SUNCORP GROUP LIMITED — Interim / Quarterly Report 2012

Feb 21, 2012

Financial results for the half year ended 31 December 2011

Presentation

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Suncorp Group Limited
Financial results for the six months to 31 December 2011
Financial results for the six months to 31 December 2011
22 February 2012 1
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Suncorp Results Presentation

Agenda

• Results and operational highlights – Patrick Snowball

• • CFO Report – John Nesbitt • C ap it a l • Investments • General Insurance • Bank • Life

• • Outlook – Patrick Snowball Financial results for the six months to 31 December 2011 22 February 2012 2

1

Financial results for the half year ended 31 December 2011

Presentation

Result overview

Improved Group profitability

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1H12 1H11 %
General Insurance NPAT 162 292 (44 . 5)
Core Bank NPAT 156 110 41.8
Non-core Bank NPAT (54) (107) (49.5)
Suncorp Life NPAT 133 61 118%
Business line NPAT 397 356 11.5%
Amortisation, divestments, NOHC investment income and other (8) (133) n/a
Net Profit After Tax 389 223 74.4%
Financial results for the six months to 31 December 2011
22 February 2012 3
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Result highlights

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Suncorp continues to strengthen.........
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• Surplus capital of around $1.2 billion above target

• ‘A+’ credit rating retained

• Interim dividend 20 cents per share , DRP neutralised

• GI premium growth of 8.2%, building block benefits realised

• GI underlying ITR of 11.1%

• Core Bank RoE 15% with lending growth, good margins

• Non-core Bank portfolio reduced to $5.7 billion

• Life Risk New Business sales up 12.2% with Direct sales up 36%

• Growth across all businesses

• Tight control of expenses

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Financial results for the six months to 31 December 2011
22 February 2012 4
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Financial results for the half year ended 31 December 2011

Presentation

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Top line growth
Growth across all three business lines (A$m)
General Insurance Suncorp Life
GWP Individual in-force business
693
7.9%
3,855
8.2%
642
3,563 602
3,490
1H10 2H10 1H11 2H11 1H12 1H10 2H10 1H11 2H11 1H12
Core Bank Suncorp Bank
Lending assets Total income
564
5.2% 40,774 560
38,749 10.2%
36,577 508
1H10 2H10 1H11 2H11 1H12 1H10 2H10 1H11 2H11 1H12
Financial results for the six months to 31 December 2011
22 February 2012 5
Operating expenses
Ongoing focus on cost control (A$m)
1,278 1,261
1,235 1,229 1,211
• Expenses have fallen while delivering 146 151 155 144 137
top-line growth 269 289
• Significant transformational change 277 279 291
within the business including the
858
building block initiatives 812 795 828 783
• Dealing with the operational
challenges of the natural hazard
events
• All head office expenses have been
allocated
1H10 2H10 1H11 2H11 1H12
General Insurance Suncorp Bank Suncorp Life
Financial results for the six months to 31 December 2011
22 February 2012 6
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Financial results for the half year ended 31 December 2011

Presentation

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Underlying ITR trends
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Second half historically shows greater improvement
11.2%
11.1%
FY11 10.8%
10.5%
10.0%
FY10 9.0%
Movement in 1H
7.9% Movement in 2H
1H10 2H10 1H11 2H11 1H12
Financial results for the six months to 31 December 2011
22 February 2012 7
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Capital and
investments
John Nes b itt
Group Chief Financial Officer
Financial results for the six months to 31 December 2011
22 February 2012 8
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4

Financial results

for the half year ended 31 December 2011

Presentation

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Capital management under the NOHC
Group capital buffer is the excess over operational capital targets
Ordinary dividend Shareholders Surplus returned to shareholders
100% of distributable earnings
Non-core run-off
Maintain capital targets Surplus Assets
Group Capital Buffer
GI Life Bank
General
Life Bank
Insurance
Non-core
Core Bank
Bank
• Capital targets at the GI and Bank operating level are 1.45x MCR and 12.5% CAR
• At the Group level, target includes 0.05x GI MCR
Financial results for the six months to 31 December 2011
22 February 2012 9
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Capital position at 31 December 2011

The Suncorp Group continues to strengthen...

	The Suncorp Group continues to strengthen... Capital position at 31 December 2011	The Suncorp Group continues to strengthen... Capital position at 31 December 2011	The Suncorp Group continues to strengthen... Capital position at 31 December 2011	The Suncorp Group continues to strengthen... Capital position at 31 December 2011	The Suncorp Group continues to strengthen... Capital position at 31 December 2011	The Suncorp Group continues to strengthen... Capital position at 31 December 2011	The Suncorp Group continues to strengthen... Capital position at 31 December 2011	The Suncorp Group continues to strengthen... Capital position at 31 December 2011	The Suncorp Group continues to strengthen... Capital position at 31 December 2011
			Gl			NOHC and	S
		A$m	enera Insurance	Bank	Life	other Group entities	uncorp Group Total
		Total capital	3,568	4,358	1,890	633	10,449
		Target capital	3,055	4,098	1,922	192	9,267
		Surplus	513	260	(32)	441	1,182
		capital
						0.5 times MCR
		Target Ratios	1.45 times MCR	12.5% CAR		plus $100m for service entities
		Actual Ratios	1.69 times MCR	13.1% CAR 7.48% CET1
		Financial results for the six months to 31 December 2011
		10 22 February 2012

5

Financial results for the half year ended 31 December 2011

Presentation

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Dividend and capital
Capital update
Movement in surplus capital
• Redeemed $293m in
subordinated debt and reset
$1,245m ($293m)
preference shares $132m $1,182m
• Increased interim dividend
• Midpoint of the payout target $164m
range of 50% to 70% cash
($236m)
earnings
$170m
• Maintain a zero discount on
the DRP and buy DRP shares
on-market
Surplus Repay sub- Increased Reduced Change Retained Surplus
30/06/2011 debt and Life capital other capital NOHC target Group profit 31/12/2011
RPS reqs reqs
Financial results for the six months to 31 December 2011
22 February 2012 11
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Suncorp Group investments
Historical movements – risk free rate and credit spreads
3yr Aust Govt bond rate Credit Spreads IDX
6.00% 3.00%
5 . 00% 2. 50%
4.00% 2.00%
3.00% 1.50%
2.00% 1.00%
1.00% 0.50%
0.00% 0.00%
Source: Reuters and Bloomberg
Australian Government 3yr bond rate = risk free rate = GI discount rates
Financial results for the six months to 31 December 2011
22 February 2012 12
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Financial results for the half year ended 31 December 2011

Presentation

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Suncorp Group investments
How market movements impact Suncorp Group
Impact of lower discount rates Impact of widening credit spreads
General Insurance technical reserves General Insurance technical reserves
 i ncrease d c a ms expense l i $281 m  N o c a ms expense mpac l i i t
 Increased investment income $281m  reduced investment income $109m
General Insurance shareholders funds General Insurance shareholders funds
 increased investment income $90m  reduced investment income $31m
Suncorp Life Suncorp Life
 increased market adjustment $62m  minimal impact
Suncorp anB k Suncorp anB k
 minimal impact  minimal impact
Net impact is only $12 million l
Financial results for the six months to 31 December 2011
22 February 2012 13
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Suncorp Group investments
Short-term volatility
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• Investment profile and diversified business provide natural hedges

• Impact on technical reserves is removed from underlying ITR calculation

Long-term impacts

• Product pricing is based on expected investment returns

• • 60% of long-tail premiums are regulated • 1% fall in the 3-yr bond rate means CTP prices need to increase 4%

• From 1 April 2012, Queensland CTP ceiling increases $5 or 1.6%

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Financial results for the six months to 31 December 2011
22 February 2012 14
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Financial results for the half year ended 31 December 2011

Presentation

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General Insurance
John Nes b itt
Chief Financial Officer
Financial results for the six months to 31 December 2011
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General Insurance overview
Underlying ITR of 11.1%
A$m HY12 %
General Insurance profit after tax 162 (44.5)
• GWP up 8.2% on a reported basis
•
Natural hazard claims above allowance by $149m
•
Reinsurance expense of $368m
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• Reserve releases consistent with expectations

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• Positive momentum in underlying Insurance Trading Ratio
(ITR/margin)
Financial results for the six months to 31 December 2011
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Financial results for the half year ended 31 December 2011

Presentation

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Gross Written Premium
GWP up 8.2%
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HY12
Product % Factors
(A$m)
Motor 1,284 1.7 Solid premium and price leadership
Significant premium increases through
Home 1,093 15.9
targeted risk selection
Rate increases across targeted channels
Commercial 918 9.3
and continued market hardening
CTP 432 0.9 Net written unit growth
Premium increases to reflect wage
Workers’ com p & other 128 42.2
adjustments and legislation changes
Total 3,855 8.2
Financial results for the six months to 31 December 2011
22 February 2012 17
Natural hazards costs
Date Major Events (A$m) Cost
Oct-11 South-east Queensland hail 15
Nov-11 NSW/VIC flooding 16
Dec-11 Christchurch earthquake 10
Dec-11 Melbourne hail 234
Other smaller natural hazards (including six events above $5m) 114
1H12 Total natural hazard events 389
Less: allowance for natural hazards 240
1H12 Natural hazard costs above allowance 149
In January & February, natural hazard events $30 million above allowance
NH allowance NH % of GWP
7.00% 6.32% 6.49% 600
6.50%
6.00% 5.65% 500
5.50% 400
5 . 00%
4.50% 3.52% 300
4.00% 3.11%
3.50% 200
2.69%
3.00% 100
2.50% $102m $200m $240m $400m $460m $500m
2.00% 0
FY07 FY08 FY09 FY10 FY11 FY12
Financial results for the six months to 31 December 2011
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Financial results for the half year ended 31 December 2011

Presentation

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Natural hazards over the past 45 years
Long-term catastrophic loss experience
Events greater than $100m, gross of all reinsurance
4,000
3,500 NZ AUS Long Run Average
3 , 000
2,500
2,000
1,500
1,000
500
0
Calendar year
Source: Data supplied by Risk Frontiers (Macquarie University) using the Insurance Council database.
Financial results for the six months to 31 December 2011
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FY12 Reinsurance program
Property catastrophe program Aggregate program
$5.8bn 450
1st Prepaid
Original Cover reinstatement 400
350
Upper Layers
300
250
The aggregate
program provides
200 cover of up to $90m
$500m for Australian events
over $10m
Layer one
2nd reinstatement 150 Total
Original Cover reinstatement1st Prepaid (paid as or g na coveris eroded)i i l eroded YTD aggregate
$250m 100
NZ dropdown Total
NZ$50m NZ dropdown reinstatement 50 aggregate eroded to
NZ$25m NZ dropdown second event NZ dropdown third event 31 Dec
Retention 0
Financial results for the six months to 31 December 2011
22 February 2012 20
rable e t
Recov amoun
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Financial results for the half year ended 31 December 2011

Presentation

Underlying ITR

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Improvement in underlying ITR from 9% FY10 and 10.5% 1H11
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($4m) ($43m)
$141m
$149m
$372m
$129m
3.8% 11.1%
11.1% 10.8%
HY12 Reported ITR Natural hazards Investment income Reserve releases Other HY12 Underlying
above expectations mismatch above expectations ITR
Financial results for the six months to 31 December 2011
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Suncorp Bank
John Nes b itt
Chief Financial Officer
Financial results for the six months to 31 December 2011
22 February 2012 22
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Financial results for the half year ended 31 December 2011

Presentation

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Core Bank overview
Improved result in challenging conditions
A$m HY12 %
Core Bank profit after tax 156 41.8
• Returned to above system home lending growth
• Deposit to lending ratio at 69.4%
• Maintained ‘A+/A1’ credit rating
• Commenced first phase of Core System replacement program
Financial results for the six months to 31 December 2011
22 February 2012 23
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Core Bank

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Returning to above system home lending growth
Mortgage growth vs. RBA system
Core lending assets ($40.8bn)
(6 month rolling)
10%8% 2.00% RBA systemSUN Dec - 11 9% 1% Housing
6%4% 1.80% Jun-11 12% Commercial (SME)
2% Dec-10 Agribusiness
0% 1. 60% 78%
NIM Jun-10 Consumer
Net interest margin
1.76% 1.84% 1.83% 1.97% 1.91%
Dec-09 Jun-10 Dec-10 Jun-11 Dec-11
Financial results for the six months to 31 December 2011
22 February 2012 24
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Financial results for the half year ended 31 December 2011

Presentation

Core Bank - credit quality

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Core impairment losses ($Am)
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HY12 FY11
Collective provision charge (6) 16
S p ecific p rovision char g e 13 32
Actual net write-offs 2 3
Impairment loss on loans and advances 9 51
Core non-performing loans ($Am)
299 230
165 175 161 231
114
75 58 66 63 87 93 69
145 142 150 179 146 148 141
Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Sep-11 Dec-11
Impaired assets > 90 days SME & Agribusiness > 90 days retail
Financial results for the six months to 31 December 2011
22 February 2012 25
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Suncorp Bank change in lending assets Non-core portfolio is now only 12% of total lending assets

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• June 2009 ($54.4bn) • December 2011 ($46.4bn)
Non-core
12%
Agri
Non-core 8%
32%
Commercial
Mortgage 10%
52%
Mortgage
Agri Consumer 69%
7% 1%
Commercial
8% Consumer
1%
Financial results for the six months to 31 December 2011
22 February 2012 26
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Financial results for the half year ended 31 December 2011

Presentation

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Non-core Bank overview
Improved result in challenging conditions
A$m HY12 %
Non-core Bank loss after tax (54) (49.5)
•
Portfolio reduced to $5.7bn
•
Impaired assets of $2.16bn, down from $2.24bn
• Match funding of the Non-core book limits refinancing risk
Financial results for the six months to 31 December 2011
22 February 2012 27
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Non-core Bank – portfolio composition
Run-off profile Performing vs. non-performing
Lease Finance Corporate
Non-performing
Development Finance Property Investment
Initial expectations Actual run-off $0.7bn Performing
$0.1bn
$1 . 3bn
$1.7bn
$1.2bn
$0.5bn
$0.2bn
Property Development Corporate Lease finance
investment finance
•
Run-off exceeding targets with portfolio reduced to $5.7bn
•
44 exposures of >$50m down from 53 exposures at June 2011
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 Sep-13 Dec-13 Mar-14 Jun-14
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• Pace of run-off is expected to slow
Financial results for the six months to 31 December 2011
22 February 2012 28
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Financial results for the half year ended 31 December 2011

Presentation

Non-core Bank – credit quality

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Non-core impairment losses ($Am)
HY12 FY11
Collective provision charge (5) (40)
Specific provision charge 115 297
Actual net write-offs 12 17
Impairment loss on loans and advances 122 274
Non-core impairment loss trends ($Am)
2nd quarter of half 1st quarter of half
219
282 146
73 78
136 126 50 76
73 83 92 54 46
1H09 2H09 1H10 2H10 1H11 2H11 1H12
Reporting periods prior to Core/Non-core reporting split.
Financial results for the six months to 31 December 2011
22 February 2012 29
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Total Bank liquidity & funding

Liquidity as a percent of lending assets

• The Bank continues to hold strong levels of liquidity:

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levels of liquidity:
• circa 20% Liquid Asset ratio 14% 16% 18% 20%
• su b s an t ti a con l ti ngen t 10%
liquidity 14% 15%
5% 14% 15%
• Non-core book is matched 13%
funded 8%
• In 2011, accessed senior 7% 10% 13% 12% 11% 11%
unsecured and RMBS markets
10% 9% 9% 11% 12% 11%
• Modest term fundin g
requirements for 2012 of approx Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11
$2bn to be sourced via covered Further Mortgage Capacity Self Securitisation Capacity
bonds, senior unsecured or
RMBS markets Surplus Liquid Assets Minimum Prudential Requirement
Financial results for the six months to 31 December 2011
22 February 2012 30
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Financial results for the half year ended 31 December 2011

Presentation

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Suncorp Life
John Nes b itt
Chief Financial Officer
Financial results for the six months to 31 December 2011
22 February 2012 31
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Suncorp Life overview
Underlying profit up 15%
A$m HY12 %
Life profit after tax 133 118
• Underlying Profit of $69m up 15% * NPAT Underlying PAT post divestments
133
• EV grew 3.7% to $2.46bn
• VOYS up 35%, to $54m
• Individual in-force $693m, up 8%
• New business sales of $55m, up 12.2%
• Operating expenses $137m, down 12%
• Completed merger of the Australian Life 61 69
Companies 60
HY10 HY11
Underlying profit excludes divested businesses
Financial results for the six months to 31 December 2011
22 February 2012 32
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Financial results for the half year ended 31 December 2011

Presentation

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Suncorp Life Embedded Value
Embedded Value 3.7% to $2.46bn
($173m)
$246m
$20m ($6m)
$94m ($59m) ($34m)
$2,377m $2,505m $2,465m
Jun-11 Expected Experience Discount Rate Economic Value of New EV pre Dividends Franking Closing EV
Returns Assumptions Assumptions Business transfers credits
Financial results for the six months to 31 December 2011
22 February 2012 33
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Suncorp Life growth story
Momentum continues to build
In-Force business New Business
(A$m) (A$m)
693
51
669 46
45
642
41
623
2H10 1H11 2H11 1H12 2H10 1H11 2H11 1H12
• Individual In-Force premium grew 8% • New Business premium momentum has also
continued with an uplift of 12 . 2%
• IFA Growth in Australia was 7%
• Our growth in Direct to the Group Customer
base was 36%
Financial results for the six months to 31 December 2011
22 February 2012 34
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17

Financial results for the half year ended 31 December 2011

Presentation

Suncorp Group

Balance sheet continues to strengthen

• Return on equity remains too low

• Core Bank is delivering the targeted 15% RoE

• Non-core Bank has a negative RoE but is contributing to the surplus capital

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• Returns from GI and Life are being impacted by Goodwill
Core Capital
General
Bank Life NOHC
Insurance
$2.5bn $1.9bn $0.6bn
$2.8bn
Group
$7.8bn
Financial results for the six months to 31 December 2011
22 February 2012 35
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Conclusion

• Growth and strength despite global and domestic change • Premium increases in short and long-tail classes required to offset additional natural hazard allowance and lower investment yields

• • Confident can achieve an underlying ITR of at least 12% for the 2H12 • Suncorp Bank to deliver 1 to 1.3 times system lending growth • Margin pressure from deposit competition • Non-core run-off will slow • Life business to focus on direct and IFA channel growth

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Financial results for the six months to 31 December 2011
22 February 2012 36
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18

Financial results for the half year ended 31 December 2011

Presentation

Important disclaimer

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This presentation contains general information about Suncorp Group Limited (‘Suncorp’) which is current as
at 22 February 2012. It is information given in summary form and does not purport to be complete.
It is not a recommendation or advice in relation to Suncorp 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.
The information in this report is for general information only. To the extent that the information may constitute
forward-looking statements, the information reflects Suncorp’s intent, belief or current expectations with
respect to its 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-
l oo ki ng s a emen s are no guaran ees o t t t t t f f u ure per ormance an t f d i nvo ve nown an l k d un k nown r s i k s an d
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 stock exchange disclosure requirements).
Financial results for the six months to 31 December 2011
22 February 2012 37
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Contacts
Steve Johnston steve.johnston@suncorp.com.au 07 3135 3988
M ar k L ey mar k . ey l @ suncorp.com.au 07 3135 3991
Nicole McGinn nicole.mcginn@suncorp.com.au 07 3135 3993
Sam Miller sam.miller@suncorp.com.au 07 3135 2415
Nick Perchey nick.perchey@suncorp.com.au 02 8121 9206
Financial results for the six months to 31 December 2011
22 February 2012 38
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