SUNCORP GROUP LIMITED — Annual Report 2013

Aug 20, 2013

Suncorp Group Limited

Financial results for the year ended 30 June 2013

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Suncorp Group Limited

21 August 2013

Suncorp results presentation Agenda

Results and operational highlights

Patrick Snowball

CFO report

• Core business lines

• Non-core Bank resolution

John Nesbitt

• Group capital

Suncorp’s strategic assets

Patrick Snowball

Q & A

Suncorp Leadership Team

Suncorp Group Limited

2

21 August 2013

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Introduction

Patrick Snowball Chief Executive Officer, Suncorp Group Limited

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Suncorp Group Limited

21 August 2013

FY13 result overview

FY13 result overview
	FY13	FY12	%∆
General Insurance NPAT	883	493	79.1
Core Bank NPAT	289	289	-
Suncorp Life NPAT	60	251	(76.1)
Core Business lines NPAT	1,232	1,033	19.3
Non-core Bank	(632)	(263)	n/a
Other profit and acquisition amortisation	(109)	(46)	n/a
Net Profit After Tax	491	724	(32.2)

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Suncorp Group Limited

21 August 2013

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Key commitments One Company. Many Brands

1 Group growth of 7% to 9% per annum over the next two years 2 Simplification benefits of $225 million in the 2015 financial year 3 ‘Meet or beat’ an underlying ITR of 12% through the cycle

4

60% to 80% dividend payout ratio Continue to return surplus capital

6

Group ROE of at least 10% in the 2015 financial year

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Suncorp Group Limited

21 August 2013

Top line growth Growth across all three business lines ($m)

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General Insurance GWP
8.0%
8,589
7,280
FY11 FY12 FY13
Core Bank lending assets
9.5%
47,463
39,611
FY11 FY12 FY13
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Suncorp Life individual
in-force business 8.7%
785
669
FY11 FY12 FY13
Shareholder returns (cps)
Interim dividend Final dividend Special dividend
36% 20
15
30
20
20
15 20 25
FY11 FY12 FY13
6
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Suncorp Group Limited

21 August 2013

Healthy margins Above target levels General Insurance Underlying ITR

Core Bank Net Interest Margin

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1.97%
1.83% 1.92% 1.90%
1.89%
1.76% 1.84% 1.83%
Target range 1.75% to 1.85%
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13.4% [13.6% ]
13.1%
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Meet or beat 12%

1H10 2H10 1H11 2H11 1H12 2H12 1H13 2H13

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11.2%
10.5%
11.1%
10.0%
8.0%
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50 49 48 47 47 47 52 44 8.0% 1H10 2H10 1H11 2H11 1H12 2H12 1H13 2H13 1H10 2H10 1H11 2H11 1H12 2H12 1H13 2H13 7

Suncorp Group Limited

21 August 2013

Core business profitability Improved earnings (Profit after tax $m)

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19% 1,232
General Insurance Core Bank Suncorp Life
60
1,047 1,033
289
222
800 251
149
268
289
259
883
557
493
392
FY10 FY11 FY12 FY13 8
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Suncorp Group Limited

21 August 2013

Financial Results John Nesbitt Chief Financial Officer, Suncorp Group Limited

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Suncorp Group Limited

21 August 2013

General Insurance Underlying ITR of 13.5%

$m General Insurance profit after tax

FY13 %∆ 883 79.1

• GWP up 8.0%

• GWP up 8.5% after adjusting for FSL

• Reported ITR of 13.1%

• Delivered on the ‘meet or beat’ 12% underlying ITR target

• Natural hazard claims $75 million above allowance

• Reserve releases of $105 million broadly in line with long run expectations of 1.5% of NEP

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Suncorp Group Limited

21 August 2013

Gross Written Premium GWP up 8.5% excluding FSL

Product	FY13 ($m)	%∆	Factors
Motor	2,764	4.7	A combination of unit and premium growth
Home	2,498	10.4	Premium increases to recover increased reinsurance
Commercial	1,987	8.4	Growth across all major product lines
CTP	978	8.5	Strong growth in NSW
Workers’ comp & other	362	13.5	Price increases, wage growth and improved retention
Total	8,589	8.0
Australia	7,645	7.3
New Zealand	944	13.6	10.7% in NZ$ terms

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Suncorp Group Limited

21 August 2013

Underlying ITR Meet or beat 12% underlying ITR

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FY13
13.5%
13.6%
FY12 13.4%
13.1%
12.1%
FY11
11.2%
10.8%
11.1%
10.0%
FY10 10.5%
9.0%
8.0%
1H10 2H10 1H11 2H11 1H12 2H12 1H13 2H13 12
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Suncorp Group Limited 21 August 2013

Core Bank overview Sustainable growth

$m

Core Bank profit after tax

FY13 %∆ 289 Flat

FY13

• Home lending up 9.4% and Agribusiness up 11.8%

• Second half NIM was 1.89%, above target range of 1.75% to 1.85%

• Retail deposit to core lending 66.5% in target range of 60% to 70%

• Issued Senior Debt of $750 million and RMBS of $1.2 billion

• Impairment losses stable at $64 million, within operating range

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Suncorp Group Limited

21 August 2013

Core Bank credit quality Non-performing loans ($m)

Impaired assets > 90 days past due retail NPLs / total loans (%)

90 days past due SME & Agribusiness > 90 days past due due to change in hardship treatment Excl change in hardship treatment

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1.32 1.25
1.23
1.15 1.19
1.05 1.11
66
269
240
236 207 231
183
65 57 68 82 96 72
220 241 235 216 221 223
3Q12 4Q12 1Q13 2Q13 3Q13 4Q13
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Suncorp Group Limited

21 August 2013

Non-core Bank resolution Run-off expected to be less than $100 million by June 14

Residual portfolio expected run-off

Residual portfolio run-off

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735 Residual portfolio
Performing
Impaired
452
407
301
283 129
<$100
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• Provision coverage in excess of 50%

• Around $300 million in Dec13

• Less than $100 million by Jun14

• Removes future impairment risk

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Jun 13
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Sep 13 Dec 13 Mar 14 Jun 14

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Suncorp Group Limited 21 August 2013

Consolidated Bank Stranded funding impact

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Consolidated Core Non-core Residual Non-core Spread over
$m
maturities [LHS] BBSW [RHS]
2 1.80 1.86 600
Target Range 1.75 – 1.85%
500
1.5
1.64
400
1.42
1 300
0.75
200
0.5
0.13 100
0 0
FY10 FY11 FY12 FY13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14
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5% 4% 3% 2% 1% 0%

Suncorp Group Limited

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21 August 2013

Suncorp Life overview Strong new business growth

$m	FY13	%∆
Life underlying profit after tax	120	(17.8)
Life profit after tax	60	(76.1)

• Market adjustments after-tax loss of $60 million due to:

• increasing discount rates; and

• negative investment income experience

• Disability claims experience negative $20 million, Lapse experience negative $26 million

• Individual Risk-in-force up 8.7%

• Embedded Value $2,569 million and VOYS $43 million

• New Zealand business performed strongly

Suncorp Group Limited

17

21 August 2013

Direct distribution

70,000 Life and Superannuation customers

Direct Life Sales ($m)

Demonstrating growth

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Sales to General Insurance customers
Sales to Bank customers
33
30
23
16
15
15
17
15
8
FY11 FY12 FY13
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• 3 new Direct Life products sold via AAMI, GIO and APIA

• Everyday Super for sale through the Bank

• Transitioning Life business model in-house, allows greater scalability

• 23 Life FTEs in the GI call centre

• Further innovation to be pursued through the Group’s brands

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Suncorp Group Limited

21 August 2013

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Capital

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Suncorp Group Limited

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21 August 2013

Capital Management Working through changes = greater clarity

Regulatory change

• LAGIC

• Basel III

• Conglomerate Standards

Resolving the Non-Core Bank

• De-risking the Group

• Sale of the Noncore portfolio of $1.6 billion

• Residual portfolio with 50% provision coverage

• Core to provide stability of earnings

Capital Management

• NOHC

• Life and GI single licence

• Replaced hybrids

• Issued Basel III and LAGIC compliant CPS2 and Sub debt

• FY14 reinsurance program

Capital Targets

• CET1 targets for all business lines

• Provides a clear view of the use and management of capital

• Gearing levels set across the Group

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Suncorp Group Limited

21 August 2013

FY13 Capital movements Dividends funded by core business NPAT

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792
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58 116 45

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322
1,123
643
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847
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Excess Transitional BAU growth and Non-core Bank Core business Interim dividend Final and special Excess 30 June 2012 LAGIC Basel III other Loss and Run-off NPAT dividend 30 June 2013 adjustments 21

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Suncorp Group Limited

21 August 2013

Pro-forma CET1 at 30 June 2013 $801 million excess to CET1 targets

A$m	General Insurance	Bank	Life	NOHC and other entities	Suncorp Group Total
CET1	3,079	2,373	468	190	6,110
CET1 Target	2,335	2,445	352	177	5,309
Excess	744	(72)	116	13	801
CET1 ratios	1.45x	7.76%	1.75x
CET1 Targets	1.10x	8%	Amount equal to sum of PCA plus a target excess

Bank 8% target to be achieved by September 2013

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Suncorp Group Limited

21 August 2013

Capital Strategy NOHC benefits - Diversification

Indicative Diversification potential*

Risk-based capital will allow us to:

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Group
Surplus
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Diversification Potential

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NOHC
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• Quantify risk and optimise return

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Life
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• Enhance decision making

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Bank
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Group Group Total Total Operating target Surplus to operating target

• Understand diversification benefits

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GI
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Regulatory minimum

Surplus to operating target

Suncorp Group Limited

*Chart not to scale

21 August 2013

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Conclusion

Patrick Snowball Chief Executive Officer, Suncorp Group Limited

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Suncorp Group Limited

21 August 2013

General Insurance Supply Chain Better outcomes for customers and shareholders

Capital S.M.A.R.T.

• 23 sites across the country

• 120,000 cars repaired per year

• $400 average cost saving per car

Q-Plus

• 50% of Sydney metro heavy repairs

• 150 cars per week

• $500 average cost saving per car

Parts joint venture

• Scale benefits

• • Reduced costs

• Faster turnaround

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Suncorp Group Limited

21 August 2013

Suncorp’s strategic assets Our focus

Cost

• Deliver scale cost benefits on third party procured goods / services

• Share scale on infrastructure (real estate, enterprise technology) and non-unique business services

Customer

• Enhancing the value of 9 million customers connections by deepening their relationships with Group brands

Capital

• Demonstrating a diversification benefit through improved risk-based capital modelling

• A+/A1 credit rating

Culture

• Operating as ‘ One Company. Many Brands. One Team ’

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Suncorp Group Limited

21 August 2013

Cost Simplification and procurement gains

• Simplification projects expected to deliver $225 million in FY15 and $265 million in FY16

• Increased project spend in FY13

• Further benefits from rationalising legal spend and Real Estate

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$m
Original net impact Revised net impact
300
Revised
250
Simplification
benefits
200
150
100
Original
Simplification
50 benefits
0
Original one-off
(50) project costs FY16
FY15
(100)
FY14
Revised
FY13
(150) project
costs
27
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Suncorp Group Limited 21 August 2013

Customer

Growth from leveraging brands and the customer base

• • 9 million customers 9 million customers

• Nearly 2 million have products from more than one business line

• Simple, everyday products for Australia and New Zealand

• Trusted brands that reach and connect with key customer segments

• Multi-brand, multi-channel approach

% of personal customers with products from more than one of the Suncorp Group business lines

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Suncorp Group Limited

21 August 2013

Capital Diversification in Suncorp’s business lines

Indicative Diversification potential*

• NOHC structure

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Group
Surplus
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Diversification Potential

• Common Equity targets set

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NOHC
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• Strong excess capital position remains intact

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Life
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Bank
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Group Group Total Total Operating target Surplus to operating target

• A+/A1 credit ratings

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• Risk-based capital program will quantify diversification benefits

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GI
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Regulatory minimum

*Chart not to scale

Suncorp Group Limited 21 August 2013

Culture Engagement scores demonstrate the progress

• Single set of terms and conditions

• Reinforcing a Suncorp culture

• Driving operational excellence

• Lifting leadership capability

• A proud history and an optimistic future

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90
2012 2013 Aus/NZ Norms
80
80
70 77
70 72 71
60 66 66 65
63
50
40
30
20
10
0
Engaged Enabled Proud to work for
Suncorp 30
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Suncorp Group Limited 21 August 2013

The Suncorp journey 4Cs drive the Group’s competitive advantage

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FY10 Stabilise the business & strengthen the balance sheet

• 3 year strategy

• Non-core Bank run-off

• Non Operating Holding Company

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FY10 - FY12 NOHC & Building Blocks

• One pricing engine

• One claims system

• One general ledger

• One employment agreement

• One view of customer

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FY12 - FY16 Simplification program

• Licence consolidation

• Legacy system consolidation

• Operational Excellence and partnering

FY13 - FY16 Optimise and differentiate

• ‘Meet or beat’ 12% underlying ITR

• 10%+ ROE by FY15

• Additional Simplification benefits

• Deliver value from points of difference

• 4Cs drive the Group’s strategic advantage

Suncorp Group Limited

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21 August 2013

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Q&A session

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Suncorp Group Limited

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21 August 2013

Suncorp’s shareholder focus

Yield

Growth

• Dividend payout ratio of 60% to 80%

• Return surplus capital

• Organic strategy

• Focus exclusively in Australia and New Zealand

• Growth in low risk market segments

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• 7% to 9% per annum growth across the business lines

• Leverage the Group’s 9 million customers

• Multi-brand, multi-channel approach

• Simplification benefits

• 275 million franking credits

Suncorp Group Limited 21 August 2013

Supplementary slides

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Suncorp Group Limited

21 August 2013

Additional Simplification benefits Delivering more, sooner - $225 million in FY15

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300
Original net impact
250 Revised net impact Revised
Simplification
200 benefits
150
100 Original
Simplification
50 benefits
0
Original one-off
(50) project costs FY16
FY15
(100)
Revised FY14
project
(150) FY13
costs 35
$m
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Suncorp Group Limited

21 August 2013

Suncorp’s historical dividends The Non-core Bank impact

Interim Final 70% payout of cash earnings (ex non-core)

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66
59
55
44
30
20
20 20
25
20
15 15
FY10 FY11 FY12 FY13 36
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Suncorp Group Limited

21 August 2013

~~37~~

FY14 Reinsurance program

5.8bn
			Key Points
			• Purchase more side-ways cover
			•$250 illi ICRC
2.5bn			mon
			• Top end increasing to $5.8 billion
500m
	Original cover	Original cover reinstatement	Third cover	Third cover reinstatement
250m
200m	NZ Dropdown	NZ Dropdown	Drop-down aggregate program
150m
50m
NZD 50m
NZD 25m		NZ Dropdown	NZ Dropdown
		**Retention **
				~~37~~

Suncorp Group Limited

21 August 2013

38

FY14 Reinsurance program Drop-down aggregate program

250m 50m xs 200m xs 50m 100m xs 100m xs 150m xs 200m 150m xs 300m 200m 150m Erosion contributes to 100m xs 100m xs aggregate dropdown 50m xs 200m 50m xs 300m 50m Retention

Suncorp Group Limited 21 August 2013

Natural hazards since 1967 Suncorp long-term catastrophic loss experience Events greater than $100m, gross of all reinsurance

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4,500 Christchurch
NZ AUS Long run average earthquakes, Brisbane
4,000 floods, Cyclone Yasi,
Melbourne hailstorm
3,500
Brisbane flood,
Newcastle
3,000 Cyclone Tracy earthquake Melbourne &
Hunter Valley Perth hailstorms,
2,500 storm Christchurch
Brisbane earthquakes
hailstorm
2,000
Sydney
hailstorm
1,500
1,000
500
-
1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
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Suncorp Group Limited

21 August 2013

Core Bank - credit quality Past due loans impacted by methodology change

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QLD home lending past due - 90 days (% of QLD loans)
Total home lending past due - 90 days (% of Total loans)
0.96%
Excluding change in hardship treatment
0.81% 0.82%
Excluding change in hardship treatment (QLD) 0.79%
0.72%
0.83% 0.69% 0.71%
0.65%
0.60% 0.58% 0.74% 0.59%
0.50% 0.55% 0.77% 0.66% 0.63% 0.51% 0.62%
0.59%
0.39% 0.54% 0.52%
0.50% 0.46% 0.45%
0.42%
0.34%
0.28%
Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13
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Suncorp Group Limited

21 August 2013

Core Bank

Strong growth across all key segments

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Core lending assets ($47.5bn)
Geographic Split
up 9.5%
SA & Agri
Other +11.8%
WA
3%
VIC 6% Commercial
9% (SME) +9.2%
Consumer
QLD
NSW
-3.9%
59%
23%
Mortgage
+9.4%
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41

Suncorp Group Limited 21 August 2013

Residual Non-Core Residual loans $735 million as at 30 June 2013

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… by segment … by geography
Performing Impaired Performing Impaired
23
36
39
63
193 124
88 292
101
5 29 117
68 36
95 6
37
27 26 40 7 18
Retail Office Land Other Dev. Other Prop. Other Corp. Gold Coast QLD (ex. GC) NSW VIC WA
Finance Invest.
42
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Suncorp Group Limited

21 August 2013

Residual Portfolio Well provisioned with continued run-off expected

… Well provisioned

Residual expected run-off ($m)

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Additional coverage
Provision coverage
10%
1% - - 10%
15% 18%
69%
60% 58% 56%
51%
44% 42%
Retail Office Land Other Dev. Other Prop. Other Corp. Non-core
Finance Invest.
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Residual Portfolio
735
Performing
Impaired
452 407
301
283 129
<$100
Jun 13 Sep 13 Dec 13 Mar 14 Jun 14
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Suncorp Group Limited

21 August 2013

Suncorp transformation

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Life & Vero NZ
Bank
Commercial Insurance
Personal Insurance Simplification
Building Blocks in place
Stabilise
2009 2010 2011 2012 2013 2014 2015
Core Businesses
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Suncorp Group Limited 21 August 2013

Important disclaimer

This report contains general information which is current as at 21 August 2013. It is information given in summary form and does not purport to be complete.

It is not a recommendation or advice in relation to the Group or any product or service offered by Suncorp or any of its subsidiaries. It is not intended to be relied upon as advice to investors or potential investors, and does not take into account the investment objectives, financial situation or needs of any particular investor. These should be considered, with or without professional advice, when deciding if an investment is appropriate.

This report should be read in conjunction with all other information concerning Suncorp filed with the Australian Securities Exchange (ASX).

The information in this report is for general information only. To the extent that the information may constitute forwardlooking statements, the information reflects Suncorp’s intent, belief or current expectations with respect to our business and operations, market conditions, results of operations and financial condition, capital adequacy, specific provisions and risk management practices at the date of this report. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties, many of which are beyond Suncorp’s control, which may cause actual results to differ materially from those expressed or implied.

Suncorp undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this report (subject to ASX disclosure requirements).

45

Suncorp Group Limited 21 August 2013

46

Contacts

Mark Ley mark.ley@suncorp.com.au (+61) 07 3135 3991 Nicole McGinn nicole.mcginn@suncorp.com.au (+61) 07 3135 3993 Sam Miller samantha.miller@suncorp.com.au (+61) 07 3135 2415 Nick Perchey nick.perchey@suncorp.com.au (+61) 02 8121 9206 Andrew Dempster andrew.dempster@suncorp.com.au (+44) 020 3178 8388

Suncorp Group Limited

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21 August 2013