SUNCORP GROUP LIMITED — Capital/Financing Update 2018

Dec 20, 2018

ASX announcement

21 December 2018

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Sydney hailstorm update

Suncorp (ASX: SUN | ADR: SNMCY) today provided an update on the hailstorm which impacted the Sydney region on 20 December 2018.

Suncorp advised that it was too early to accurately estimate the number of claims it expects to receive or the final costs in relation to this event. As at 12.30pm (AEDT), Suncorp had received 7,800 claims, which is expected to rise over the coming days.

Suncorp has a comprehensive reinsurance program for FY19, which limits the financial impact of this event to a maximum of $250 million. Suncorp’s reinsurance cover is further supported by an additional natural hazard aggregate protection cover. This cover provides $300 million of cover for events greater than $10 million once aggregate costs have reached $504 million.

Prior to this event, Suncorp estimates total natural hazard costs across Australia and New Zealand for the sixmonth period to 31 December 2018 to be $350 million to $360 million[1] , compared to the natural hazard allowance of $360 million, as detailed below:

		Net costs
Date	Event	$M
Oct-18	Wide Bay Burnett	63
Nov-18	NSW Severe Low	22
Dec-18	East Coast Low	approximately 801
Other natural hazard attritional claims		185 – 1951
		350 – 3601
Natural	hazard allowance for the halfyear to 31 December 2018	360

1 Current estimate of natural hazard costs, subject to final actuarial and audit review

Suncorp CEO Michael Cameron said: “Our teams are working around the clock to help provide support to our customers, assisting them in getting claims assessed as soon as possible and also providing emergency makesafe repairs. We have increased the capacity of our call centres and are setting up dedicated hail assessment centres for those with hail-damaged vehicles.”

Suncorp is encouraging its customers impacted by storm and hail damage in New South Wales to lodge their claims as soon as it is safe to do so. Suncorp also offers online claims processing, with zero touch capabilities to process motor claims as efficiently as possible.

ENDS

Suncorp Group Ltd - ABN 66 145 290 124 – Level 28, 266 George Street, Brisbane Qld 4000 1 suncorpgroup.com.au

For more information contact:

Media Analysts/Investors	Brett Zarb +61 417 256 563 brett.zarb@suncorp.com.au Kelly Hibbins +61 414 609 192 +61 2 8121 9208 kelly.hibbins@suncorp.com.au

Suncorp Group Ltd - ABN 66 145 290 124 – Level 28, 266 George Street, Brisbane Qld 4000 suncorpgroup.com.au

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