SUNCORP GROUP LIMITED — Investor Presentation 2021

May 10, 2021

ASX announcement

11 May 2021

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Suncorp Investor Forum General Insurance

Suncorp Group (ASX: SUN | ADR: SNMCY) is today hosting a virtual investor forum to discuss its three-year plan for its General Insurance business. The presentation is attached.

Suncorp’s Executive Leadership Team will outline key initiatives and progress, with an opportunity for questions. A live video webcast will commence at 10:00am AEST and can be viewed on the Suncorp Group website. A recording and transcript will be made available following the presentation.

Suncorp is also hosting a second investor forum on Monday 17 May 2021 at 10:00am to discuss its Banking & Wealth business.

ENDS

Authorised for lodgement with the ASX by the Suncorp Disclosure Committee.

For more information contact:

Media Pip Freebairn +61 402 417 368 pip.freebairn@suncorp.com.au Analysts / Investors Andrew Dempster +61 497 799 960 andrew.dempster@suncorp.com.au Howard Marks +61 402 438 019 howard.marks@suncorp.com.au

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

Investor Forum General Insurance update

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Agenda – General Insurance

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Steve Johnston
Group CEO
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Introduction Steve Johnston
Technology and transformation Adam Bennett
Underwriting, Pricing & Distribution Lisa Harrison
Best in class claims Paul Smeaton
Suncorp New Zealand Jimmy Higgins
Financial update Jeremy Robson
Conclusion Steve Johnston
Q&A
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Inside Suncorp Investor Forum 2

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Lisa Harrison Paul Smeaton Jimmy Higgins
CEO Insurance Products COO Insurance
CEO New Zealand
and Portfolio
Joined Suncorp: 1994
Joined Suncorp: 2008
Joined Suncorp: 2004
Prior role: CEO Suncorp NZ
Prior role: CFO Suncorp NZ
Prior role: Chief Customer &
Digital Officer
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Jeremy Robson
Group CFO
Joined Suncorp: 2013
Prior role: Suncorp Deputy CFO
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Adam Bennett
Chief Information Officer
Appointed: July 2020
Prior role: Group Exec Bus &
Private Banking, CBA
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Inside Suncorp Investor Forum 3

Purpose driven, delivering sustainable outcomes

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Purpose
Building futures and protecting what matters
People
Capable, Engaged, Diverse, Innovative
Customers & Community
Delivering valued outcomes
Financial outcomes
A sustainable business
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Reshaping and simplifying

Commenced Sale of the Sale of Resilium strategic review Exited Australian Life distribution of the wealth underperforming business business business portfolios February 2019 June 2019 February 2020 February 2021 Aligning everyone at Suncorp to core Insurance and Bank businesses August 2019 October 2019 July 2020 April 2021 Renewed focus New operating Sale of Australian Sale of Capital on our core model and Wealth Business S.M.A.R.T and business ACM Parts organisational structure

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Inside Suncorp Investor Forum 5

Momentum continuing following the 1H21 result

1H21 Result Highlights

Australian consumer insurance GWP growth of 5.2%; positive unit count Prior year reserve releases above 1.5% of Group NEP NZ GWP growth of 5.4%

Bank NIM up 8 basis points, supported by strong deposit growth

Continued momentum in Q3

Continued rate and unit trends in Australian consumer insurance

Bank balance sheet growth from February, driven by broker channel

Digital interactions continue to increase across both businesses

Strong reinsurance cover for remainder of FY21

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Inside Suncorp Investor Forum 6

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Adam Bennett Chief Information Officer

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Technology & Transformation

• Vision : Suncorp’s growth engine enabled through digital, data, automation and modernised technology

— Role : Working alongside the business to simplify and strengthen Suncorp’s technology assets. Centres of excellence drive an enterprise-wide focus on group strategy, technology infrastructure, data and artificial intelligence, cyber security, partnering and automation

— FTE: ~1,600[1]

1. Excludes third-party partner resources

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Purpose driven plan

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Purpose Building futures and protecting what matters
Change advocated
Customer led Technology enabled Workforce reimagined
Strategic Digital first and personalised A utomated processes and Exceptional people empowered Building towards a fair and
pillars sustainable industry for our
customer experiences modernised technology platforms to make a difference every day stakeholders
Insurance (Australia) New Zealand Banking & Wealth
—
— Revitalise growth — Grow brands and strategic Grow in home lending
Business — partnerships — Simplify products and processes
Optimise pricing and risk selection
initiatives — — Best in class claims — Optimise blended distribution
Digital first customer experiences
— —
— Best in class claims Increasing digital and data Accelerate digital and everyday banking
capability of core systems —
Targeted growth in business banking
— —
Market share v. system Market share v. system
—
Key — Expense ratio — Expense ratio Market share v. system
—
metrics — Loss ratio — Loss ratio Expense ratio
—
— — Market leading NPS
Market leading NPS Market leading NPS
Outcome Underlying ITR Cost to income ratio
Inside Suncorp Investor Forum 8
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Lisa Harrison CEO Insurance Product & Portfolio

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Insurance Product & Portfolio

— Vision : Australia’s most innovative and trusted insurer

— Role : Overseeing Insurance Australia distribution channels including contact centres, digital channels and intermediated partnerships; customer strategy; brand and marketing; product and portfolio management

— FTE: ~ 3,100

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Inside Suncorp Investor Forum 9

Insurance Product & Portfolio

Revitalise growth Marketing effectiveness and product innovation to grow share Optimise pricing Modern, analytics-driven pricing engine to optimise margin and and risk selection disciplined portfolio management to improve loss ratio Digital first Improved digital sales and service capabilities to improve experiences customer experience and drive improved expense ratio

Modern, analytics-driven pricing engine to optimise margin and disciplined portfolio management to improve loss ratio

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Inside Suncorp Investor Forum 10

Insurance Australia update Revitalise growth

AAMI Suncorp and GIO Niche Brands Vero National Brand Regional Champions

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Inside Suncorp Investor Forum 11

Insurance Australia update Optimise pricing and risk selection

• Home portfolio re-pricing ongoing

• Modern pricing engine to provide a full view of customers, real time data and increased personalisation

• Commercial property underwriting tool to improve risk selection

• Ongoing portfolio management

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Insurance Australia update

Digital first experiences

Reimagining AAMI Digital Experience

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34% improvement in digital conversion in AAMI Home

Suncorp App

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1 million+ Suncorp App downloads and 42 million+ logins since launch

Contact Centre Automation

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Inside Suncorp Investor Forum 13

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Paul Smeaton Chief Operating Officer Insurance

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Insurance Claims & Operations

• Vision : Best in class-claims globally

• Role : Overseeing all aspects of claims management, operations and projects. The team also manage claims and non-claims procurement and real estate.

• FTE: ~ 4,300

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Inside Suncorp Investor Forum 14

Insurance Claims & Operations

Optimise supply chain

Digitise lodgement & tracking

Market leader in natural hazards

Strengthen operational performance

Automation and productivity improvements, including real estate footprint, to lower cost ratios

Digital lodgement and tracking of claims using AI and machine learning to improve customer experience and lower costs

Market leadership in natural hazard to improve customer experience and lower costs

Improve visibility and control over supply chain to leverage scale and drive lower costs

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Inside Suncorp Investor Forum 15

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Insurance Australia update
Optimise supply chain
Assess & Fulfil (repair
Lodgement estimate cost or settle) Close claim
•
Improve visibility and
control over our supply
chain
•
Leverage our scale to drive
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• Leverage our scale to drive better commercial outcomes

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• Deploy new parts system to Suncorp repairers, supplies and assessors

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Insurance Australia update Digitise lodgement & tracking

• Enhance digital claims lodgement

• Express claims management to self-fulfil simple claims

• Use artificial intelligence and machine learning to cash settle or auto path

• Enhance webchat and collaborative browsing for improved customer support

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Online and Zero Touch Claims
25%(% of total home & motor claims)
20% Online Zero touch
8%
15%
7%
10%
4%
14%
11%
5%
7%
0%
FY 2018 FY 2019 FY 2020
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Inside Suncorp Investor Forum 17

Insurance Australia update

Market leader in natural hazards

The virtual assessment process

• Employ a scaled, permanent, flexible, dispersed team to support event claims

• Improved data and analytics for event response

• Enhanced capability to predict and respond to Natural Hazards

• Zero-touch motor hail digital lodgement capability

Claim lodged

Virtual Assessment (VA) identified as suitable – VA booked in with customer

VA completed with Assessor, using customer’s phone

Report automatically migrates to ClaimCenter and in4mo Proceed to repair process

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Inside Suncorp Investor Forum 18

Insurance Australia update Strengthen Operational Performance

POST COVID CHANGES

• Data based automation of standardised, routine, transaction orientated work

• Improved measurement and management of work managed by partners

• Optimise real estate footprint post COVID-19

• Productivity enhancements

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74%
~20%
of people wanting reduction in
to work more
CBD real estate
regularly from
footprint by 2024
home
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WAYS OF WORKING
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Post-Covid
HYBRID
Pre-Covid
Work @ Work @
Office Home
Inside Suncorp
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Inside Suncorp Investor Forum 19

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Jimmy Higgins Chief Executive Officer

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Chief Executive Officer, New Zealand

— Vision : To be the number one choice for New Zealanders, because of our digital capability and seamless partnership model.

• Role : Delivering financial services to New Zealanders through our go-to-market general and life insurance brands.

— FTE: ~900

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Inside Suncorp Investor Forum 20

Insurance Australia update Brands and strategic partnerships

Trusted brands driving growth

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GWP and customer growth across broker and corporate channels

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Renewed relationship model to accelerate growth Most trusted brand in New Zealand and also our fastest growing business

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Significant opportunities exist

Improved digital capability to connect to broker and corporate partner platforms

Compelling market propositions and competitive remuneration structures.

Seamless and integrated access to more products and services .

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Insurance Australia update

Best in class claims

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Single claims platform improving customer service through

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Introducing new channels for customer

engagement

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Seamless connectivity with suppliers and partners

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Standardising and automating manual work for improved efficiency

simplification and including webchat and automation self service

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Suncorp FY23

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Jeremy Robson
Chief Financial Officer
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• Returns – Cash return on equity above the through-the-cycle cost of equity – Dividend payout ratio of 60% to 80% of cash earnings

• Dividends – Return any capital to shareholders that is excess to the needs of the business

Key divisional metrics

• Underlying ITR of 10 – 12% by FY23

• –

• General Insurance Australian consumer unit growth in line with system – NZ GWP growth in line with system

• – Cost-to-income ratio of ~50% by FY23

• Banking & Wealth – Mortgage lending growth above system

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Pathway to achieving 10-12% General Insurance underlying ITR by FY23

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Key drivers of General Insurance underlying ITR Loss ratio Expense ratio
improvement improvement
10 – 12%
100 -150 bps
150 – 200 bps
~100 bps
7.1%
Optimise supply chain
Strengthen operational performance (Aus & NZ)
Digital first experiences
1H21 UITR Re-pricing Improvement Improvement FY23 UITR Revitalise Brands
(ex-COVID-19 in loss ratio in expense
Pricing and Risk Selection
impact) ratio
End to end digital lodgement and tracking
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Inside Suncorp Investor Forum 24

Underlying expenses broadly flat over the plan period

Evolution of Group operating cost base FY20 – FY23

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Overview of project slate (Opex) FY20 – FY23
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~$2.8 bn ~$2.8 bn
$2.75 bn 77 121
48
~$2.7 bn 81 Strategic initiatives
163 172 151 123 Regulatory/Systems
FY20 FY21 FY22 FY23
Actual Forecast Forecast Forecast
Strategic initiatives (Opex) FY21 – 23
Revitalise brands
Optimise pricing & risk selection
Bank GI
Digital first experiences
Strategic
Operational performance
General Opex
NZ
Insurance
FY20 FY21 FY22 FY23
Other
Forecast Forecast Forecast
Underlying expenses Projects Restructuring / Pay & leave review
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Four point plan to build resilience

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Hailstorms
Townsville Black summer
2020
floods 2019 bushfires 2019
$2.5 billion $4.6 billion $1.7 billion
Economic
reduction in reduction in reduction in
impact
GDP GDP GDP
Contribution
$1.4 billion $1.2 billion $1.4 billion
from insurance
Contribution
from insurance $2.9 billion $2.5 billion $1.4 billion
over 3 years
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1. Improve public infrastructure

2. Address inadequate planning laws and approval processes

3. Remove inefficient taxes and charges from insurance premiums

4. Provide subsidies to improve the resilience of private dwellings

Economic Recovery after Disaster Strikes Volume Two - SGS & Suncorp, January 2021

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Suncorp’s One House To Save Many initiative

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Q&A

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Pathway to delivering improved TSR

Reshaped and simplified business

Demonstrating momentum, with a strong balance sheet

Clear plan and framework to deliver improved ROE

Aligned executive team, in place for 12 months, with clear accountabilities

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