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IAG Half year ended 31 December 2025 Financial Results 12 February 2026 This release has been authorised by the IAG Board For personal use only
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IAG Important information 212 February 2026 | Financial Results This presentation contains general information current as at 12 February 2026 (unless otherwise stated) and is not a recommendation or advice in relation to any product or service offered by Insurance Australia Group Limited or its subsidiaries (IAG or the Group). It presents financial information on both a statutory basis (prepared in accordance with Australian Accounting Standards which comply with International Financial Reporting Standards (IFRS)) and non-IFRS basis. This presentation is not an invitation, solicitation, recommendation or offer to buy, issue or sell securities or other financial products in any jurisdiction. The presentation should not be relied upon as advice and does not take into account the financial situation, investment objectives or particular needs of any person. The presentation should be read in conjunction with IAG’s other periodic and continuous disclosure announcements filed with the Australian Securities Exchange (available at www.asx.com.au) and investors should consult with their own professional advisers. No representation or warranty, express or implied, is made as to the accuracy, adequacy, completeness or reliability of any statements (including forward-looking statements or forecasts), estimates or opinions, or the accuracy or reliability of the assumptions on which they are based. Any forward-looking statements, opinions and estimates in this presentation are based on assumptions and contingencies that are inherently uncertain and which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. This includes statements regarding IAG’s strategy, targets, goals, ambitions, intent, belief, objectives, commitments and current expectations regarding, but not limited to, IAG's business, results, financial condition, capital adequacy, risk management practices and market conditions. Forward-looking statements may generally be identified by the use of words such as "should", “would”, “could”, “will”, “may”, “expect”, “intend”, “plan”, “forecast”, “aim”, “anticipate”, “believe”, “outlook”, “estimate”, "project", “target”, “goal”, “ambition”, “continue”, “guidance”, “aspiration”, “commit” or other similar words. Guidance on future earnings, performance or carbon emissions are also forward looking statements. While IAG believes the forward -looking statements to be reasonable, such statements involve risks (both known and unknown) and assumptions, many of which are beyond IAG's control (including adverse natural peril events causing losses to exceed forecasts, and uncertainties in the Australian and global economic environment). This may cause actual results, outcomes, conditions or circumstances to differ materially from those expressed, anticipated or implied in such statements. For further information on some of IAG's key risks see 'Note 3.1 Risk and Capital Management' in IAG's FY25 Annual Report available at www.iag.com.au . In addition, there are particular risks and uncertainties associated with implementation of IAG’s strategy and related targets, ambitions and goals. As the strategy and related targets, ambitions and goals span a number of years, they are subject to assumptions and dependencies which have greater levels of uncertainty than guidance given for FY26. IAG’s ability to execute its strategy and realise its targets, ambitions and goals will depend upon its ability to respond and adjust its business plans (as and when developed) to any changes in such assumptions and dependencies, including disruptions or events that are beyond IAG’s control. Neither IAG, nor any other person, gives any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this presentation will actually occur and undue reliance should not be placed upon such statements. IAG assumes no obligation to update such information (except as required by law). Past performance is no guarantee or indication of future performance. To the maximum extent permitted by law, IAG and each of its directors, officers, employees, agents and advisers disclaim all liability and responsibility for any direct or indirect loss, costs or damage which may be suffered by any recipient through use of or reliance on anything contained in, implied by or omitted from this presentation. Members of the Group’s management may also make forward-looking statements in connection with this presentation, whether spoken or written. These statements carry the same qualifications, limitations and assumptions as those included in this presentation. References to currency are to Australian dollars, unless otherwise specified. Prevailing exchange rates have been used to convert local currency amounts into Australian dollars, where appropriate. Further information, including IAG’s business structure, portfolio and partnerships is available on IAG’s website at https://www.iag.com.au/about-us/what-we-do. For personal use only
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IAG Introduction Nick Hawkins Managing Director and Chief Executive Officer For personal use only
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IAG IAG acknowledges Traditional Owners of Country throughout Australia and recognises the continuing connection to lands, waters and communities. We pay our respect to Aboriginal and Torres Strait Islander cultures and to Elders past and present. Acknowledgement of Country IAG 412 February 2026 | Financial Results IAG acknowledges Traditional Owners of Country throughout Australia and recognises the continuing connection to lands, waters and communities. We pay our respect to Aboriginal and Torres Strait Islander cultures; and to Elders past and present. We show our support by empowering Aboriginal and Torres Strait Islander peoples, businesses and communities. 12 February 2026 | Financial Results For personal use only
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IAG 1H26 summary – Strength and resilience reflect disciplined execution of strategy 512 February 2026 | Financial Results Supported customers & communities ~$6.0bn Claims paid Customer experience: +52 Australia +57 NZ New and existing response and recovery capabilities & partnerships most trusted insurance brand1 NRMA Insurance #1 Financial strength and resilience RACQI integration on-track Confidence in earnings supports buyback 1 Roy Morgan Trusted Brand Awards for 2025 Gross claims from severe spring storms ~$800m Reinsurance program integrated delivering target synergies FY26 profit and margin guidance range maintained Comprehensive reinsurance program provides confidence in sustainable delivery of 15% insurance margin and ROE Announced on-market share buyback of up to $200m $8,929m (up 6%) Gross Written Premium $804m (up 7.6%) Underlying insurance profit $505m Net Profit After Tax Underlying insurance margin 15.1% additional GWP in four months ~$500m For personal use only
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IAG A stronger, more resilient IAG delivering stable earnings 612 February 2026 | Financial Results Improved business performance and strengthened reinsurance program delivering 15% reported and underlying margins on a through the cycle basis 501 240 667 340 282 304 350 453 824 957 1H20 2H20 1H21 2H21 1H22 2H22 1H23 2H23 1H24 2H24 1H25 2H25 1H26 898 614 Underlying Insurance Profit Underlying Insurance Profit ex-RACQI Reported Insurance Profit Reported Insurance Profit ex-RACQI Reported & Underlying Insurance Profit (FY20 – 1H26) 786 For personal use only
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IAG Positive underlying retail growth 712 February 2026 | Financial Results Reported 1H26 GWP growth of 6.0%: • ~$500m four-month contribution from RACQI • Ongoing rate increases in personal & commercial lines in Australia, with disciplined approach to increased motor competition • Positive premium growth across majority of classes in IIA • Challenging New Zealand commercial market, with solid profit result reflecting ongoing underwriting discipline IIA underlying growth ~3.5%1 NZ retail underlying growth ~3.5% IAG Underlying Group GWP growth (%) Underlying 1H26 GWP growth of 2.2% 6.0 2.2 1.5 0.4 6.0 1H26 GWP growth 0.3 Coles exit Multi year workers’ comp FX effects RACQI 1H26 Underlying growth RIA underlying growth ~4%1 1 Includes ~$30m farm portfolio transfer from RIA to IIA NZ intermediated underlying growth ~(10.5)%For personal use only
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IAG Strong underlying insurance margin despite one-off RACQI impacts 812 February 2026 | Financial Results Underlying insurance margin ex-RACQI improving to 16.3% (1H25: 15.1%): • Increased perils allowance to $718m (1H25: $641m) • 120bps underlying claims ratio improvement driven by additional profit commission on reinsurance arrangements • Strong improvement in expense ratio to 22.5% (1H25: 23.6%) • Lower investment yield on technical reserves • Solid underlying margin includes expense related to strong reinsurance program • ~120bps one-off negative impact from RACQI IAG Underlying insurance margin (%) 15.1 16.3 15.11.2 1.1 1.4 1.2 1H25 Underlying margin 0.3 Perils allowance Underlying claims ratio Expense ratio Investment yield & other 1H26 Underlying margin ex- RACQI One-off RACQI impact 1H26 Underlying margin +120bps For personal use only
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IAG Retail Insurance Australia 912 February 2026 | Financial Results Financial highlights • RIA total NPS increase from 45 (FY25) to 52 (1H26) • NRMA Insurance named #1 most trusted insurance brand in Roy Morgan Trusted Brand Awards 2025 • Established the NRMA Insurance Help Fund, a multi-million dollar initiative to support climate resilience • Transformation of claims operations with the integration and connection of property suppliers allowing for real time claims updates Operational highlights • Underlying GWP growth of ~4% driven by strong growth in the home portfolio • Reported insurance margin of 7.4% reflecting natural perils (ex-RACQI: 14.7%) (1H25: 19.0%) • Underlying insurance margin of 13.8%, with RIA delivering ongoing improvement on ex-RACQI to 15.9% (1H25: 15.2%) GWP ($m) Underlying insurance profit ($m) Reported insurance profit ($m) 601 627 1,661 2,005 2,043 2,291 1H25 1H26 Motor Home Other 4,305 4,923 +14.4% +4.3% +20.7% +12.1% 502 4,079 (+3.2%) 342 (-3.1%) 1H26 Direct Partners & Platforms RACQI 4,923 RIA ex-RACQI RIA 384 407 476 333 215 22 174 1H25 2H25 400 1H26 1H25 2H25 1H26 422 389 -18.3% +9.9% For personal use only
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IAG New Zealand Retail 1012 February 2026 | Financial Results Financial highlights • Solid direct customer growth of ~48k from investment in the Enterprise Platform, accessing benefits of a simplified pricing and purchase process, and streamlined products • Expansion of AMI HubServices along with procurement and supply chain efficiencies • AMI and State customer NPS continues to improve with renewal rates strong at ~95% • Phil Gibson commences as new Chief Executive on 23 February Operational highlights • GWP up 1.3%, with NZ$ GWP growth of 3.4% • Continued strong reported insurance margin of 28.6% (1H25: 30.5%) • Underlying insurance margin of 26.0% (1H25: 21.4%), driven by improved underlying loss ratio. • Ongoing benefits from claims handling and supply chain initiatives GWP (NZ$m) Underlying insurance profit ($m) Reported insurance profit ($m) 71 72 645 663 458 479 1H25 1H26 Motor Home Commercial & other 1,174 1,214 +3.4% +1.4% +2.8% +4.6% 135 161 166 192 190 182 1H25 2H25 1H26 1H25 2H25 1H26 +23.0% -5.2% For personal use only
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IAG Intermediated Insurance Australia 1112 February 2026 | Financial Results Financial highlights • WFI NPS (1H26: 63 v FY25: 57) and franchise investment contributing to strong premium and earnings growth • Positive outcomes from Commercial Enterprise Platform has provided confidence to accelerate technology transformation • Implemented a modernised operating model that improves efficiency and provides a strong foundation to benefit from technology uplift Operational highlights • Underlying GWP growth, excluding multi- year workers’ compensation, ~3.5% • Strong reported insurance margin of 17.5% (1H25: 12.8%) including $86m of prior period reserve releases • Improved underlying insurance margin of 11.7% (1H25: 11.5%) • Excellent performance, underpinned by consistent, disciplined execution of core underwriting, pricing, reserving and expense management capabilities GWP ($m) Underlying insurance profit ($m) Reported insurance profit ($m) 330 334 636 534 1,267 1,338 1H25 1H26 Commercial short tail Commercial long tail Personal 2,233 2,206 -1.2% +1.2% -16.0% +5.6% 152 156 160 171 157 241 1H25 2H25 1H26 1H25 2H25 1H26 +5.3% +40.9% Underlying growth ~3.5% For personal use only
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IAG New Zealand Intermediated 1212 February 2026 | Financial Results Financial highlights • Retained 33 of 34 large accounts during recent renewals • Ag Guard, powered by NZI, launched for new business, delivering market leading insurance solutions that meet the needs of our rural communities • Leverage Initio platform to deliver improved pricing and claims outcomes for NZI personal lines • Focused on exercising disciplined underwriting and leveraging NZI’s strong brand and value-added propositions Operational highlights • GWP down 12.3%, with NZ$ GWP decline of 10.4%, maintaining discipline in a softening commercial market • Strong reported insurance margin of 20.0% (1H25: 26.0%) • Improved underlying insurance margin of 18.2% (1H25: 16.8%) GWP (NZ$m) Underlying insurance profit ($m) Reported insurance profit ($m) 208 184 694 624 1H25 1H26 Commercial Personal 902 808 -10.4% -11.5% -10.1% 77 70 78 119 105 86 1H25 2H25 1H26 1H25 2H25 1H26 +1.3% -27.7% For personal use only
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IAG Disciplined and strategic approach to M&A 13 Refer to the important information on page 2 particularly the risks in relation to forward looking statements. Timelines are indicative only and subject to change The acquisition of RAC Insurance Pty Limited (RACI or RAC Insurance) is subject to satisfaction of all requirements and conditions, including regulatory approvals and completion of the transaction. Leading member organisations 1.7 1.4 1.3 1.5 Integration phases & expected timing 12 February 2026 | Financial Results Timeline Members (~m) FY25 GWP (~$bn) 1H26 1H272H26 Transaction completed on 1 Sept 2025 Reinsurance program integration 1 Jan 2026 ACCC decision to oppose strategic alliance SLC application under ACCC mandatory merger control regime Start roll out of IAG technology including Risk management systems Transition to IAG’s Enterprise Platform commences Completion and commence integration Consider public benefits assessment and/or Tribunal Review Transition Planning in readiness for completion If approved Initial Transitional Service exits commence Remaining Transitional Service Agreements progressively ramp down For personal use only
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IAG Financials William McDonnell Chief Financial Officer For personal use only
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IAG GWP ($m) 8,426 8,929 6.0% GWP ex-RACQI ($m) 8,426 8,427 - NEP ($m) 4,930 5,348 8.5% Administration expense ratio ex-levies (%) 11.9 11.7 20bps Reported insurance profit ($m) 957 724 (24.3%) Reported insurance profit ex-RACQI ($m) 957 898 (6.2%) Reported insurance margin (%) 19.4 13.5 (590bps) Reported insurance margin ex-RACQI (%) 19.4 17.7 (170bps) Underlying insurance profit ($m) 747 804 7.6% Underlying insurance margin (%) 15.1 15.1 - Net profit after tax ($m) 778 505 (35.1%) Reported ROE (%) 22.7 13.8 (890bps) Dividend (cps) 12.0 12.0 - CET1 ratio 1.42 1.18 (24pts) Financial summary 1512 February 2026 | Financial Results 1H25 1H26 Change For personal use only
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Net perils, ex-RACQI, in line with allowance 1612 February 2026 | Financial Results Net perils costs of $870m • RACQI net perils costs of $224m, $152m above allowance • Ex-RACQI, net perils costs in line with allowance FY26 perils allowance of $1,465m • FY26 perils expectation of $1,617m, or $152m above allowance reflecting 1H26 perils outcome • 2H26 perils allowance of $747m reflects increased quota-share to 35% and inclusion of RACQI in stop-loss protection Non-quota share reinsurance expense of $676m • Increase of 8.0% reflecting inclusion of RACQI portfolio (~$60m) from 1 September 2025 • Underlying decrease of ~1.5% • Annualised run-rate reinsurance synergies above $50m from 1 Jan 2026, following integration of RACQI into reinsurance program IAG Non-quota share reinsurance expense ($m) 626 1H25 1H26 676 ~(1.5%) +8.0% 646 870 152 Net perils ex-RACQI in line with allowance RACQI allowance RACQI perils above allowance 1H26 Group net perils 72 Net perils expense ($m) RACQI (~$60m) For personal use only
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IAG Improvement in underlying claims ratio 1712 February 2026 | Financial Results Drivers of 70bps improvement in underlying claims ratio • Includes one-off negative impact from RACQI of 50bps • ~$115m reinsurance profit commission (1H25: $~40m) • Claims handling, supply chain and fraud reduction initiatives to mitigate inflationary pressures • Overall improved motor performance in RIA, with some offset by impact of higher third-party credit hire costs • Improvement in long-tail, with slightly adverse large loss commercial property experience in IIA • Strong improvement in New Zealand with reduced frequency in home and commercial property IAG Underlying claims ratio (%) 52.6 51.6 1H25 2H25 0.5 1H26 51.9 -70bps Group Group Ex-RACQI For personal use only
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Investment in growth and transformation 1812 February 2026 | Financial Results Group administration ratio ex-levies expected to reduce to under 11% in FY271 Improvement in admin ratio ex-levies to 11.7% in 1H26 • 20bps improvement relative to 1H25 and 80bps improvement relative to 2H25 • Administration expenses ex-levies up 6.8% includes impact of acquired RACQI business • Ongoing strategic investment including Generative AI capabilities IAG Administration ratio ex-levies (%) 12.2 1H25 2H25 1H26 FY25 FY26 FY27 11.9 12.5 11.7 ~11.6 <11.0 -20bps Maintain Amortisation Grow Transform1 Refer to the important information on page 2 particularly the risks in relation to forward looking statements. For personal use only
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IAG 33 62 202 193 182 -98 -8 1H25 -18 2H25 6 1H26 227 237 90 Strong investment result across all asset classes 1912 February 2026 | Financial Results Underlying yield 4.6% Underlying yield 5.5% Technical reserves • $90m investment income included the $98m negative impact from increased risk-free rate • Underlying yield 4.6% (1H25: 5.5%) • Exit underlying yield of ~5% Shareholders’ funds • Strong returns from equities portfolios • Fixed interest income impacted by increase in the risk-free rate • Small gain from ~$500m alternatives portfolio • Allocation to growth assets increased to ~30% (FY25: ~25%) Technical reserves income ($m) (~$7.9bn portfolio) Shareholders’ funds income (~$5.6bn portfolio) Underlying income ($m) Risk free rate impact ($m) Credit spread impact ($m) 20 72 67 132 121 130 -18 59 1H25 2H25 6 1H26 217 186 186 Fixed interest & cash ($m) Equities ($m) Alternatives & other ($m) For personal use only
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1.47 1.18 0.19 Jun-25 -0.17 FY25 final dividend 1H26 earnings -0.21 RACQI acquisition -0.05 Reinsurance recovery timing -0.05 FX and other impact Dec-25 Strong CET1 capital position supports dividend and buyback 2012 February 2026 | Financial Results 1H26 dividend 12 cps Strong capital position above target range provides capacity for up to $200m buy-back • Solid 1H26 NPAT more than offsets FY25 final dividend • Reflects completion of RACQI on 1 September 2025 • Reinsurance recovery on stop-loss cover is a timing impact and expected to unwind • Headwind from weaker New Zealand currency 0.9 to 1.1 CET1 target range IAG For personal use only
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IAG Indicative pro-forma CET1 ratio reflecting buyback and RAC Insurance acquisition 2112 February 2026 | Financial Results Consensus organic capital generation should not be treated as IAG guidance. It is based on consensus 2H26 & 1H27 NPAT less FY 26 final dividend. Refer to the important information on page 2 particularly the risks in relation to forward looking statements. CET1 target remains 0.9-1.1x PCA, with comfort to operate in lower end of range due to strong earnings with lower volatility 1.18 1.01 1.37 0.97 0.10 0.07 0.08 0.23 0.40 Dec-25 FY26 interim dividend $200m on- market buy-back Dec-25 (post-buyback and dividend) Timing & WOAQS benefit 2026 consensus organic capital generation 0.05 Other movements Dec-26 (pro forma) RACI acquisition Dec-26 (pro forma) 0.9 to 1.1 CET1 target range For personal use only
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IAG Guidance & Outlook Nick Hawkins Managing Director and Chief Executive Officer For personal use only
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IAG FY26 insurance profit and margin guidance range maintained with GWP growth ʻhigh single-digitʼ 23 1 Refer to the important information on page 2, particularly the risks in relation to forward looking statements. 2 This includes the RACQI unfavourable perils experience in 1H26 of $152m and reflects increased quota-share to 35% and inclusion of RACQI in stop-loss protection from 1 January 2026. GWP growth of: in FY26 (previously ‘approximately 10%’) with double-digit growth in the second half reflecting: • retail growth in Australia and New Zealand above the 4% underlying 1H26 levels; • the addition of the RACQI portfolio; • continued discipline in soft commercial markets; and • a weaker New Zealand currency. High single-digit Reported insurance profit guidance range, which assumes FY26 net natural peril costs of $1,617m 2 This corresponds with a reported insurance margin range of 14% to 16% Despite the one-off RACQI impact in 1H26, expected to be around the bottom end of the $1,550m to $1,750m reported insurance margin and reported ROE on a ‘through the cycle’ basis. IAG’s FY26 guidance aligns to the targets to deliver a 15% 12 February 2026 | Financial Results For personal use only
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IAG IAG supporting ~10m customers with leading brands across Australia & New Zealand 2412 February 2026 | Financial Results Strong shareholder returns Stable margin with low volatility | Capital efficiency / allocation improving ROE | Organic capital generation to fund growth Retail Intermediated Organic and inorganic growth enabled by Retail Enterprise Platform Efficiency improvement accelerated by Commercial Enterprise Platform Direct Partner Australia New Zealand Australia New Zealand Australia New Zealand Building connected customers (NRMA Road & Motoring Services, MotorServe, AMI HomeHub, AMI Motor Hub etc) Providing leading insurance products into partner ecosystems For personal use only
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IAG 2612 February 2026 | Financial Results Investor Relations Mark Ley M: +61 (0)411 139 134 E: mark.ley@iag.com.au Nigel Menezes M: +61 (0)411 012 690 E: nigel.menezes@iag.com.au Media Amanda Wallace M: +61 (0)422 379 964 E: amanda.wallace@iag.com.au Insurance Australia Group Limited ABN 60 090 739 923 Level 9, Tower Two, 201 Sussex Street Sydney NSW 2000 Australia Ph: +61 (0)2 9292 9222 For personal use only
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IAG Appendix 1. Group Profit & Loss 2712 February 2026 | Financial Results GROUP RESULTS 1H25 A$m 2H25 A$m FY25 A$m 1H26 A$m Gross written premium 8,426 8,680 17,106 8,929 Gross earned premium 8,366 8,408 16,774 9,063 Reinsurance expense (3,436) (3,354) (6,790) (3,715) Net earned premium 4,930 5,054 9,984 5,348 Net claims expense (3,039) (3,287) (6,326) (3,506) Commission expense (453) (456) (909) (477) Administration expense (708) (762) (1,470) (731) Underwriting profit 730 549 1,279 634 Investment income on technical reserves 227 237 464 90 Insurance profit 957 786 1,743 724 Net corporate expense 200 70 270 - Interest (92) (100) (192) (90) Profit/(loss) from fee-based business (3) (5) (8) (3) Investment income on shareholders' funds 217 186 403 186 Profit before income tax and amortisation 1,279 937 2,216 817 Income tax expense (381) (297) (678) (252) Profit after income tax (before amortisation) 898 640 1,538 565 Non-controlling interests (118) (58) (176) (58) Profit after income tax and non-controlling interests (before amortisation) 780 582 1,362 507 Amortisation and impairment (2) (1) (3) (2) Profit attributable to IAG shareholders 778 581 1,359 505 For personal use only
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IAG Appendix 2. Group Insurance Ratios 2812 February 2026 | Financial Results Insurance Ratios 1H25 2H25 FY25 1H26 Loss ratio 61.6% 65.0% 63.4% 65.6% Immunised loss ratio 61.3% 64.1% 62.7% 66.8% Expense ratio 23.6% 24.1% 23.8% 22.6% Commission ratio 9.2% 9.0% 9.1% 8.9% Administration ratio 14.4% 15.1% 14.7% 13.7% Administration ex-levies ratio 11.9% 12.5% 12.2% 11.7% Combined ratio 85.2% 89.1% 87.2% 88.2% Immunised combined ratio 84.8% 88.2% 86.5% 89.4% Reported insurance margin 19.4% 15.6% 17.5% 13.5% Underlying insurance margin 15.1% 15.8% 15.5% 15.1% For personal use only
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IAG Appendix 3. RIA Profit & Loss and Insurance Ratios 2912 February 2026 | Financial Results RETAIL INSURANCE AUSTRALIA 1H25 A$m 2H25 A$m FY25 A$m 1H26 A$m Gross written premium 4,305 4,444 8,749 4,923 Gross earned premium 4,242 4,302 8,544 4,912 Reinsurance expense (1,729) (1,731) (3,460) (2,008) Net earned premium 2,513 2,571 5,084 2,904 Net claims expense (1,660) (1,844) (3,504) (2,200) Commission expense (124) (125) (249) (152) Administration expense (364) (386) (750) (389) Underwriting profit 365 216 581 163 Investment income on technical reserves 111 117 228 52 Insurance profit 476 333 809 215 Profit/(loss) from fee-based business (2) (3) (5) (3) Total divisional result 474 330 804 212 Insurance Ratios 1H25 2H25 FY25 1H26 Loss ratio 66.0% 71.7% 68.9% 75.8% Immunised loss ratio 65.7% 70.9% 68.4% 76.8% Expense ratio 19.4% 19.9% 19.7% 18.6% Commission ratio 4.9% 4.9% 4.9% 5.2% Administration ratio 14.5% 15.0% 14.8% 13.4% Combined ratio 85.4% 91.6% 88.6% 94.4% Immunised combined ratio 85.1% 90.8% 88.1% 95.4% Reported insurance margin 19.0% 13.0% 15.9% 7.4% Underlying insurance margin 15.2% 15.8% 15.6% 13.8% For personal use only
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IAG Appendix 4. RIA ex-RACQI Profit & Loss and Insurance Ratios 3012 February 2026 | Financial Results RETAIL INSURANCE AUSTRALIA EX- RACQI 1H25 A$m 2H25 A$m FY25 A$m 1H26 A$m Gross written premium 4,305 4,444 8,749 4,421 Gross earned premium 4,242 4,302 8,544 4,426 Reinsurance expense (1,729) (1,731) (3,460) (1,786) Net earned premium 2,513 2,571 5,084 2,640 Net claims expense (1,660) (1,844) (3,504) (1,822) Commission expense (124) (125) (249) (129) Administration expense (364) (386) (750) (348) Underwriting profit 365 216 581 341 Investment income on technical reserves 111 117 228 48 Insurance profit 476 333 809 389 Profit/(loss) from fee-based business (2) (3) (5) (4) Total divisional result 474 330 804 385 Insurance Ratios 1H25 2H25 FY25 1H26 Loss ratio 66.0% 71.7% 68.9% 69.0% Immunised loss ratio 65.7% 70.9% 68.4% 70.2% Expense ratio 19.4% 19.9% 19.7% 18.1% Commission ratio 4.9% 4.9% 4.9% 4.9% Administration ratio 14.5% 15.0% 14.8% 13.2% Combined ratio 85.4% 91.6% 88.6% 87.1% Immunised combined ratio 85.1% 90.8% 88.1% 88.3% Reported insurance margin 19.0% 13.0% 15.9% 14.7% Underlying insurance margin 15.2% 15.8% 15.6% 15.9% For personal use only
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IAG Appendix 5. IIA Profit & Loss and Insurance Ratios 3112 February 2026 | Financial Results INTERMEDIATED INSURANCE AUSTRALIA 1H25 A$m 2H25 A$m FY25 A$m 1H26 A$m Gross written premium 2,233 2,317 4,550 2,206 Gross earned premium 2,225 2,189 4,414 2,297 Reinsurance expense (895) (834) (1,729) (919) Net earned premium 1,330 1,355 2,685 1,378 Net claims expense (844) (879) (1,723) (756) Commission expense (204) (208) (412) (208) Administration expense (202) (212) (414) (197) Underwriting profit 80 56 136 217 Investment income on technical reserves 91 101 192 24 Insurance profit 171 157 328 241 Profit/(loss) from fee-based business (1) (1) (2) (1) Total divisional result 170 156 326 240 Insurance Ratios 1H25 2H25 FY25 1H26 Loss ratio 63.5% 64.9% 64.2% 54.9% Immunised loss ratio 62.9% 62.9% 62.9% 57.6% Expense ratio 30.6% 31.0% 30.7% 29.4% Commission ratio 15.4% 15.4% 15.3% 15.1% Administration ratio 15.2% 15.6% 15.4% 14.3% Combined ratio 94.1% 95.9% 94.9% 84.3% Immunised combined ratio 93.5% 93.9% 93.6% 87.0% Reported insurance margin 12.8% 11.6% 12.2% 17.5% Underlying insurance margin 11.5% 11.5% 11.5% 11.7% For personal use only
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IAG Appendix 6. NZ Profit & Loss and Insurance Ratios 3212 February 2026 | Financial Results NEW ZEALAND 1H25 A$m 2H25 A$m FY25 A$m 1H26 A$m Gross written premium 1,887 1,920 3,807 1,800 Gross earned premium 1,898 1,918 3,816 1,854 Reinsurance expense (812) (789) (1,601) (788) Net earned premium 1,086 1,129 2,215 1,066 Net claims expense (533) (566) (1,099) (550) Commission expense (125) (123) (248) (117) Administration expense (142) (164) (306) (145) Underwriting profit 286 276 562 254 Investment income on technical reserves 25 19 44 14 Insurance profit 311 295 606 268 Profit/(loss) from fee-based business - (1) (1) 1 Total divisional result 311 294 605 269 Insurance Ratios 1H25 2H25 FY25 1H26 Loss ratio 49.1% 50.1% 49.6% 51.6% Immunised loss ratio 48.8% 50.2% 49.5% 51.4% Expense ratio 24.6% 25.4% 25.0% 24.6% Commission ratio 11.5% 10.9% 11.2% 11.0% Administration ratio 13.1% 14.5% 13.8% 13.6% Combined ratio 73.7% 75.5% 74.6% 76.2% Immunised combined ratio 73.4% 75.6% 74.5% 76.0% Reported insurance margin 28.6% 26.1% 27.4% 25.1% Underlying insurance margin 19.5% 20.5% 20.1% 22.9% For personal use only
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IAG Appendix 7. NZ Retail Profit & Loss and Insurance Ratios 3312 February 2026 | Financial Results NEW ZEALAND RETAIL 1H25 A$m 2H25 A$m FY25 A$m 1H26 A$m Gross written premium 1,067 1,087 2,154 1,081 Gross earned premium 1,057 1,080 2,137 1,071 Reinsurance expense (428) (417) (845) (435) Net earned premium 629 663 1,292 636 Net claims expense (330) (335) (665) (336) Commission expense (30) (33) (63) (31) Administration expense (91) (117) (208) (95) Underwriting profit 178 178 356 174 Investment income on technical reserves 14 12 26 8 Insurance profit 192 190 382 182 Profit/(loss) from fee-based business - (1) (1) 1 Total divisional result 192 189 381 183 Insurance Ratios 1H25 2H25 FY25 1H26 Loss ratio 52.5% 50.5% 51.5% 52.8% Immunised loss ratio 52.1% 50.7% 51.4% 52.7% Expense ratio 19.3% 22.6% 21.0% 19.8% Commission ratio 4.8% 5.0% 4.9% 4.9% Administration ratio 14.5% 17.6% 16.1% 14.9% Combined ratio 71.8% 73.1% 72.5% 72.6% Immunised combined ratio 71.4% 73.3% 72.4% 72.5% Reported insurance margin 30.5% 28.7% 29.6% 28.6% Underlying insurance margin 21.4% 24.3% 23.0% 26.0% For personal use only
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IAG Appendix 8. NZ Intermediated Profit & Loss and Insurance Ratios 3412 February 2026 | Financial Results NEW ZEALAND INTERMEDIATED 1H25 A$m 2H25 A$m FY25 A$m 1H26 A$m Gross written premium 820 833 1,653 719 Gross earned premium 841 838 1,679 783 Reinsurance expense (384) (372) (756) (353) Net earned premium 457 466 923 430 Net claims expense (203) (231) (434) (214) Commission expense (95) (90) (185) (86) Administration expense (51) (47) (98) (50) Underwriting profit 108 98 206 80 Investment income on technical reserves 11 7 18 6 Insurance profit 119 105 224 86 Profit/(loss) from fee-based business - - - - Total divisional result 119 105 224 86 Insurance Ratios 1H25 2H25 FY25 1H26 Loss ratio 44.4% 49.6% 47.0% 49.8% Immunised loss ratio 44.2% 49.6% 46.9% 49.5% Expense ratio 32.0% 29.4% 30.6% 31.6% Commission ratio 20.8% 19.3% 20.0% 20.0% Administration ratio 11.2% 10.1% 10.6% 11.6% Combined ratio 76.4% 79.0% 77.6% 81.4% Immunised combined ratio 76.2% 79.0% 77.5% 81.1% Reported insurance margin 26.0% 22.5% 24.3% 20.0% Underlying insurance margin 16.8% 15.0% 15.9% 18.2% For personal use only