SHAREHOLDER INFORMATION
| KEY DATES | |
|---|---|
| 2017 financial year end | 30 June 2017 |
| Full year results and dividend announcement | 23 August 2017 |
| Notice of meeting mailed to shareholders | 5 September 2017 |
| Final dividend for ordinary shares Record date Payment date |
7 September 2017 9 October 2017 |
| Annual general meeting | 20 October 2017 |
| Half year end | 31 December 2017 |
| Half year results and dividend announcement | 14 February 2018* |
| Interim dividend for ordinary shares Record date Payment date |
21 February 2018* 29 March 2018* |
| 2018 financial year end | 30 June 2018 |
| Full year results and dividend announcement | 15 August 2018* |
* Please note: dates are subject to change. Any changes will be published via a notice to the Australian Securities Exchange (ASX).
2017 ANNUAL REPORT SUITE
This annual review contains a summary of the 2017 financial year performance of Insurance Australia Group Limited (IAG or the Group). Unless otherwise indicated, references to 2017, 2016 and 2015 in graphs and copy throughout this review refer to IAG’s financial years ended 30 June 2017, 2016 and 2015 respectively. All figures are in Australian dollars unless otherwise stated.
Information about IAG’s 2017 financial performance is available in the 2017 reporting centre. Scan the QR code on the back cover to go straight to IAG’s website, for financial updates, investor reports, ASX announcements, key dates and a comprehensive shareholder centre.
Our 2017 annual report contains more detailed financial information, including full statutory accounts, and the Directors’ and remuneration reports for the 2017 financial year. This year’s corporate governance report is available in the About Us area of our website. To have a copy of the annual review or annual report mailed to you, contact IAG’s Share Registry using the contact details on the back page.
SCOPE AND ASSURANCE OF SUSTAINABILITY REPORTING
Material Issues and Creating Shared Value of this review provide an outline of our shared value and sustainability performance during the year ended 30 June 2017.
Ernst & Young (EY) was engaged by IAG to undertake limited assurance over selected disclosures in the Creating Shared Value section of IAG’s 2017 Annual Review and Sustainability Report, and associated online content. The subject matter for EY’s limited assurance engagement for the year ended 30 June 2017 for Australia, New Zealand, and Asia was limited to:
- all customer, community, workforce, and environmental quantitative indicators contained in the ‘Creating Shared Value’ online content (www.iag.com.au/shared-value/our-performance); and
- the consolidated metrics presented throughout the ‘Creating Shared Value section of IAG’s 2017 Annual review and Sustainability Report.
EY’s conclusion statement
Based on the limited assurance procedures conducted, nothing has come to our attention that causes us to believe that, for the year ended 30 June 2017, selected disclosures in IAG’s Creating Shared Value section of its 2017 Annual Review and Sustainability Report have not been reported and presented fairly, in all material respects, in accordance with IAG’s criteria for reporting.
EY’s independent Limited Assurance Statement to the Board and Management of Insurance Australia Group Limited is available in the Shared Value area of our website.
SHARE REGISTRY
Computershare Investor Services Pty Limited
GPO Box 4709, Melbourne VIC 3001 Australia
Hand deliveries:
Level 4, 60 Carrington Street
Sydney NSW 2000 Australia
Telephone:
(within Australia) 1300 360 688 or
(outside Australia) +61 (0)3 9415 4210
Other:
Email iag@computershare.com.au
Facsimile (general) +61 (0)3 9473 2470
REGISTERED OFFICE
Insurance Australia Group Limited
Level 26, 388 George Street
Sydney NSW 2000 Australia
Telephone +61 (0)2 9292 9222
Email investor.relations@iag.com.au
Facsimile +61 (0)2 9292 8072
Website www.iag.com.au
GLOSSARY
APRA is the Australian Prudential Regulation Authority.
Credit spread is the difference between the average yield to maturity of the portfolio of non-government securities and the average yield to maturity of the liability profile, valued using Commonwealth Government of Australia yields.
Gross written premium is the total amount of insurance premiums that we receive from customers.
Insurance margin represents our insurance profit as a percentage of our net earned premium.
Insurance profit is our underwriting result plus the investment income on assets backing our technical reserves.
Long tail classes of insurance (such as CTP and workers’ compensation) are those with an average period generally greater than 12 months between the time when earned premiums are collected and final settlement of claims occurs.
Net earned premium (NEP) is gross earned premium less reinsurance expense.
Net profit after tax is our net result, after allowing for income taxes and the share of profit owing to non-controlling interests.
Risks in force refers to the subject matter that an insurance policy or contract protects (eg number of vehicles, houses, employees). An insurance policy may cover one risk or many risks, depending on the terms of the policy. Risks in force is a measure of the total number of risks covered by an insurance company at a point in time.
Shareholders’ funds the investment portfolio of assets we hold in excess of the amount backing technical reserves; it represents shareholders’ equity not used in day-to-day operations.
Short tail classes of insurance (such as motor, home and SME commercial) are those with an average period generally less than 12 months between the time when premiums are earned and final settlement of claims occurs.
Technical reserves are the investments we hold to back the outstanding claims liability and unearned premium, net of recoveries and premium debtors.
Underlying margin is defined by IAG as the insurance margin adjusted for net natural peril claim costs less related allowance for the period; reserve releases in excess of 1% of NEP; and credit spread movements.