)
Capital losses not previously recognised5	-	(1,791)
Share of Profit from sale or dilution of interests in associates, controlled entities and broking portfolios7	(2,591)	(2,050)
Share of Impairment of the Right of Use Asset and Onerous Lease Expense3	219	611
Share of Legal, due diligence and debt costs	20,456	1,057
Underlying Net Profit After Tax	74,018	65,301	13.3%

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[1,3]

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	FY22 ($’000)	FY21 ($’000)	Movement FY ($’000)	Movement FY (%)
Australian Broking revenue	457,211	429,183	28,028	6.5%
Australian Broking expenses	(303,029)	(292,360)	(10,669)	3.6%
EBIT- Australian Broking	154,182	136,823	17,359	12.7%
BizCover revenue	69,730	58,732	10,998	18.7%
BizCover expenses	(43,354)	(36,710)	(6,644)	18.1%
EBIT– BizCover	26,376	22,022	4,354	19.8%
New Zealand Broking revenue	58,875	58,602	273	0.5%
New Zealand Broking expenses	(43,471)	(41,667)	(1,804)	4.3%
EBIT- New Zealand Broking	15,404	16,935	(1,531)	-9.0%
Agencies revenue2	103,721	73,535	30,186	41.0%
Agencies expenses2	(65,324)	(50,098)	(15,226)	30.4%
EBIT- Agencies2	38,397	23,437	14,960	63.8%
Health & Rehab revenue	-	31,758	(31,758)	-100.0%
Health & Rehab expenses	-	(25,928)	25,928	-100.0%
EBIT- Health & Rehab	-	5,830	(5,830)	-100.0%
Total revenue-Operating entities	689,537	651,810	37,727	5.8%
Total expenses-Operating entities	(455,178)	(446,763)	(8,415)	1.9%
EBIT- Operating entities	234,359	205,047	29,312	14.3%
Corporate revenue	1,982	3,557	(1,575)	-44.3%
Corporate expenses	(19,966)	(14,769)	(5,197)	35.2%
EBIT– Corporate	(17,985)	(11,212)	(6,773)	60.4%
Total-Group revenue	691,519	655,367	36,152	5.5%
Total-Group expenses	(475,144)	(461,532)	(13,612)	2.9%
Total- EBIT before NCI	216,374	193,835	22,539	11.6%
Interest expense-Operating entities	(5,289)	(6,459)	1,170	-18.1%
Interest expense–Corporate	(4,309)	(4,892)	583	-11.9%
Total- Interest expense	(9,598)	(11,351)	1,753	-15.4%
Profit before NCI	206,776	182,484	24,292	13.3%
Non-Controlling Interest (NCI)	(100,690)	(88,085)	(12,605)	14.3%
Underlying Net profit before tax	106,086	94,399	11,687	12.4%
Income tax expense	(32,068)	(29,098)	(2,970)	10.2%
Underlying NPAT	74,018	65,301	8,717	13.3%

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

3. EBIT is equivalent to EBITA

A2.2 MANAGEMENT PRESENTATION OF RESULTS[1]

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	FY22 ($’000)	FY21 ($’000)	Movement FY ($’000)	Movement FY (%)
Australian Broking revenue	457,211	429,183	28,028	6.5%
Australian Broking expenses	(305,526)	(295,285)	(10,241)	3.5%
Net profit-Australian Broking	151,685	133,898	17,787	13.3%
Profit attributable to other equity interests	(65,536)	(61,932)	(3,604)	5.8%
Australian Broking net profit	86,149	71,966	14,183	19.7%
BizCover revenue	69,730	58,732	10,998	18.7%
BizCover expenses	(43,782)	(36,710)	(7,072)	19.3%
Net profit–BizCover	25,948	22,022	3,926	17.8%
Profit attributable to other equity interests	(15,451)	(13,156)	(2,295)	17.4%
BizCover net profit	10,497	8,866	1,631	18.4%
New Zealand Broking revenue	58,875	58,602	273	0.5%
New Zealand Broking expenses	(45,839)	(43,862)	(1,977)	4.5%
Net profit-New Zealand Broking	13,036	14,740	(1,704)	-11.6%
Profit attributable to other equity interests	(4,083)	(4,169)	86	-2.1%
New Zealand Broking net profit	8,953	10,571	(1,618)	-15.3%
Agencies revenue2	103,721	73,535	30,186	41.0%
Agencies expenses2	(65,320)	(51,432)	(13,888)	27.0%
Net profit–Agencies2	38,401	22,103	16,298	73.7%
Profit attributable to other equity interests2	(15,620)	(7,264)	(8,356)	115.0%
Agencies net profit2	22,781	14,839	7,942	53.5%
Health & Rehab revenue	-	31,758	(31,758)	-100.0%
Health & Rehab expenses	-	(25,933)	25,933	-100.0%
Net profit-Health & Rehab	-	5,825	(5,825)	-100.0%
Profit attributable to other equity interests	-	(1,565)	1,565	-100.0%
Health & Rehab net profit	-	4,260	(4,260)	-100.0%
Net profit before corporate income / expenses	128,380	110,503	17,877	16.2%
Corporate expenses	(19,966)	(14,758)	(5,208)	35.3%
Acquisition expenses	-	(11)	11	-100.0%
Corporate finance costs	(4,309)	(4,892)	583	-11.9%
Corporate revenue	1,982	3,557	(1,575)	-44.3%
Net corporate result	(22,294)	(16,104)	(6,190)	38.4%
Net profit before tax	106,086	94,399	11,687	12.4%
Income tax expense	(32,068)	(29,098)	(2,970)	10.2%
Underlying NPAT	74,018	65,301	8,717	13.3%

2. 360 Underwriting results are included within Agencies from 1 December 2020

A2.3 MANAGEMENT PRESENTATION OF RESULTS[1,3]

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	FY22 ($’000)	2H22 ($’000)	1H22 ($’000)	FY21 ($’000)	2H21 ($’000)	1H21 ($’000)	FY20 ($’000)	2H20 ($’000)	1H20 ($’000)	FY19 ($’000)	2H19 ($’000)	1H19 ($’000)	FY18 ($’000)	2H18 ($’000)	1H18 ($’000)
Australian Broking revenue	457,211	238,228	218,983	429,183	223,723	205,460	395,005	207,053	187,952	378,339	198,745	179,594	366,929	198,714	168,215
Australian Broking expenses	(303,029)	(152,245)	(150,784)	(292,360)	(152,851)	(139,509)	(283,045)	(143,009)	(140,036)	(272,823)	(138,211)	(134,612)	(263,783)	(136,281)	(127,502)
EBIT - Australian Broking	154,182	85,983	68,199	136,823	70,872	65,951	111,960	64,044	47,916	105,516	60,534	44,982	103,146	62,433	40,713
BizCover revenue	69,730	36,418	33,312	58,732	30,785	27,947	19,586	19,586	-	-	-	-	-	-	-
BizCover expenses	(43,354)	(22,378)	(20,976)	(36,710)	(19,543)	(17,167)	(11,943)	(11,943)	-	-	-	-	-	-	-
EBIT – BizCover	26,376	14,040	12,336	22,022	11,242	10,780	7,643	7,643	-	-	-	-	-	-	-
New Zealand Brokingrevenue	58,875	30,314	28,561	58,602	31,314	27,288	58,537	31,109	27,428	50,642	28,324	22,318	42,434	24,254	18,180
New Zealand Brokingexpenses	(43,471)	(21,459)	(22,012)	(41,667)	(21,640)	(20,027)	(39,318)	(20,310)	(19,007)	(34,137)	(18,865)	(15,272)	(27,123)	(15,267)	(11,856)
EBIT - New Zealand Broking	15,404	8,855	6,549	16,935	9,674	7,261	19,219	10,799	8,421	16,505	9,459	7,046	15,311	8,987	6,324
Agencies revenue2	103,721	57,385	46,336	73,535	44,248	29,287	59,322	30,169	29,153	61,419	32,701	28,718	56,585	30,752	25,833
Agencies expenses2	(65,324)	(34,075)	(31,249)	(50,098)	(28,821)	(21,277)	(40,971)	(19,419)	(21,552)	(39,861)	(19,247)	(20,614)	(37,695)	(18,087)	(19,608)
EBIT - Agencies2	38,397	23,310	15,087	23,437	15,427	8,010	18,351	10,750	7,601	21,558	13,454	8,104	18,890	12,665	6,225
Health & Rehab 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
Health & Rehab 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)
EBIT - Health & Rehab	-	-	-	5,830	1,837	3,993	7,276	3,921	3,355	2,305	601	1,704	10,186	4,067	6,119
Total revenue - Operatingentities	689,537	362,345	327,192	651,810	340,884	310,926	583,868	311,802	272,066	541,583	284,786	256,797	524,694	283,069	241,625
Total expenses - Operating entities	(455,178)	(230,157)	(225,021)	(446,763)	(231,832)	(214,931)	(419,418)	(214,646)	(204,773)	(395,699)	(200,737)	(194,961)	(377,161)	(194,916)	(182,245)
EBIT - Operating entities	234,359	132,188	102,171	205,047	109,052	95,995	164,450	97,156	67,293	145,884	84,049	61,836	147,533	88,153	59,380
Corporate revenue	1,982	1,023	959	3,557	1,419	2,138	4,487	2,030	2,457	4,545	3,309	1,236	2,187	1,104	1,083
Corporate expenses	(19,966)	(9,631)	(10,335)	(14,769)	(7,459)	(7,310)	(15,879)	(8,898)	(6,980)	(13,712)	(7,559)	(6,153)	(14,141)	(7,849)	(6,292)
EBIT – Corporate	(17,985)	(8,609)	(9,376)	(11,212)	(6,040)	(5,172)	(11,392)	(6,868)	(4,523)	(9,167)	(4,250)	(4,917)	(11,954)	(6,745)	(5,209)
Total - Grouprevenue	691,519	363,368	328,151	655,367	342,303	313,064	588,355	313,832	274,523	546,128	288,095	258,033	526,881	284,173	242,708
Total - Groupexpenses	(475,144)	(239,788)	(235,356)	(461,532)	(239,291)	(222,241)	(435,297)	(223,544)	(211,753)	(409,410)	(208,296)	(201,115)	(391,303)	(202,765)	(188,537)
Total - EBIT before NCI	216,374	123,579	92,795	193,835	103,012	90,823	153,058	90,288	62,770	136,718	79,799	56,918	135,578	81,408	54,171
Interest expense - Operatingentities	(5,289)	(2,765)	(2,524)	(6,459)	(2,850)	(3,609)	(9,224)	(3,365)	(5,859)	(9,672)	(5,308)	(4,364)	(8,225)	(4,271)	(3,954)
Interest expense – Corporate	(4,309)	(1,914)	(2,395)	(4,892)	(2,350)	(2,542)	(3,886)	(2,457)	(1,429)	(3,732)	(2,316)	(1,416)	(2,353)	(1,494)	(859)
Total - Interest expense	(9,598)	(4,679)	(4,919)	(11,351)	(5,200)	(6,151)	(13,110)	(5,822)	(7,288)	(13,404)	(7,624)	(5,780)	(10,578)	(5,765)	(4,813)
Profit before NCI	206,776	118,900	87,876	182,484	97,812	84,672	139,948	84,466	55,482	123,314	72,175	51,138	125,000	75,643	49,358
Non - ControllingInterest(NCI)	(100,690)	(56,728)	(43,962)	(88,085)	(47,160)	(40,925)	(63,712)	(38,672)	(25,040)	(56,002)	(29,177)	(26,825)	(62,143)	(35,779)	(26,364)
Underlying Netprofit before tax	106,086	62,172	43,914	94,399	50,652	43,747	76,236	45,794	30,442	67,312	42,998	24,314	62,857	39,863	22,994
Income tax expense	(32,068)	(18,775)	(13,293)	(29,098)	(15,358)	(13,740)	(23,084)	(13,725)	(9,359)	(20,593)	(13,179)	(7,414)	(19,329)	(12,306)	(7,022)
Underlying NPAT	74,018	43,397	30,621	65,301	35,294	30,007	53,152	32,069	21,083	46,719	29,819	16,900	43,529	27,557	15,972

3. EBIT is equivalent to EBITA

2. 360 Underwriting results are included within Agencies from 1 December 2020

A2.4 MANAGEMENT PRESENTATION OF RESULTS[1]

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	FY22 ($’000)	2H22 ($’000)	1H22 ($’000)	FY21 ($’000)	2H21 ($’000)	1H21 ($’000)	FY20 ($’000)	2H20 ($’000)	1H20 ($’000)	FY19 ($’000)	2H19 ($’000)	1H19 ($’000)	FY18 ($’000)	2H18 ($’000)	1H18 ($’000)
Australian Brokingrevenue	457,211	238,228	218,983	429,183	223,723	205,460	395,005	207,053	187,952	378,339	198,745	179,594	366,929	198,714	168,215
Australian Brokingexpenses	(305,526)	(153,589)	(151,937)	(295,285)	(154,205)	(141,080)	(287,241)	(144,208)	(143,033)	(277,427)	(140,661)	(136,766)	(267,845)	(138,350)	(129,495)
Netprofit - Australian Broking	151,685	84,639	67,046	133,898	69,518	64,380	107,764	62,845	44,919	100,912	58,084	42,828	99,084	60,364	38,720
Profit attributable to otherequityinterests	(65,536)	(36,802)	(28,734)	(61,932)	(32,533)	(29,399)	(48,674)	(28,311)	(20,363)	(46,694)	(25,676)	(21,018)	(46,648)	(27,032)	(19,616)
Australian Broking netprofit	86,149	47,837	38,312	71,966	36,985	34,981	59,090	34,534	24,556	54,218	32,408	21,810	52,436	33,332	19,104
BizCover revenue	69,730	36,418	33,312	58,732	30,785	27,947	19,586	19,586	-	-	-	-	-	-	-
BizCover expenses	(43,782)	(22,594)	(21,188)	(36,710)	(19,543)	(17,167)	(11,943)	(11,943)	-	-	-	-	-	-	-
Netprofit – BizCover	25,948	13,824	12,124	22,022	11,242	10,780	7,643	7,643	-	-	-	-	-	-	-
Profit attributable to other equityinterests	(15,451)	(8,248)	(7,203)	(13,156)	(6,709)	(6,447)	(4,586)	(4,586)	-	-	-	-	-	-	-
BizCover netprofit	10,497	5,576	4,921	8,866	4,533	4,333	3,057	3,057	-	-	-	-	-	-	-
New ZealandBrokingrevenue	58,875	30,314	28,561	58,602	31,314	27,288	58,537	31,109	27,428	50,642	28,324	22,318	42,434	24,253	18,181
New Zealand Brokingexpenses	(45,839)	(22,668)	(23,171)	(43,862)	(22,738)	(21,124)	(42,385)	(21,682)	(20,702)	(37,157)	(20,691)	(16,466)	(29,419)	(16,485)	(12,934)
Netprofit - New Zealand Broking	13,036	7,646	5,390	14,740	8,576	6,164	16,152	9,427	6,726	13,485	7,633	5,852	13,015	7,768	5,247
Profit attributable to other equityinterests	(4,083)	(2,240)	(1,843)	(4,169)	(2,470)	(1,699)	(3,967)	(2,267)	(1,700)	(4,797)	(1,931)	(2,866)	(6,813)	(4,285)	(2,528)
New Zealand Broking netprofit	8,953	5,406	3,547	10,571	6,106	4,465	12,186	7,160	5,026	8,688	5,703	2,985	6,202	3,483	2,718
Agencies revenue2	103,721	57,385	46,336	73,535	44,248	29,287	59,322	30,169	29,153	61,419	32,701	28,718	56,585	30,752	25,833
Agencies expenses2	(65,320)	(34,071)	(31,249)	(51,432)	(29,217)	(22,215)	(42,836)	(20,315)	(22,521)	(41,741)	(20,182)	(21,559)	(39,437)	(19,017)	(20,420)
Netprofit – Agencies2	38,401	23,314	15,087	22,103	15,031	7,072	16,486	9,854	6,632	19,678	12,519	7,159	17,148	11,735	5,413
Profit attributable to other equityinterests2	(15,620)	(9,438)	(6,182)	(7,264)	(5,061)	(2,203)	(3,460)	(1,864)	(1,596)	(3,339)	(1,242)	(2,097)	(4,096)	(2,528)	(1,568)
Agencies netprofit2	22,781	13,876	8,905	14,839	9,970	4,869	13,026	7,990	5,036	16,339	11,277	5,062	13,052	9,207	3,845
Health & Rehab 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
Health & Rehab expenses	-	-	-	(25,933)	(8,979)	(16,954)	(44,238)	(19,862)	(24,376)	(49,046)	(24,512)	(24,534)	(48,685)	(25,334)	(23,351)
Netprofit - Health & Rehab	-	-	-	5,825	1,835	3,990	7,180	4,023	3,157	2,137	504	1,633	10,061	4,015	6,046
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)
Health & Rehab net profit	-	-	-	4,260	1,447	2,813	4,155	2,379	1,776	966	176	790	5,475	2,080	3,395
Netprofit before corporate income / expenses	128,380	72,695	55,685	110,503	59,041	51,461	91,513	55,119	36,395	80,211	49,563	30,647	77,165	48,103	29,062
Corporate expenses	(19,966)	(9,631)	(10,335)	(14,758)	(7,452)	(7,306)	(15,718)	(8,738)	(6,979)	(13,029)	(7,382)	(5,647)	(13,971)	(6,820)	(7,151)
Acquisition expenses	-	-	-	(11)	(7)	(4)	(161)	(161)	-	(683)	(177)	(506)	(170)	(170)	-
Corporate finance costs	(4,309)	(1,914)	(2,395)	(4,892)	(2,350)	(2,542)	(3,886)	(2,456)	(1,430)	(3,732)	(2,316)	(1,416)	(2,353)	(2,353)	-
Corporaterevenue	1,982	1,023	959	3,557	1,419	2,138	4,487	2,030	2,457	4,545	3,309	1,236	2,187	1,104	1,083
Net corporate result	(22,294)	(10,523)	(11,771)	(16,104)	(8,390)	(7,714)	(15,277)	(9,325)	(5,952)	(12,899)	(6,566)	(6,333)	(14,307)	(8,239)	(6,068)
Net profit before tax	106,086	62,172	43,914	94,399	50,652	43,747	76,236	45,794	30,442	67,312	42,998	24,314	62,857	39,864	22,994
Income tax expense	(32,068)	(18,775)	(13,293)	(29,098)	(15,358)	(13,740)	(23,084)	(13,725)	(9,359)	(20,593)	(13,179)	(7,414)	(19,328)	(12,306)	(7,022)
Underlying NPAT	74,018	43,397	30,621	65,301	35,294	30,007	53,152	32,069	21,083	46,719	29,819	16,900	43,529	27,558	15,972

2. 360 Underwriting results are included within Agencies from 1 December 2020

A3.0 CONSOLIDATED CASH FLOW STATEMENT

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	FY22 ($’000)	FY21 ($’000)
Cash flows from operations	101,961	83,840

Cash flows from investing activities
Acquisitions	103,372	(26,859)
Salesproceeds(net of cash reduced on deconsolidation)	13,987	49,526
Plant equipment / Other	307	2,752
Payments for deferred settlements	(5,179)	(2,186)
	112,487	23,233
Cash flows from financing activities
Capital raising	341,861	-
Dividends	(56,665)	(60,358)
Net borrowings	(176,249)	(10,245)
Repayment of lease liabilities	(7,392)	(9,346)
Acquisitions	(3,136)	(19,497)
Saleproceeds	6,347	2,458
	104,766	(96,988)
Net increase/(decrease)in broker trust account cash	(6,426)	28,746
Net increase/(decrease) in cash	312,788	38,831
Cash and cash equivalents at beginningof theperiod	281,820	243,151
Impact as a result of foreign exchange	(2,148)	(162)
Total cash	592,460	281,820

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Appendices

B. AUB Group Business Overview

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AUB GROUP – AN OVERVIEW

AUB Group Limited is an ASX200 listed group comprising insurance brokers and underwriting agencies operating in ~520 locations across Australia and New Zealand. Over 3,000 team members work with our 900,000 clients to place more than $4.4bn in insurance premiums with local and foreign insurers.

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▪ Full complement of services and technology supporting the Austbrokers network of 45 brokerages ▪ Established complementary capabilities in Life Insurance Broking, Premium AUSTRALIAN Funding, Claims Management, Legal Services, Loss Adjustment, and 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 leveraging the AUB Group capabilities and offerings ▪ Design, distribute and manage insurance products and portfolios via 31 AUSTAGENCIES agencies on behalf of locally licensed insurers and Lloyd’s syndicates ▪ Austagencies includes the 360 Underwriting and SURA Specialty portfolios ▪ AUB operates NZbrokers, the largest broker management group in NZ with 47 members (including 40 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 an SME insurance platform utilising the BizCover quote and BIZCOVER bind engine and exclusive to Austbrokers members

▪ Investments underway in other Insurtech platforms to assist brokers and agencies

$4.4BN+ GWP

INSURANCE BROKING OF $3.8BN VIA EQUITY AND NETWORK PARTNERS | SPECIALIST AGENCIES $0.6BN

~ ~ ~900K 1.6MN 520 CLIENTS POLICIES LOCATIONS 50 33 EQUITY-PARTNER BROKING SPECIALIST AGENCIES BUSINESSES 36YRS 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…

All data as at 30 June 2022

OVERVIEW: AUSTRALIAN BROKING

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OVERVIEW

Our Australian broking businesses encompass some of Australia’s largest and most reputable brokerages, with specialist expertise, market penetration and quality client portfolios
The portfolio consists of ~2,300 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 partnerships that will drive sustainable growth and profitability for the benefit of the Group and our broker network
The division encompasses 45 brokerages in the market and generates over $2.9bn in premium across the network
With more than 30 years in the industry and a national footprint, Australian Broking is uniquely placed to provide clients with market leading insurance broking and risk management services

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45
~$2.9bn 66% partner businesses ~570,000
contribution to
in premium [2] with equity clients
group revenue [1]
ownership
~900,000 ~367 ~2,300
policies locations staff
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2. Includes BizCover premium

1. Excludes AUB Group Corporate Revenue

OVERVIEW: BIZCOVER

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BizCover
Multi-channel market penetration leverages market leading platform while investment in brand drives operational leverage
Intermediated
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 Indemnity Public Liability
▪▪ Business InterruptionEmployee fraud & dishonesty Management Liability
▪ Tax Audit (D&O)
▪ Commercial Property Personal Accident Cyber Liability
Partnerships with leading global and domestic insurers deliver on shared objectives of efficiency and client satisfaction
Channel
Products
Insurer
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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 marketleading platform and business model

OVERVIEW: AUSTRALIAN AGENCIES

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OVERVIEW

Our Australian Agencies comprise some of Australia’s leading specialist underwriters who distribute and manage insurance products on behalf of domestic and internationally licensed insurers, including Lloyd’s
The business includes 31 agencies, driving ~$600mn in premium, ~100,000 policies to ~100,000 clients
Agencies are grouped into three business areas namely General Commercial (under the 360 brand), Specialty (under the SURA brand) and Strata (under the Longitude brand)
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 includes relevant support services, particularly in claims, to provide a clientfocused end-to-end service

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~$600mn 15% 31 ~100,000
contribution to Specialist agencies
in premium clients
group revenue [1]
~100,000 ~12 ~300 Specialist claims
capabilities
policies locations staff
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1. Excludes AUB Group Corporate Revenue

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OVERVIEW: NEW ZEALAND

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~$900mn 5 Brokers
in premium 9% 2 Agencies ~200,000
contribution to 1 member network
(20% of AUB Group clients
Premium) group revenue [1] 1 Platform
~550,000 ~150 ~1,050
policies locations staff
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OVERVIEW

5 Broking groups including Insurance Advisernet NZ
Selective investments in high-performing broking businesses

▪ 2 underwriting agencies

o Expansion of 360 in New Zealand through investments in Rosser Underwriting and TLC Insurance

▪ The NZbrokers network

o NZbrokers is New Zealand’s largest insurance broking collective, representing over 47 members (including 40 independent businesses) across the country. Each member leverages the strength and capability of the network, while retaining their successful formula of local knowledge and long-standing relationships

42 1. Excludes AUB Group Corporate Revenue

ESG UPDATE

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AUB Group ESG Framework & Targets

Social

Governance

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. .

Unified learning platform for training and monitoring compliance

Top-down governance model

AUB representative on all sub boards

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Liveable wage benchmarking and monitoring

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  - Group level centralised monitoring

Public policy and commitment to responsible investing
Public employee and customer grievance escalation mechanism deployed

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All employee short term incentive at risk for failure to comply with policies and training requirements
Standardised employee hiring
Employee donation matching and volunteer days
Corruption and ethics training for all staff

External ratings

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Environmental

. .
AUB’s improvement reflected in rating agency scores

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.

Head office use of renewable energy sources for electricity
Head office use of business travel carbon offsets and minimising travel

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FY21
Materiality
Assessment
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FY22
Target
Setting
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FY23
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FY24+
Substainability
Reporting
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Balanced
Scorecard
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Appendices

C. AUB Group Portfolio Overview

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INSURANCE PORTFOLIO – PREMIUM AND SIZE

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Annual Premium [[1]] ($bns)
4.4
bn
~$4.4
4.0 Premium under
+12.0% CAGR
influence
3.4 across the AUB
3.2 2.3 network
2.8 2.2
1.8
1.8
2H 1.5
Australian Broking
~1.6mn
2.1
Policies written
1.8
1.6
1H 1.3 1.4 within the AUB
network
FY18 FY19 FY20 FY21 FY22
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Annual Premium[[1]] ($bns)

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

GROUP: INSURANCE PORTFOLIO MIX, BY PRODUCT AND INSURER

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Portfolio Mix – Premium by Product / Risk Line

Portfolio Mix – Premium by Insurer

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15% 18%
3%
3%
3%
14%
4%
5%
5%
12%
9%
9%
Business Workers Comp
Personal Farm
Liability Commercial Insurance
ISR Motor - Fleet
Motor - Commercial Strata
PI Other
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17% 41% 12% 8% 2% 8% 2% 3% 7% CGU/IAG Vero Zurich QBE Chubb AIG Allianz Lloyd’s Other

Portfolio mix is based on available data from key Australian Broking, New Zealand and Agency businesses as at 30 June 2022

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

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Product Line Mix Geography Mix Insurer Mix
Client Segment Mix
Corporate Business PI
28% 20% 7% NSW WA NT QBE Chubb Dual
39% 12% 2% 12% 6% 2%
Medium Enterprise Liability Motor - Commercial
26% 13% 6% VIC SA TAS Allianz Vero AIG
18% 10% 1% 11% 4% 2%
Personal ISR Motor - Fleet
5% 10% 5% QLD ACT CGU Zurich Other
15% 3% 8% 4% 51%
Small Enterprise Personal Farm
41% 10% 4%
Workers Comp Other
o Retail = Retail / Personal Lines clients 7% 18%
o Small Enterprise = Client account size <50k
o Medium Enterprise = Client account size 50k-250k
o Corporate = Client account size 250k+
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Portfolio mix is based on available data from key Australian Broking businesses as at 30 June 2022

GROUP: INSURANCE PORTFOLIO MIX, BY PRODUCT CATEGORY AND GEOGRAPHY

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Portfolio Mix – by Category (%)

Portfolio Mix – by Geography (%)

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11%
13%
NT
1% QLD
12%
WA
9%
NSW
SA 31%
8% ACT
2%
87% 89%
VIC
15%
Commercial Personal NZ
TAS
21%
1%
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48 Portfolio mix is based on available data from key Australian Broking, New Zealand and Agency businesses

INSURANCE OPERATIONS REACH AND SCALE

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~520 NT
5 locations QLD
locations 13% 76 locations
WA
34 locations
SA NSW
29 locations 151 locations
ACT
>3,000 8 locations
staff
87% VIC
51 locations
TAS NZ
4 locations 163 locations
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NOTICE

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SUMMARY INFORMATION

This document has been prepared by AUB Group Limited (ABN 60 000 000 715) (AUB). It is a presentation of general background information about AUB’s activities current at the date of the presentation. It is information in a summary form and does not purport to be complete. It is to be read in conjunction with AUB’s other announcements released to ASX (available at www.asx.com.au). It is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. These should be considered, with professional advice, when deciding if an investment is appropriate.

TERMINOLOGY

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

FORWARD LOOKING STATEMENTS

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

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

NOT AN OFFER

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

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Thank You

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AI assistant

AUB GROUP LIMITED — Earnings Release 2022

64456_rns_2022-08-23_16114c09-00f4-48eb-b9ae-7ca7eea559a4.pdf

ASX Announcement

24 August 2022

FY2022 Results - Announcement and Investor Presentation

The release of this announcement was authorised by the AUB Board.

About AUB Group

Summary

Highlights by operating division

Australian Broking

BizCover

New Zealand Broking

Agencies

Health & Rehab (Exited)

Capital Management

Dividends

FY23 Outlook

Table 1 Financial Results Summary

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

Table 3 Management Presentation of Results

KEY MESSAGES

TRACK RECORD OF GROWTH

(CONTINUING OPERATIONS[4] )

FINANCIAL HIGHLIGHTS – CONTINUING OPERATIONS[4] Continued momentum in Revenue growth and Margin expansion delivering strong UNPAT and EPS growth

FY22 FINANCIAL PERFORMANCE: OVERVIEW

PORTFOLIO GROWTH AND PROFITABILITY

Premium Growth (GWP $bn FY19-FY22)

SHAREHOLDER RETURNS

21.1% uplift in Underlying EPS from continuing operations, with FY22 total dividend of 55.0 cents, flat YoY in light of the potential Tysers acquisition

Underlying Earnings Per Share[1] (Cents per share) (not adjusted)

Underlying Earnings Per Share Continuing Operations1,2(Cents per share)

Dividend Per Share (Cents)

FULL CONVERSION OF PROFITS TO CASH

Cash Flow Summary[1]

FY22 EXECUTION PRIORITIES UPDATE

AUSTRALIAN BROKING

Australian Broking Revenue and Expense[1,2] : FY20-FY22

FY22 Highlights

▪

BIZCOVER

Revenue Growth – Direct v Intermediated (%)

Highlights

AGENCIES

Growth in revenue, margin and profit underpinned by expansions in scale and breadth of product and capability

NEW ZEALAND

Strong revenue and profit growth for the majority of AUB businesses offset by costs of the technology investment as well as reduced profit in BWRS

FY22 EBIT[1] Growth ($mns v FY21)

Performance Overview

TYSERS ACQUISITION

Acquisition will materially improve AUB’s broker and client value proposition; revenue growth remains on target as the business emerges from COVID

On 9 May 2022, AUB Group announced its acquisition of Tysers

Business Update

Integration Planning

FY23 Priorities & Outlook

FY23 EXECUTION PRIORITIES

FY23 Priority

Overview

FY23 OUTLOOK

FY22 to FY23 Underlying NPAT[1] Breakdown $mn

Assumptions

APPENDICES

FY22 DIVISIONAL PERFORMANCE BREAKDOWN

FY21 to FY22 Underlying NPAT[1] ($mn)

AUSTRALIAN BROKING

FY21 to FY22 AUB Share PBT ($mn)[2]

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

BIZCOVER

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

Cumulative Revenue ($mn)

Cumulative PBT ($mn)

AGENCIES

FY21 to FY22 AUB Share PBT ($mn)[2,5]

PBT attributable to parent equity holders ($mn)[2,5]

NEW ZEALAND BROKING

FY21 to FY22 AUB Share PBT ($mn)[2]

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

BALANCE SHEET AND CAPITAL POSITION

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

A2.1 MANAGEMENT PRESENTATION OF RESULTS[1,3]

AUB GROUP LIMITED Earnings Release 2022