Good morning, everyone, and welcome to IAG's FY 2026 results presentation. I am joined here today by our Chief Financial Officer, William McDonnell, together with members of the executive team, who are all sitting in the front row here in our offices. We are holding today's event in IAG's Sydney's office on the lands of the Gadigal people. We acknowledge the traditional owners of country throughout Australia, and we recognize their continuing connections to lands, waters, and communities. I pay my respects to elders past, present, and emerging. This has been a strong year for IAG, and I am really proud of what we have delivered. We have refreshed our strategy, and we have sharpened our strategic priorities as we have set out on this slide. Our purpose is unchanged. We make your world a safer place. As part of this, we act as an economic shock absorber across Australia and New Zealand at an individual, at a community, and at a business level. Our growth-orientated strategy is all about helping more of Australia and New Zealand. We will do this by leveraging the strengths of IAG and the investments we have made to help more people and more businesses across our two countries. This has been a year of delivery. Our financial results reflect the deliberate strategic choices we have made to grow our business, reduce our volatility, and importantly, deliver sustainable, growing shareholder returns. At our top line, our premiums have grown by 7.6%. This includes strong growth momentum in our direct retail businesses in both Australia and New Zealand of around 5%. Importantly, we have seen strong quarter-on-quarter improvement that I will touch on later in those two businesses. Underlying insurance profits was up 2.3% to nearly AUD 1.6 billion, and the net profit after tax was just over AUD 1 billion. This, combined with our strong capital position, has enabled us to increase our final dividend by 5% to AUD 0.20 per share, and pleasingly, with our franking on that AUD 0.20 increase to 80%. Our positive momentum provides the foundations for our FY 2027 guidance of continued strong top line combined with growing earnings. More broadly, we successfully completed the acquisition of RACQ Insurance in September last year, and we are pleased with the integration momentum and our member retention within that. That alliance contributed AUD 1.3 billion of premium for the 10 months that we owned it in last financial year. As we discussed in February, the severe Queensland storms, which occurred before the RACQ business came under our reinsurance arrangements, did impact our first half results. Our second half performance, though, was strong, and the business is on track to meet all of our expectations we had when we purchased it. Across the whole business, we actively responded to 65 weather events in Australia and 44 in New Zealand. We paid more than AUD 12 billion in claims to support our customers and their communities to recover. We know our customers recognize the role we play and the dedication of our teams with our NPS scores up 55 in Australia and at 63 in New Zealand. What those scores are really are sort of top quartile performance in our industry. We continue to work through the process with Western Australia and remain confident this will be completed in FY 2027, and we are excited about the prospect of welcoming the RAC Insurance team into IAG. Then finally, on this highlight slide, we have flagged the acceleration of AI that is helping drive efficiency and better customer experience. At the Investor Day that we held in May, the team talked a lot about the extensive technology transformation taking place at IAG and the tangible benefits that transformation is delivering. More than 60% of our people are regular users of AI. We have more than 600 activators who have published more than 90 AI agents to improve workflows in areas like customer service, operations, and within our corporate functions. Over 2,000 employees using AI in claims, fraud, and service, and delivering significant benefits to our claims costs that we are reinvesting for growth. We have also recently signed a landmark partnership with OpenAI that will help our people deliver faster and more effective customer service, particularly within our claims teams. Our initial focus will be on where the need is greatest, scaling our claims handling capabilities during natural disasters and severe weather events. This initiative represents the next step in our AI journey, reinforcing our commitment to responsible customer-led innovation. Growth is a strategic focus for us. As you can see here, our 7.6% growth in premiums to AUD 18.4 billion has been delivered across our key brands and channels, boosted by the 10-month contribution from RACQ. On an underlying basis, though, our premiums grew by around 2%. Importantly though, within this, our direct retail businesses in Australia and New Zealand grew at around 5%. These are our growth engines, and including RACQ, these represent around 60% of the entire IAG business. Both of our direct businesses in Australia and New Zealand have strong momentum as a result of the strategies we have put in place. We are growing where we want to grow. You will see on this slide, and we are showing here this on a quarter-on-quarter growth in our businesses, what they have done is they have continued to accelerate throughout the year, driven by both volume and price. You can see here, combined, they deliver growth of around 7% in the final quarter of FY 2026, and we expect this to continue into FY 2027. In addition, we will have a full-year of RACQ premium and the potential additional benefit of RAC in W.A.. In Australia, price has been the key driver, with recent improvements in net volume growth in both NRMA Insurance and RACV. In New Zealand, growth has been primarily volume driven, with strong AMI organic growth supported by the transfer of Aon into that business. Going forward, we expect New Zealand growth will be supported by a mix of both volume and by price. This is real momentum, and what that does, of course, is sets us up well. The markets we operate in are structurally growing, with general insurance premiums in both Australia and New Zealand forecast to grow at around 6% per annum through to 2030. With clear strategies and strong leadership, we have the brands, technology, and distribution to grow and protect more customers across our two countries. Turning now to some of the individual businesses, let me start with the Australian retail, which is of course, the largest part of IAG. This business delivered strong headline premium of 17.8%, or an underlying 4.5%, after excluding RACQ. Retention rates are strong, and Julie and the team have done a great job to deliver home growth in line with market in what really is a competitive market. In Motor, our recent trends have been very favorable, contributing to the 6.7% direct growth that we saw in the final quarter of the financial year. The core direct business of NRMA Insurance and RACV are performing well, while our bank partner business has been slightly weaker over the last 12 months. Underlying profits were up 7% to AUD 846 million. Our reported insurance profit was down slightly due to some of the perils that we had in the first half from RACQ. If we exclude that, the reported insurance profit was up 7% and significantly stronger in the second half versus the first. The business is clearly benefiting from the implementation of Enterprise platform, improved risk selection and sales and service processes that we've heavily invested in. Our NPS is strong at 55, and NRMA Insurance has continued to be the most trusted insurance brand in Australia. These provide the foundations for our positive growth going forward. In New Zealand, our retail business delivered a strong result. Premium growth was 3.7% in local currency, with a strong direct growth of 5%, reflecting market share gains. We had 7% growth in Motor, driven by strong retention rates and improved customer satisfaction, particularly within our AMI brand, where we continue to expand the AMI MotorHub sites and we've also transitioned Aon customers. Bank and partner businesses has also shown some similar trends in New Zealand to what we've seen in Australia, so it's been slightly weaker. During the year, we've completed the migration of the core AMI and State Motor and home portfolios onto our retail Enterprise platform. Of course, what this does is improves underwriting, pricing, and customer experiences, providing strong platform for continued growth of this business going forward. Underlying profits grew by 10.7% in local currency, and we've seen improved loss ratios from better risk selection, claims handling, and the claims supply initiatives that were put in place. Reported margins remained strong at over 20%, but they were impacted by the increase in natural perils this year compared to last. Pleasingly, like Australian retail, our NPS score lifted by nine points to 63, and these strong customer metrics position the business well for sustained top-line growth into FY 2027. If we turn now to the other side of the business, the intermediated business. I'll start first with Australia, where Jarrod and the team have delivered stable premium and underlying profits in, of course, what is a challenging market. What this does is reflects a disciplined approach to underwriting and our resilient business mix that our business has. We're focused on segments where our brands, customer relationships, and specialist capabilities create a clear source of competitive advantage. As a result, we saw growth in our short-tail commercial lines and around 10% growth in WFI, which of course, is our rural business. Strong cost management improved the expense ratio here by 140 basis points, where prudent reserving and claims management have delivered AUD 78 million in reserve releases here as well. Reported profits remained solid at AUD 316 million, despite a AUD 71 million perils impact within this business, and that's primarily from the Victorian bushfires in January. William will explain this later, but the adverse impact in CGU was more than offset by favorable experience in other parts of our company. During the year, we delivered important commercial Enterprise platform capabilities, and what we're doing now is we're accelerating those plans into FY 2027. What this, of course, is going to do, improve underwriting, simplify our process to support targeted growth through WFI and some of our other priority segments. Across the Tasman, the intermediated business in New Zealand, which represents around 8% of IAG, continues to navigate a soft market, with premium declining 11% in local currency terms. Of course, what we have done here is we have maintained our strong discipline as that New Zealand commercial market experience suffers intense competition from global capital. Our underlying profits of NZD 133 million reflects solid 14% margin after a highly profitable FY 2025. Reported profits were down a third, largely due to the impact of increased perils. More importantly, we are seeing signs of the market stabilizing in New Zealand, with commercial SME lines expected to be broadly flat in FY 2027, and we do expect some growth within our personal lines business here within NZI. Phil and the team are responding well with disciplined, targeted premium increases, strong broker service, and continued focus on cost, which is serving us well in this point in the cycle. Let us step back and look at our overall profitability. The underlying insurance result of AUD 1.58 billion was up AUD 36 million. The reported profit was around AUD 1.55 billion, and that is consistent with the guidance that we provided to the market in February. Importantly, this is a quality result. It does include the settlement of significant portion of the Greensill proceedings, confirming our announcement that we made in May that this would not have a material impact on the group's financial result. The trial on the remaining claims is due to commence on September 14, so we will continue to defend these proceedings and with the potential for settlement discussions coinciding with the pricing period, what we have done is we have suspended our DRP for next month's dividend. In relation to RACQ integration and the amortization costs, we have not taken anything below the line, so all of those costs associated with RACQ are in our underlying and reported margins. Key drivers of the quality of our numbers is the 50 basis point improvement in the underlying claims ratio and 120 basis point improvement in our expense ratios. What of course this does, is gives us the confidence that we can continue investing in growth while delivering strong, sustainable earnings profile. Many of you will be familiar with this slide, which we showed at our Investor Day in May, when we unveiled Ambition 2030 and defined our success metrics. What this slide does, it shows our winning formula and our key performance drivers, many of which are evidenced in today's results. We continue to build on our portfolio of leading brands, leveraging our data and our technology, integrating our supply chain model, which is very important, our business model. Of course, our diversified distribution model is helpful, and our claims management expertise is giving us a competitive edge. Combined, of course, what these do is drive outcomes for our customers, our shareholders, and of course, importantly, for all of our people. With our capital-light balance sheet and low vol earnings model, these underpin our growth and strong investment proposition from a shareholder perspective. Our winning formula is delivering strong growth momentum at IAG. With that, I am going to hand over to William, who is going to run through the financials in a bit more detail. Thank you, Nick, and good morning, everyone. I will start with the financial summary shown on slide 16. At a high level, we are pleased with our FY 2026 outcomes relative to the FY 2025 result, which was assisted by benign perils and a release from the business interruption provision. Nick has discussed the positive growth and profit momentum in our retail businesses and our disciplined and resilient approach to the commercial cycle. Our second half performance has been strong, and the negative movements on this slide relate to the one-off transitional impacts that we outlined at the half-year result back in February. I will run through some of the key technical aspects of the result to demonstrate the quality and stability of our earnings, the improved efficiency, the core business momentum, and the strength of our balance sheet and capital position as we enter FY 2027. Starting with our reinsurance program, the increase in reinsurance expense reflects portfolio growth, the inclusion of RACQ Insurance, and the additional protection provided by our expanded quota shares from 32.5% to 35% from the 1st of January 2026. Non-quota share expense increased by around 15% to AUD 1.34 billion. Most of the increase relates to RACQ Insurance, including specific catastrophe cover costs, reinstatement premiums following the severe first half weather events, an increase in cyclone reinsurance pool costs, and incorporating RACQ Insurance into our long-term perils volatility cover. Importantly, we have achieved the targeted annual reinsurance synergies of more than AUD 50 million, and this provides a material benefit heading into FY 2027. Turning to FY 2026 perils, the group recorded net peril costs of AUD 1,579 million, which was nearly AUD 500 million higher than FY 2025. We finished the year AUD 114 million above the net peril allowance, which was primarily attributable to the RACQ severe perils experience that we had in the first half prior to it being incorporated into the IAG program. Additionally, at the half year, the rest of the group's perils was stabilized by the peril volatility cover. The second half result was much stronger, and therefore the peril volatility cover stabilizer unwound, and we ended with net peril costs AUD 38 million below the allowance. In terms of our divisions, I have shown in the bottom right that for the full-year, RIA and New Zealand came in below allowance, and you will see that IIA finished the year AUD 71 million above allowance with the Victorian bushfires in January having a major impact, as Nick mentioned. Overall, the net of these equates to the AUD 38 million favorable outcome. Looking ahead to FY 2027, our perils allowance increases by only 2% to AUD 1.49 billion. This increase is below net earned premium growth, and it includes a full-year of RACQ Insurance within the group reinsurance program. Coming back to the perils upside that Nick mentioned, I am sharing again here how our long-term perils volatility cover works to protect downside in over 95% of modeled scenarios. While importantly, the upside benefit is retained, as we presented at our recent Investor Day. The top chart shows the pattern of peril outcomes we face before taking this cover into account. For each of the three remaining years of the contract, the cover provides around AUD 1 billion gross of downside protection. Applying that, the net pattern of likelihoods, the lower chart, is very different, with little downside risk, but with upside likely to materialize around one year in two. In a favorable year, the average upside is over AUD 200 million, giving us the modeled net peril upside across all years of over AUD 100 million, or approximately 1% of reported insurance margin. This is because we set our perils allowance in line with the attachment point of the peril protection rather than having a gap and setting it lower, while the cost of the protection is already included in our insurance margin. We believe this detail further highlights the quality of our reported insurance margin guidance. In terms of the underlying claims, which exclude all perils reserving and discount rate effects, the ratio improved by 50 basis points to 51.6%, and with further momentum through the year, with the second half ratio improving to 51.2%. Some specific call-outs for each division. In RIA, we saw a modest improvement in Motor frequency. However, in home, we experienced higher claims inflation. Across long-tail lines, commercial claims in IIA and CTP experience was broadly in line with expectations. In New Zealand, the underlying claims showed a material improvement, including the benefit from lower frequency in the home contents portfolio. The overall improvement reflects continued benefits from our claims transformation program, which includes supply chain efficiencies. Disciplined execution of these projects are delivering claims benefits of around AUD 350 million per year. On costs, we continued to deliver disciplined expense management and are seeing the benefits of prior investment in transforming the business. The admin expense ratio improved by 60 basis points to 11.6%, including a 100 basis point improvement in the second half compared with the prior corresponding period. We will continue to invest in FY 2027, with a focus on AI and tech modernization, improving productivity and customer outcomes, and the long-term scalability of our business. Importantly, we expect the group admin expense ratio, excluding levies, to reduce to below 11% in FY 2027, achieving the target that we set in 2024. This reflects both continued cost discipline and the benefits we expect to realize from our transformation program. We continue to anticipate further cost reductions in our business, allowing us to accelerate our investments, including in AI, in order to grow and transform. Investment income, while lower than FY 2025, was a solid contributor, supported by underlying income from technical reserves and strong equity returns in shareholders' funds. Technical reserves reported investment income of AUD 246 million, including a AUD 136 million negative mark-to-market impact from the increase in risk-free rates. The underlying investment income remains strong at AUD 378 million, representing an underlying yield of 4.8%. Additionally, the FY 2026 exit yield of around 5.5% provides a supportive starting point for FY 2027. Shareholders' funds reported investment income of AUD 383 million. This was driven by strong returns in our equities portfolio, while fixed interest returns were reduced by negative mark-to-market movements as risk-free rates rose. The shareholders' funds portfolio remains defensively positioned with a growth asset weighting of 28%. The year-on-year increase in growth assets primarily reflected a higher infrastructure allocation, partly offset by a reduced allocation to higher yielding credit. We finished the year with a strong capital position with our CET1 multiple at 1.14x above our target range of 0.9 to 1.1. Strong second half earnings more than offset returns to shareholders from the dividend and buyback. During the second half, we completed the AUD 200 million buyback that we announced in February. This reduced the share count by approximately 27 million shares at an average price of around AUD 7.30. In terms of other movements, the reinsurance recovery timing headwind that we recognized in the first half unwound as we expected. We also recognized a temporary capital impact of over AUD 100 million relating to the profit commission recognition, equivalent to four points. There were modest headwinds from growth in the PCA charges and the weaker New Zealand dollar. Overall, we remain strongly capitalized. Our strong capital position has supported a AUD 0.20 final dividend, up 5%, bringing the full-year dividend to AUD 0.32 per share. The full-year dividend represents a payout ratio of 73%, and we have also increased franking to 80% in the second half. Looking ahead, we expect dividends to be 80%-100% franked in FY 2027 and going forward. Together, the increased dividend and completed buyback demonstrate our capacity to return capital to shareholders while continuing to fund growth and invest in the business. Finally, this slide shows our indicative capital position after allowing for the announced RAC Insurance acquisition. Starting from a CET1 multiple of 1.14, the final dividend reduces this to 0.98 x. We are not providing FY 2027 end pattern dividend guidance. You can see, similar to our previous approach, we have included a benefit to capital that is broadly in line with consensus earnings and dividend expectations. We have also included a 10-point impact of other capital movements, and this includes potential benefits from our capital-light strategies that I have previously discussed. The RAC Insurance acquisition is expected to result in an indicative pro forma position in the middle of our target range of 0.9- 1.1, and we remain comfortable operating toward the lower end of the target range, given the reduced volatility provided by our comprehensive reinsurance protections. With that, I will now hand over back to Nick. Hey, thanks, William. I build more resilient communities across Australia and New Zealand, which is really core to Ambition 2030 and our community pillar. What we have done is we have set a clear 2030 goal to help Australian and New Zealanders take more than 2 million actions to help to better understand their natural hazard risk. This includes digital tools, face-to-face community workshops, and some practical guidance. We are also continuing to share our research and our data and our insights to support national resilience. This includes our commitment to recognizing effective large-scale risk reduction activities in insurance pricing through our participation in the federal government's Hazards Insurance Partnership. It is critical that insurance remains accessible and affordable across Australia and New Zealand. So where we see resilient actions that materially reduce risk, our insurance costs need to come down. We're backing this up with our own investments, including the multi-million dollar NRMA Insurance Help Fund and our new investments from our venture fund, Firemark Ventures. A great example is Spacecube, modular housing that can be deployed quickly for customers after major events, taking pressure off the country's housing and construction challenges. It was great to see this in action in regional Victoria in January following the devastating bushfires, where we were keeping customers comfortably on their land during recovery. Moving to guidance, the confidence in our underlying business is reflected in our FY 2027 guidance. This includes 5%-8% premium growth with volume growth and targeted premium increases and a full-year of RACQ. We anticipate underlying growth in our retail businesses of mid-single digit, and we anticipate low single-digit growth in the intermediated businesses, Trans-Tasman. In FY 2027, we expect our reported margin guidance to be between 14.5% and 16.5%. The midpoint of this is above the 15% + margin that we outlined in the Investor Day and really forms the basis of our 15% ROE, high single-digit EPS targets, with IAG well set to deliver on this on a sustainable basis. You can see how the actions we've taken have delivered a materially improved financial profile in recent years. We are delivering more consistent growing earnings profile. As we head into FY 2027, the midpoint of our reported insurance margin guidance represents a 9% increase on results delivered this year. In addition to this, as William explained, our perils modeling shows that there is an additional extra average upside of over AUD 100 million a year from perils. Based on the momentum in our business and the perils protection we have in place, we're confident on what we'll deliver. Just let me finish with this. The past 12 months has been a period of delivery for us. I'm proud of the company, our people, and the strong positioning we have for FY 2027. We will continue to be a customer-obsessed economic shock absorber, supported by our scale, our brands, and the platforms that we've built to service our customers. Ambition 2030 outlines clear goals for our customers, our communities, and our people. Importantly for our shareholders, we'll deliver an ROE of 15% or above, high single-digit earnings per share, and top quartile shareholder returns. William and I are now happy to answer any of the questions. Why don't we start in the room? I think Mark's got the microphone handing around to Kieren. Hi, mate. Morning. Kieren Chidgey from UBS. Nick, three questions. I would like to start on GWP, on the trends you showed on slide eight on the quarterly progress in retail in Australia and New Zealand. Can you just unpack in a bit more detail by product, and I guess, unit and rate what you saw, particularly through that fourth quarter? Yeah. That is sort of a demonstration, I think, of the things we have been doing over the last couple of years starting to come together and really creating some real momentum. Breaking that down, we have definitely seen home volume growth as part of that. It is together with continued prices flowing through. I think we start with Australia, then we will move to New Zealand. So we have got that low single digits, one-and-a-bit percent volume growth as well as home, as well as prices flowing through in that home portfolio. And Motor, that probably was a trend that we were doing well in the first half. I think the big change first half, second half has been more about Motor, where we definitely had some challenges. We talked about that at the half and in the August results. Sorry, in the February for the first half results. We have definitely seen a reversal in the second half, and we are seeing both price and volume growth there. We are winning new business. That is really helping us, which was sort of slightly disappointing second quarter, call it that. You can see third and fourth quarter, we are really seeing both of that flow through that sort of 7% in total growth within the direct retail business in that last quarter, which is very positive. That is really a result of lots of things we have been doing in our company. We really feel pretty excited about that. New Zealand is probably more of a volume story. There is a bit of price that is flowing through. There is also Aon that has come in, and it is equal quarter on quarter on quarter, but it is definitely amplified each of those quarters. That will run off, and we think we will see in FY 2027 in New Zealand a bit more price in there, as well as continuation of volume. That is the story. All right, thanks. Second question just on margins in two different areas. New Zealand intermediated had obviously under significant pressure in second half down to 8.9. Yeah. I guess I'm just surprised at the pace of decline there half on half from 18% in first half. If we look at your GWP and I guess the earn through of the premium into 2027, I'm interested in where you see that margin headed— Yeah. —into 2027. Yeah, sure. That's a tough market. We sort of highlight it's 8% of our company, but we're very focused on it. It's a real challenge for Phil and the team there. Our business is 10% down year on year, essentially, in NZI, in New Zealand, in local currency. What we can observe now, and we saw this at June renewals, because remember we have some of these big dates and it's more lumpier, that business. We saw a continuation in July. We've definitely seen, if this is the right expression, a slowdown in the rate of decline. Where that was double, sort of run rate's -1 0%, which is not great. That's definitely slowed down a lot. As in, now sort of - 5%, call it that. We're expecting that to continue, although in our guidance, we did say low single digit for intermediated. We probably mean a couple of percent in Australia and probably zero to minus a little bit, 1% or 2% in New Zealand. That is probably the blend because zero would be a good outcome, I think, for FY 2027 and NZI. In relation to margin, we are just maintaining that discipline. I do not see it keeping reducing. We are not reducing the price 10% per risk. We have lost volume too. So I do not see that trend down. I see that sort of stabilizing around where it is in FY 2027. Right. The second part of that margin question was RACQ's 6.3 underlying second half is still well shy of where the group looks to operate. Where do you see that moving in 2027? Oh, yeah. Can it hit the 15%, or is that still more a 2028 target? Yeah, it's definitely lifting up. I would expect it to be double digit and getting closer, but maybe not at the full 15% in FY 2027. But we are putting all the costs in there as well, remember? We're sort of not bearing anything below the line. It's obviously second half better than first half. We expect 2027 to be a lot better than 2026. Maybe not at the full 15%, to your comment, and 2028 we'd expect it to be there. And just a final quick question for William. Page 146 of your annual report. There's an interesting comment on reinsurance profit commissions, that you can sustain the 2026 run rate unless the gross loss ratio deteriorates by more than 5%, which would be quite disastrous at a group level. If the gross loss ratio is sustained, how much upside is there in reinsurance profit commission? Yeah, thanks. We book the profit commission in a conservative way. We do risk adjust it, as we indicated in that note. So you would expect it to gradually build towards the maturity date of the respective contracts. But broadly, we're expecting a similar amount in 2026- 2027, but it will gradually build over time. Hi, Freya Kong from BofA. Just on the group margin outlook again, is 15% underlying a good starting point going into next year? Can you just walk us through the moving parts and scenarios where you might come in at the bottom end of guidance, 14.5%, and where you'd be at the top end? Yeah, sure. I am just surprised because at the Investor Day, you guys said 15 +. Yeah. We decided to stay. The ambition is 15% +. The ambition is really 15% ROE, high single digit EPS, top quartile performance. The mass of that is we need to run the business 15% + to deliver that. We went with a 200 basis point guidance range, so 14.5%-16.5%. We have sort of guided the market pretty quickly to take the midpoint, 15.5%, where there is a slide there that sort of guides the market quickly there. Never say never in insurance, but you would have to think that the lower end of that range is we are more likely towards the top than the bottom, would be my thinking. But we have got a 200 basis point range for the uncertainty that we have in running the business we have. We have spent a lot of time taking the uncertainty out, reinsurance, other things we have done operationally, the technology transformation. If you are stepping it through then, the run rate, we expect, to Kieren's point, that we will see a greater contribution at underlying level from RACQ in FY 2027 compared to FY 2026. Being that our commercial businesses, there are challenges, particularly in New Zealand, so we are not expecting, certainly not in New Zealand, anything stronger. To hang on is sort of what we are trying to do, and be disciplined is the better word to use probably, than hang on. We are operating there. We do not have headwind in things like perils allowance and the like too much because we have only increased that by a couple of percent. You can see what we are doing on perils. We are leaving the AUD 100 million outside of guidance. We're purposely doing that, where our guidance is our perils allowance, which is the attachment of our layer. But actually, the modeling says on average, there should be upside on that, and we're leaving that outside of those guidance numbers purposely to make it simpler, hopefully for investors. My overall tone for this release is the business is going pretty well. We're trying to get that balance right of 5%-8% growth, which is pretty ambitious for IAG. But we've got some real evidence why that we're going to deliver that, as well as maintain those margins in the guidance range that we've set up. That's really helpful. Thank you. Just on the New Zealand margin, just drilling into the retail versus commercial as well. Yeah. Would you expect retail margins to continue to moderate because pricing's been so good in that market? Secondly, on commercial, is 10% margin sort of you earning your cost of capital there, is that your target? Or would you expect that to go higher just to be more disciplined? The New Zealand market is similar to Australia. The retail and the issues affecting NZI are really quite different in the retail. There's not similar comments to what happens in Australia between Australian retail and our CGU business. Just some of the challenges in NZI are not necessarily impacting the retail business, the AMI and the State brands. No, that business continues to do very well. That margins are strong. There's something in New Zealand which is a bit unusual, that every year you don't have an earthquake, that there's sort of an element of that pricing and profitability that sits there. So there are higher returns because of that. No, that business is going very well. It's got genuine growth happening, and I expect those margins to stay roughly where they are. As I said, with NZI, that's a different story. That is about maintaining the discipline, holding that position. As I said, if we could be flat in 2027, that would be a great outcome and I am thinking maybe minus a little bit, but definitely not -1 0. That is in relation to growth. Hi, Mark Tomlins. Hi, Mark. Hunter Green. Following up on one of the quotes from your annual report on page 83 in the directors report. You mentioned that home non-perils claims inflation of around 15% was due to increasing severity of water claims, including impact of changes in building repair standards. Could I get you to maybe elaborate on that and what else you are seeing around claims inflation? Yeah. Maybe some themes, and maybe I'll bring William in. He's been sitting there quietly. The themes on inflation are, Motor, a much better story. We're really seeing quite a drop. I think that's been helpful, obviously helpful for consumers. But in our go-to-market strategy, we feel like that's been helpful to us. Property, we continue to see property inflationary challenges, and that's not really driven by the industry, it's driven by the challenges of our country on repair costs, access to labor, building materials. There's inflationary pressure in the system. That's right. We definitely have greater incidents of water damage. Then the standard to which we were repairing some of that, particularly anything to do with mold, has increased. That's not just an IAG comment, that's an industry comment. Then throw in just generally, we're seeing more perils, so more events. We expect over time, greater frequency of perils events, therefore adding to the challenge here. It's really the combination of those things that are driving that. On your expense ratio, are we likely to see it lower in the second half of the year as you switch legacy systems off, or should we expect to be stable through the year? Yeah, you can see that we are gradually bearing down on the expense ratio in a bit like this year. You had 11.5% in the second half, 11.7% in the first half. We expect a continued downward trend. But what's really important within that is that the cost to maintain, if you look at the shaded bars in the buildup, is coming down faster, and we're giving ourselves space to continue investing in AI, in technology. There's a little bit of amortization also coming through, obviously from all the great work we have already done. We're giving ourselves space for that, and the non-labor technology costs, we're actually allowing for that to increase at a double-digit rate. But while bearing down the whole thing. So we invest well for the future. Good morning. Andrei Stadnik from Royal Bank of Canada. Can I ask my first question around the top line premium guidance? Between 5% and 8%, I think that is well ahead of what the market is looking for. I think the market is just below 4%. Can you step us through what is going to be driving that? That is quite a punchy number. Yeah. There is a few parts. That is part of the reason we showed the quarterly direct retail businesses in Australia and New Zealand, because you can see the evidence of why we are confident. The elements are, there is probably 1.5% from RACQ. Last year in 2026, we only had 10 months, in 2027, we got 12 months. Just that. They can sort of bank that. The run rate of our direct retail businesses. I mean, we sort of said in their mid-single digits for retail in total. But the direct element of that, which is the biggest part. Remember, our retail business is a gigantic part of the premium pool. The run rate, which was on those slides, was sort of 7%. The banks are slightly softer than that in both Australia and New Zealand. Both of them are not growing as fast as our direct businesses, but they are still positive. Expect. So there is 1% from that sort of mid-single digit with our direct retail, AMI, State, NRMA Insurance, RACV, more like 6%, 7%. Then within sort of Jarrod's CGU and Phil's NZI, I have said low single digits. But actually behind that, the commentary I made was we will probably do slightly better than that in CGU in Australia. If we can do zero in NZI, I think we would be very pleased and probably - 1%, - 2%, something in that order. But then you have got to add the materiality of that to the numbers. That is the rough outline of our growth for FY 2027. For my second question, just following up on the cost side. You mentioned you are making about AUD 400 million of AI and technology modernization investments for 2027. I mean, that is on an admin cost base for the group above AUD 1.4 billion, so that is quite a meaningful improvement. Yeah. Can you talk a little bit about how, is that going partly through CapEx line and then also, what kind of improvements are you expecting? Because, that is quite a big deliberate investment you are making. Just a comment from me before I throw to William, is that is roughly what we have been spending. That is not new. That sort of run rate of IAG, we have been able to manage that, and it does not just appear in the admin, it is in claims handling, it is in claims systems. This is a few other buckets, but we do not feel like that is a surge, call it that, but that we are used to the run rate of absorbing that, and I think we are really starting to see the benefits. That is exactly right. The level of capitalized asset will be fairly stable. We do capitalize some of what we invest each year, and we also expense quite a chunk in year, and you then get some amortization. But it is relatively stable. As I mentioned, obviously, we are giving ourselves the capacity to continue investing at a strong level in that because we are bearing down on the underlying just costs to run the business. Thank you. Thanks, mate. Mark's telling me to go to the phones or the video. Thank you, Nick. We have Julian Braganza with Goldman Sachs. Please go ahead, Julian. Good morning, guys. Thanks so much for taking our questions. Just the first one. I'm trying to work out where we can see the benefit of the reinsurance synergies, the AUD 50 million within the non-quota share reinsurance cost seemed to be broadly flat half on half. Also, just a second question on that is, what's your expectation here for this into FY 2027, given some of the drop-off in those reinsurance reinstatement costs? Thanks. Yeah. Thank you, Julian. Part of it, in fact, the larger part of it was the benefit of bringing RACQ Insurance onto the group's whole of account quota share, which is better terms than the quota share that RACQ Insurance had beforehand. That's where quite a bit of the benefit is. Then there's also just better pricing on a number of the other peril and non-peril covers that we have. Sure. Should we expect the non-quota share reinsurance cost to reduce next year? Is that just given the drop-off of some of these one-off costs? Yeah, I think it will be fairly stable. We are continuing to buy some drop-down cover on perils in addition to the quota share for the RACQ Insurance business. The next big renewal date will be 1 January. We will just sort of wait and see. There can be other factors that happen, and it is a bit hard to predict sort of out when we have got some other global factors that could, may or may not be impactful over the next few months. Julian, I can take it offline with you later. There is how some of the items come through the claims line as well, on the commissions. Yeah, sure. Okay. Got it. Maybe just a second question for Jarrod. Just be interested to understand thoughts, where we're at today in terms of margin ROE for the intermediary business and just around a reinsurance opportunity. I know it was something that was seeming to be quite imminent. Just understanding where that's at and what's the timeline and what's the catalyst for getting that done. Thanks. Okay. Maybe I'll comment on the reinsurance opportunity. That's something that Jarrod and I had worked on. Yes, we have explored whether we could bring in some reinsurance behind the commercial business. We continue to think it would be a good idea. We set ourselves some financial hurdles for that. We haven't quite met those yet, so we haven't yet executed something on that, but it's something we will just continue to explore. If it meets our targets, we'll do it, but we'll stay disciplined on our targets. Just a comment from me then on ROEs and returns in commercial businesses generally. I mean, there's definitely around the world, that's we're in a softer cycle. Which returns are still relatively strong, but outlook is tougher. I think there's some real uniqueness around our CGU business and WFI business in Australia that's not quite that. Because a big chunk of that business is WFI, which is a rural agency business that really doesn't have some of the similarities to global commercial businesses at all. It's more retail-like. So that's a big chunk of the business. We've also got personal lines in there that's not like that, and we've also got, even compared to, say, our NZI business, proportionally smaller, proportionally, into that sort of SME, smaller commercial markets. That's why we continue to deliver really strong returns in that business. There's definitely pressure in our intermediary business here in Australia. But we're being extremely disciplined, and we would expect to continue to earn the sort of return profile we're currently delivering, despite the softer market, over the next couple of years. Actually, we're doubling down on investment. We're accelerating our program into that business. So it'll be really more match fit when I think there'll be more opportunities for growth as the market sort of changes in the cycle. Then just to follow up, William, in terms of the financial hurdles, just want to understand that a little bit better that you are hoping to achieve. For that business or just generally? Oh, no, in terms of the reinsurance strategy, you mentioned that you were not getting the financial hurdles across the line to make it work. Yeah. Exactly. Clearly we would expect capital relief, and it improves the sort of volatility and distribution of our earnings. We would want something to be at least ROE neutral, if not ROE positive. Okay. That is proving difficult to achieve in the current market for reinsurance. I will not go into detail, but there has been investor interest. We just have not quite met the hurdle yet. As part of this— Got it. Just a comment from me, sorry, is we're always looking to diversify our reinsurance. We could easily write a mainstream quota share into our intermediator business tomorrow, easily, if we chose to. What we're also trying to do is ensure that we're not We've got different structures, different funding mix, sort of in a sophisticated way so that we have multiple sources of capital to fund our company and not overly reliant on one form or one counterparty. That's kind of why we went down this path a little bit. Actually, we could do something easily with a more traditional form. We're purposely not, is kind of our thinking. You should expect, we probably made at the time too big a thing of this Lloyd's Syndicate. Actually, we're always looking at different ideas about different ways of funding the company. That was just an example, but we've got other ideas too. Got it. Just the last question from me, profit commissions this half. I couldn't see that anywhere, but were they stable versus first half? Just to be very clear, both the quota share and the aggregate stop loss. Yes, broadly stable, and we also expect it to be a similar level into FY 2027. Great. Thanks so much for that, guys. Much appreciated. Thank you. Your next question comes from Siddharth Parameswaran with JP Morgan. Please go ahead, Siddharth. Good morning, everybody. Just a few questions. Firstly, I just wanted to ask about rate versus inflation and the outcomes we are seeing in RIA margins in Australia. I think when I go through your commentary, it seems like home inflation is extraordinarily high. I think you flagged 15% at the moment. Just wanted to and I think it does not feel like rates are covering that. I think you are flagging high single digits. I know there could be some benefits from the cap reinsurance, but there seems to be a gap there. Motor, it seems like you are flagging a low single digit for both rate and inflation, so that seems okay. But half on half ex- RACQ, you do seem to have had significant margin improvement in RIA. So I was hoping firstly to understand two things. Inflation, just in home, is that likely to continue? What are you going to put through in rate going forward? Secondly, if it does not look like the improvement in margin came from short tail, was it long tail that led to the improvement in RIA margins? Hey, Sidd. Hi, mate. I will make some comments and then, William, you come in too. As a principal across the company right now, there is nowhere that we are not putting rate through in line with inflationary costs. We have some challenges probably in NZI on assessing that risk. It is not really inflationary costs that is the problem, it is the competitive environment. But if you park NZI, that is not the approach anywhere. To your point, we have some examples of that 15% within some examples of within our property classes within Australia. But I do not think we can generalize to say that that is causing us to put pressure on our margins. That is not right. I mean, William— I could do it. Yeah, unpack a little bit for you, Sidd, we can go into this more later. But the 15% is actually an average claim size inflation number. There is a little bit of mix in there. But also, that is about non-peril claims. We have perils where obviously that is a much more stable position, and our overall peril allowance is only up 2% into next year. There is an admin cost component also that all of these things feed through into rate. And of course, admin costs we are bearing down on. And when you take all of those things together, and do not forget the net, the non-peril claims is actually only a minority of the cost of a home policy. So when you put all of those things together, that is how you get to the high single digit. Yeah. And sorry, just the last part of that question was just the margin improvement that we saw half on half underlying in RIA, ex-RACQ. Sorry, I did not hear the first part of the question. Just the half. Oh, sorry. The margin improvement that was there sequentially first half to second half on RIA, ex-RACQ, was that driven by the long tail? No, not. CTP. CTP. No. No, not by CTP. But obviously we're just gradually getting benefits from all of those substantial claims actions, expense actions, and other things coming through. Right. Okay. Yeah. Okay. Thank you. I mean, the run rate of the business is, it feels like we are on top of any inflationary pressure that we are pricing as we are seeing it. I do not feel like that is the case. CTP is relatively flat, so I do not think that is a driver. This is a gradual improvement where at the same time we are growing the company, we are getting some expense ratio relief as part of that. We have got some reinsurance benefits that are being helpful too. So it is a combination of a few things, is that we have got the machine running well. That is how it feels. Yep. Okay. Thank you. I just want to follow up on the profit commission component. If the second half is in line with the first half, I think that suggests that you are tracking at a little bit over 2% of NEP as the contribution from profit commissions. I think previously you had guided to 100- 200 basis points from the quota share. Just wanted to understand and just like I. Just in terms of messaging, I am always just a little bit unclear exactly where the messaging is around profit commissions, because on one hand, what you are running through at the moment seems to be higher than the guidance you had given before, but you are also flagging upside further down the track. I am just a little bit confused by the messaging around this. I was hoping you could clarify it once and for all. Are we tracking above the long term guidance at the moment? Where is the potential upside? Maybe if you just clarify it for me. Yeah, no, I am happy to clarify. No, we are in that 100- 200 range. We are not above that range. We continue to book it conservatively. The trend over time should be an increasing profile. That is the answer. Okay. Because I calculated a number over 200 basis points if the number was consistent with the first half. That is why. Well, it's not over 200 basis points. Not at all. Okay. I am happy to dig into that further with you later. Yep. No worries. Okay. Thank you. Thanks. Thank you. Your next question comes from Nigel Pittaway with Citi. Please go ahead, Nigel. Good morning, everyone. I'd like to focus back on unit growth in Australia retail, if we could, and taking on board, Nick, what you've said about increasing momentum, particularly in New South Wales in Motor units. But presumably, if you look on a national basis, you're probably still not growing quite in line with systems. Firstly, is that correct? Secondly, do you think that the strength of the momentum that you have in that space will lead you to be at least being able to grow in line with system moving forward? Yeah. Hi, Nigel. I feel like you answered the question, by the way. I would say in the 12-month period, we've grown volume and probably held or maybe even slightly grown market share in home, and in Motor, we definitely had a tough first six months where we're back a lot more positive, as you can tell, by the second six months. If I look at that entire period, say, we may be at or maybe slightly below system for the whole country. But I feel like we've got some momentum to take that forward. In relation to aspiration, call it that, yeah, we want to be able to hold our own in both those parts of the business going forward, at least. Obviously, you're suggesting that system growth in home is around about at 1%, so maybe just slightly harder than Suncorp seemed to be indicating yesterday. That obviously is still pretty subdued. What's your feeling as to why that growth is quite subdued at a system level? There's a whole lot to unpack under that, isn't there? That's population growth, new builds, apartment living, the way we live. I think that the building stock that is. It sounds like Suncorp said something similar. That's roughly what we see across that market probably for the next year or two. Mm-hmm. Yeah. So, you think it's a pretty ongoing level of system growth— Yeah. —unlikely to change in the near term? Yeah. Are you thinking upside or downside on that? Sorry. I would have thought that's relatively modest. Well, it doesn't sound great, but it's just obviously, yeah, it seems to be where it's at, right? Yeah. Yeah. All right. In that kind of environment, how do you get 8% growth at the top of your target range? What would that require? Oh, it's NZI doing slightly better. It's see what the pricing for property. It's slightly better in Motor probably. I think it's at the margins in a few different places, would be what I'd say. Right. I mean, it sounds a bit unlikely, but— Well— —do you think it's at all realistic? The only thing, that is why we showed you the quarter-on-quarter. I mean, that is quite a positive slide, that quarter-on-quarter on quarter-on-quarter, what we are delivering on our direct retail businesses, which is 60% of our company. So, we have got a range there, and we have got a range for a reason. I am not guiding everyone to the top of the range, but I can see a scenario where that is delivered. I am not saying that is where I want you to go. That would be my commentary. Hmm. Okay. Fair enough. Then maybe just, also just on the reinsurance, obviously you have covered a little bit on that already, but obviously now you are there with the quota share at 35%. Is this the long term now? Is this 35% where you feel you will be for a while or— Hey, we are not looking— I should not be thinking about that. We're not looking to, Nigel, we're not looking to make any changes to that. Yeah. Okay. Never say never, but it's not on the agenda at the moment. Let's leave it at that. All right. Thank you. Thank you. There are no further questions at this time. I will now hand back to Nick. I know it is a busy day for everyone. Thanks everyone for participating, those in the room and those that have participated online. The key message we want to leave you with is we have sort of got this. We have invested heavily. Technology platforms are really starting to deliver. We are getting some productivity efficiency. We are getting great customer metrics in our retail businesses. We have got that slide we have talked about a lot today around genuine momentum in our direct retail businesses with our flagship brands really creating growth. And we really see that as a pretty exciting opportunity for us over the next couple of years. Profits and margins are strong, and we really see outlook very positive. That is sort of the message that we want everyone to look, we want to leave you with today. Thanks again for being here, and enjoy the rest of your day.