Well, good morning, ladies and gentlemen, welcome to the 2026 Annual General Meeting of QBE Insurance Group Limited. For those of you that I haven't met, my name is Mike Wilkins. I'm the Chairman of QBE, and on behalf of your board, it's my pleasure to welcome you to this hybrid AGM. I also welcome those joining us via the web and via teleconference. Before I begin, I'd like to acknowledge the traditional custodians of the land on which I stand today, the Gadigal people of the Eora Nation, and recognize their continuing connection to land, waters, and culture. I pay my respects to elders past and present and to any First Nations people joining us today. There being a quorum present, I declare the meeting open. The notice of meeting was made available to shareholders on the 30th of March of this year and will be taken as read. The minutes of the 2025 Annual General Meeting, being in order, was signed, and a copy is available for shareholders upon request via Computershare. Every effort's been made to ensure that this meeting runs smoothly. If any technological issues do arise, and it becomes necessary to provide any procedural information in respect to the meeting, updates will be provided on our website. A recording of the meeting will also be available on our website. If you're watching the live webcast whilst also listening through the teleconference, you may notice a slight delay with the webcast. There are a number of procedural matters to which I must draw your attention. Firstly, how to vote at today's meeting. All resolutions at today's meeting will be decided by a poll, which recognizes the votes of those shareholders present today and those who voted by proxy, and it gives all shareholders an equal voice in determining the matters before the meeting. Each share in QBE carries one vote. Once I've opened the polls, shareholders who are attending in person can vote on their devices in the room via the Computershare platform. Do this by scanning the QR code on your blue attendance card with your smart mobile device. This will take you to an online voting page. To cast your vote, select 1 of the options. There's no need to hit a submit or enter button as the vote is recorded automatically. You'll receive a vote confirmation notification on your screen. You can change your vote up until the time when I declare voting is closed. For those shareholders without a mobile device, you may complete and sign the back of the blue attendance card. A Computershare representative will collect your voting card at the end of the meeting. Non-voting shareholders will receive a yellow card and will not have the ability to vote online. Shareholders attending online should refer to the instructional slide now on your screen for voting instructions. If you're eligible to vote, once voting opens, press the vote icon, and all resolutions will be activated with voting options. To cast your vote, select one of the options. Once again, there's no need to hit a submit or enter button as the vote is automatically recorded. You can change your vote up until the time that I declare voting closed. Consistent with how we've conducted our meetings in recent years, I'll open the poll for all resolutions requiring a vote at the same time. For those that are eligible to vote, you may vote on all resolutions at any time during the meeting whilst the polls are open. The items of business that we're considering at today's meeting are set out in the notice of meeting. For those of you attending in person, copies of the notice of meeting are available in the foyer. For those of you attending online, the resolutions can be viewed in the platform. Proxy holders should note that all directed proxies have been accumulated and recorded. Only proxy holders with open votes are asked to record a vote in favor or against a resolution or an abstention. Secondly, the protocol for asking questions at today's meeting. This is a shareholders' meeting. Therefore, only shareholders, their attorneys, proxies, and authorized corporate representatives are entitled to vote and ask questions. Questions relating to a shareholder's personal or business affairs, including as a customer, aren't appropriate for the AGM. They can be addressed outside of the meeting. Arrangements have been made for shareholders to ask questions online and over the phone. We'll open the lines later in the meeting. We'll take questions on all items of business at the same time. Shareholders who are participating online may submit a question at any time. You may start to lodge your questions now. They'll be addressed at the appropriate time of the meeting. I refer you to the instructional slide now on your screen. To ask a question, select the Q&A icon. Select the topic that your question relates to from the dropdown list. Type your question in the text box and press the send button. If you're having any difficulties in asking a question, please refer to the user guide, which can be accessed through the platform. Shareholders who are attending in person will have an opportunity to ask questions when we've reached the relevant part of the meeting. We ask shareholders to use the microphones that are placed throughout the auditorium so that we can all hear you clearly. Please show your voting attendance card to the microphone attendant. Please introduce yourself to the meeting when it's your turn to speak by giving your name and any organization which you represent. I'll nominate the microphone from which I'll take the next question. For those who would like to ask a question by telephone, you can do so by calling the telephone numbers set out on page 1 of your notice of meeting and quoting QBE. To ask a question via telephone, press the star key followed by the number 1 on your phone keypad, and you'll be connected to an operator once we've reached that part of the meeting. To cancel your request, press star two on your phone. All questions should be addressed to me as Chairman and should start with the item of business to which it relates. We ask that you keep your questions short and to the point and avoid any lengthy preambles or extended remarks so that as many shareholders as possible have a chance to participate in today's meeting. Please also note that as our time is limited, it's possible not all questions will be able to be answered today. If we receive multiple questions on the one topic, they may be amalgamated together. We also ask that you choose one platform to ask your question rather than submitting the same question through multiple platforms. At the conclusion of this meeting, light refreshments will be served outside in the foyer for those who are attending in person in Sydney. Having now outlined the procedural requirements of the meeting, we'd like to play a video which showcases how QBE has been at the heart of it for 140 years. We started 140 years ago in North Queensland, Australia, at the heart of shipping and trade, where risk was part of everyday life. Helping our customers to navigate seas and storms and set sail with confidence for Singapore, Hong Kong, and London. For 140 years, the world hasn't stood still. It's shifted, grown, faced uncertainty again and again. Through it all, some things have remained. Like our belief that deeply understanding our customers' risks is the key to helping them unlock a more resilient future. Today, the world moves faster than ever. New challenges, new complexities cross markets and borders. From local businesses to global industries. The risks may change, but the need for specialist expertise and a dependable partner doesn't. Because being at the heart of it has never been about policies or products. It's about being curious and proactive, asking the right questions, and going the extra mile to understand what makes you tick. Walking in your shoes to design clever solutions that help you stay ahead of what's coming and knowing the best outcomes happen when we work together. For 140 years, we've listened, adapted, responded, applying deep technical know-how with empathy at the heart of every interaction, turning insight into action. As the world continues to change, so will the challenges we face. Our willingness to roll up our sleeves, support your big ideas, keep you covered, and be at the heart of what you hold dear will continue for years to come, giving you the strength to take on tomorrow. QBE Insurance, at the heart of it for 140 years. Ladies and gentlemen, joining me here today is our Group CEO, Andrew Horton, as well as my fellow directors, Yasmin Allen and Steve Ferguson. Our other directors are joining via teleconference, Penny James, Tan Le, Kathy Lisson, and Neil Maidment. Our Group General Counsel and Company Secretary, Carolyn Scobie, is also here with me. Maria Jopalik of Computershare Investor Services will act as Returning Officer for the purposes of conducting and determining the results of the poll. Scott Hadfield, partner from our external auditors, PricewaterhouseCoopers, is also here and is available to answer questions on the accounts or the conduct of the audit. As I mentioned earlier, voting today will be conducted by way of a poll on all items of business that require a vote. The items of business to be considered at today's meeting are showing on the screen now and are set out in the note of notice of meeting. I now put each resolution to the meeting and declare voting open on all items of business other than item 1, given that no vote is required to be held on this item. The voting icon will soon appear, please submit your votes at any time whilst voting is open. I'll give you a warning before I move to close voting at the end of the meeting. As set out in the notice of meeting, as the Chairman of the meeting, I'll be voting all undirected proxies in favor of each item of business that requires a vote today to the extent permitted by law in each case, with the exception of items 5 A, 5 B, and 5 C, for which undirected proxies will be voted against. I now formally vote all undirected proxies in this manner and all directed proxies in accordance with the directions provided by shareholders. The proxy results for each item will now appear on the screen. This year, we again asked shareholders to submit questions prior to the meeting. The key themes within the questions have been answered through my address, and we thank shareholders for taking the time to submit questions as we very much value your views. QBE delivered another year of resilient and meaningful progress in 2025, reflecting disciplined execution of our strategy and the strength of the foundations that we've built across the group. We remain guided by our purpose of enabling a more resilient future, and I continue to be proud of the essential role that insurance plays in supporting customers, communities, and economies around the world. Insurance is a long-term business, and its importance has never been more apparent than it is today. During my time on the board of QBE, we've operated in an environment marked by heightened geopolitical uncertainty, economic volatility, and the increasing frequency and severity of weather-related events, not to mention a global pandemic. Amid that uncertainty was our clarity of purpose together with consistent execution that helped keep us on course. I'm incredibly proud of QBE's continued focus on customer centricity, underwriting discipline, operational efficiency, and translating strategy into tangible outcomes. That discipline has delivered stronger financial performance over time and helped to drive positive cultural change across the organization. Those foundations are critical to the role insurance plays as a shock absorber for society, enabling investment, protecting livelihoods, and supporting recovery when adversity strikes. In a world marked by significant catastrophe events, I'm particularly heartened by the care, professionalism, and commitment of our people. They demonstrate that in supporting customers during their most difficult moments. 2025 reinforced the growing pressure on households and the critical infrastructure that supports modern societies, from transport and energy systems to public services. As weather-related risks continue to intensify, the need for sustained mitigation efforts and greater investment in resilience and in resilient infrastructure is clear. Reducing underlying risk is essential to strengthening community preparedness and improving long-term affordability. We're encouraged by the increasing focus on resilience from governments and regulators and by the growing collaboration between insurers, policy makers, and communities. These are shared challenges, and progress will require coordinated long-term solutions. These are the conversations that QBE is participating in globally. The financial results for 2025 reflect the strength of QBE's operating model and the consistency we've built across the group. During the year, QBE delivered a statutory profit after tax of $2.157 billion, representing a 21% increase on the prior year. The board declared a final dividend of AUD 0.78 per share, and that compares to AUD 0.63 per share declared in 2024. That dividend resulted in a full-year payout of AUD 1.09 per share in respect of the 2025 year. The profit and dividend reported in 2025 were QBE's strongest in many years. In November of last year, we announced an on-market buyback of AUD 450 million, which has now been completed, bringing the total shareholder distributions in 2025 to around 65% of annual profits. These outcomes reflect the board's confidence in the group's performance, its capital position, and its outlook. We're indeed fortunate to have the benefit of a solid balance sheet and the strength that comes from our global diversification. These attributes position QBE well as the world faces into an increasingly complex and uncertain geopolitical environment, and we continually monitor what that uncertainty means for our business. Equally so, a strong culture is central to long-term sustainability of any business. To that end, I'm extraordinarily proud of the culture at QBE and of the leadership shown by Andrew Horton and the Group Executive Committee. Since 2021, Andrew and his team have led the organization with clarity, discipline, and a strong sense of purpose, strengthening performance while continuing to invest in our people. The consistency we see in QBE today is a direct reflection of that leadership and the commitment of our people across the group. As chair, it's been a privilege to work with such a capable and values-driven leadership team. I thank Andrew and the group executive committee for their commitment. Sustainability remains important to our purpose of enabling resilience. In February, we published our first impact report highlighting initiatives that support our people and communities. We also included in our annual report our first mandatory climate-related financial report alongside our climate transition plan. I encourage you to read these reports together for a comprehensive update on QBE's sustainability agenda. You will have seen that we've been asked by a small number of shareholders to consider resolutions relating to our climate disclosures. This refers to resolution 5 in the notice of meeting and the substantive parts of this resolution, part 5 B and C, can only be formally considered if shareholders vote in favor of resolution 5 A, which seeks to amend the QBE constitution. I'd like to summarize the board's position in relation to these resolutions, which we don't support. In short, the assertions made demonstrate a fundamental lack of understanding of insurance, a fundamental misunderstanding of QBE's insurance business model, and the structure of our products and our portfolio optimization decisions that have been made to date. The board's role is to act in the best interest of the company and all of its shareholders. This requires balancing a range of considerations associated with operating global business and addressing diverse stakeholder interests. The proposed resolution would undermine the authority and accountability of the directors in fulfilling this role. Our climate disclosures have been prepared in line with the AASB S2 standard. That standard requires us to apply materiality judgments in preparing our disclosures, and we believe it's essential to maintain the ability to exercise that judgment. Adopting the proposed resolutions would limit our ability to do this, and in our view, would not result in disclosures that are useful for users of the report. The board remains committed to strong climate governance, diligent risk management, and transparent disclosure, and we believe these objectives are best achieved through our current risk and governance frameworks and our disclosure approach, informed by a materiality judgment and an ongoing engagement with investors rather than through adopting prescriptive requirements. Moving on. The QBE Foundation continues to play a vital role in delivering on our purpose. Through our programs such as Catalyzing Impact and our Acceli City Challenges, QBE Foundation is helping to drive innovation, back early stage ideas, and foster collaboration across sectors for lasting impact. In 2025, we began a new partnership with Humanity Insured, aiming to provide affordable insurance to climate-vulnerable communities in Asia. After meeting our women in leadership targets early and ending 2025 with 41.9% of our leadership cohort women, we refreshed our targets to take us to 2030, requiring QBE to maintain between 40% and 60% for women in leadership for our group executive committee and on our group board. In 2025, we ranked fourth globally for gender equality in Equileap's top 100, an international benchmark assessing corporate performance on gender equality worldwide. We also exceeded our Premiums4Good ambition with $2.4 billion in impact investments at the end of 2025. Board renewal and strong governance remains central to QBE's long-term success, I'd like to thank my fellow directors for their stewardship, insight, and constructive challenge. Together, we've overseen a period of meaningful change, it's been a pleasure to serve alongside you. During the past year, we continued to strengthen the board through thoughtful succession planning and renewal. In early 2025, we welcomed Non-Executive Director Neil Maidment to the group board, Peter Wilson stepped down from our board later that year following his decision to join a competing carrier. Today marks a number of important transitions for QBE. Firstly, Kathy Lisson will retire from the group board at the completion of today's meeting. On behalf of the board and our shareholders, I thank Kathy for her significant contribution and the expertise that she's brought to QBE. Her counsel on technology and transformation, together with her perspectives on governance, have been highly valued, and we wish her all the best. Finally, at the conclusion of this meeting, I formally hand over the role of Chair to Yasmin Allen AM. Yasmin's been a valued member of the QBE board since 2022 and brings deep experience in financial services, governance, and strategy. I do so with confidence in her leadership and in the board's continued focus on guiding QBE through its next chapter, and you'll hear more from Yasmin later in the meeting. Ladies and gentlemen, this meeting marks my final annual general meeting as Chairman of QBE. It's been a privilege to serve the company and shareholders during a period of significant change and challenge. As QBE marks 140 years of serving customers and communities this year, I'm proud of what the organization stands for. I'm particularly proud of our people across 26 countries who live our purpose every day to enable a more resilient future. To our shareholders, thank you for your continued confidence and support. To our people, thank you for your professionalism, resilience, and dedication. QBE is a strong organization with solid foundations. I leave the role incredibly optimistic about its future. I'll now ask Andrew to address the meeting. Thank you, Mike. Good morning, everyone. I'd also like to acknowledge the traditional owners of the lands from where we are joining today and pay my respects to elders past and present. It's a great pleasure to be here today to update you on QBE. Thank you for joining us, whether here in person or online. 2025 was a year of strong performance and one that demonstrated the benefits of consistent and sustained execution against our strategy. In an environment shaped by geopolitical uncertainty, major loss events, and rapidly evolving risks such as cyber, the role of insurance has never been more critical. Against this backdrop, we delivered results that exceeded our financial plan and reinforced the quality and resilience of our business. Before I speak to performance, I'd like to acknowledge a key leadership transition. In January this year, we named Chris Killourhy as Group Chief Financial Officer. Chris's appointment reflects the depth of talent within QBE and provides continuity as we progress our strategy. I look forward to working closely with him in the years ahead. Financial performance in 2025 was strong. The group's combined operating ratio tracked ahead of our plan, and the result was supported by catastrophe costs comfortably below allowance. gross written premium increased, reflecting continued organic growth in targeted lines. Investment returns were also robust, contributing to an adjusted return on equity that was the highest QBE has delivered in over a decade. These outcomes enabled us to deliver significant value to shareholders, including a higher dividend and the announcement of the share buyback, while maintaining a strong and resilient balance sheet. Through the early months of 2026, we continued to see positive outcomes from our portfolio optimization initiatives. We entered the year with momentum, a strong balance sheet, and a clear strategy. Looking ahead, the outlook remains constructive. We remain focused on disciplined execution, delivering our plan, and creating long-term value to shareholders. Today, we released an update on our first quarter performance and reiterated our outlook. I'm pleased with performance through the start of 2026, underpinned by resilient underwriting and investment management. On balance, we are tracking to plan and have maintained strong premium growth. For the first quarter, gross written premium growth was 11% compared to the prior corresponding period or 7% on a constant currency basis. Market conditions remain broadly supportive with favorable rate adequacy across our well-diversified global portfolio. Group premium rate increases around 2% in the first quarter were in line with expectations as our teams continued to execute well against our portfolio objectives in what remain dynamic markets. Our underwriting performance has been excellent, notwithstanding the growing geopolitical instability across the world. In the four months to April 2026, the net cost of catastrophe claims totaled approximately $300 million relative to QBE's first half catastrophe allowance of $517 million. Direct underwriting impacts associated with the conflict in the Middle East have not been material to date, with net claims estimated around $60 million, which is included within the $300 million I just referenced. Exposure to conflict in the region is generally limited, and our teams will remain closely connected and seek to mitigate risks as the situation continues to develop. Resilient investment performance has continued through the start of 2026. Given the meaningful recovery in markets experienced through April, our first quarter update notes total investment income for the four months to April of around $500 million. This was supported by an increase in our core fixed income yield to around 4.1% currently. Turning to our balance sheet, as Mike mentioned earlier, we completed our AUD 450 million buyback program last month. The buyback alongside the ordinary dividend lifted total shareholder distributions in 2025 to around 65% of our profit. Disciplined capital management is integral in our ambition for strong and sustainable returns. We'll continue to return any surplus capital in the business. We reiterated our outlook today. We expect mid-single-digit GWP growth and a group combined operating ratio of around 92.5% for 2026 and remain confident in sustaining strong performance over the medium term. Throughout 2025 and into this year, our SIX strategic priorities are helping us transform QBE into a more customer-led, unified, and agile organization. We continue to deliver on our sustainable growth priority, supported by enterprise alignment around our priority businesses, deep broker partnerships, and leading regional franchises. We're actively managing our portfolio mix to reduce volatility and improve consistency. Our portfolio optimization efforts have delivered meaningful change over recent years. The exit of our North American non-core portfolio progressed well and has broadly concluded, leaving us with a more focused business. This has strengthened the quality of our earnings and positioned QBE for more stable performance across the cycle. QBE received credit rating upgrades from S&P and Fitch last year to AA-, reflecting favorable external validation of our progress. We also continue to invest in modernization, reframing to focus on pace and efficiency. Ongoing investment in digital, cloud, and AI capabilities is supporting better underwriting decisions, improved customer experiences, and stronger operational efficiency across the group. Investment in AI is pivotal in our industry. We are building close partnerships with innovative new companies to help us stay ahead of emerging technology, build capability early, and be ready for how this technology is changing our industry. We're seeing real momentum in our customer agenda, our ambition is simple, to build stronger, deeper connections and to consistently deliver an excellent service experience. The launch of our refreshed global brand and our first global product campaign under that brand, Cyber Protect, are tangible examples of how we're bringing the enterprise together around this ambition. Our people remain at the heart of QBE, and this continues to show in our engagement results. Our latest engagement score is 68%, up from 65% at the time of our last AGM. These are results to be proud of, particularly in the context of a challenging external environment, and they reflect the strength of our culture and the commitment of our 13,000 people across the organization. Our 2025 annual report provides a more detailed progress report on each of our six priorities. Through our core business and the work of the QBE Foundation, we continue to support customers, communities, and partners when they need us most. In 2025 alone, QBE paid out more than AUD 12 billion in claims globally. Behind that number are individuals, businesses, and communities working to recover and rebuild after unexpected events, often with profound human consequences. I'm proud of the care and empathy our people bring to these moments, particularly with those who are most vulnerable. Before I close, I would like to extend my sincere thanks to Mike Wilkins for his exceptional leadership and service to QBE. Mike has championed our purpose of enabling a resilient future, guided us through significant transformation, and strengthened governance. Personally, Mike has been wise counsel to me, and I'm grateful for his support as I transitioned into my role here in Australia. He is highly respected across the market, and his deep industry expertise and unwavering commitment to performance and culture have left a lasting legacy. We are grateful for his contribution and wish him every success in the future. On behalf of the QBE team, thank you for your continued support. It's an exciting time for us as we focus on building and growing our business. I'd now like to hand to our chair-elect, Yasmin Allen, to address you. Thanks, Andrew. Thank you, Mike, for your leadership as chair of QBE. Under Mike's stewardship, QBE has strengthened its foundations, sharpened its focus on performance and positive cultural change, and reinforced the disciplines that underpin long-term value creation. I have greatly valued working alongside Mike, and I know the board, management, and the broader organization share a deep appreciation for the contribution that he's made to QBE. As I step into the role of chair, I do so with a real sense of excitement and with strong confidence in this company. I am a big believer in QBE. That belief is grounded in what I have seen firsthand during my time on the board. This is a global insurance business with a clear strategy, strong leadership, deep technical capability, and a culture that understands both opportunity and responsibility. I feel very positive about QBE's future, the executive team, and our people across the organization who deliver for customers, partners, and shareholders every day. I too aim for consistency. This will be a defining feature of my approach as chair. QBE's performance has been driven through disciplined execution, clarity of strategy, and a long-term view. Consistency matters, particularly in a complex and fast-changing environment. My focus will be on steady leadership that builds on what is already working. You should expect a seamless transition with continuity in the way the board supports management and oversees the delivery of the group's strategy. The board is aligned with management on QBE's strategic priorities and clear about our role in supporting performance. Our focus is firmly on the drivers of long-term value, underwriting discipline, operational excellence, capital strength, and resilience through the cycle. As a board, we remain deeply engaged in oversight of performance, risk, and returns, and in ensuring that QBE continues to make sound, well-tested decisions in the interest of shareholders and other stakeholders. QBE has enduring strengths that position us well for the future, and it's important that we continue to build on these strengths. Our portfolio diversity provides balance across markets and risk environments. It gives the group perspective, resilience, and the ability to navigate volatility. Equally, the strength of QBE's balance sheet remains fundamental. A strong capital position supports confidence, flexibility, and the capacity to invest throughout the cycle, particularly as the risk landscape continues to evolve. These attributes will be as important going forward as they have been in the past. Like Mike, I share a strong belief in the role insurance plays in enabling economic progress. Insurance underpins economic activity by helping businesses, communities, and individuals manage risk and invest with confidence. As a global insurer, QBE has an important role to play in supporting growth, resilience, and recovery across the markets where we operate. The board remains committed to ensuring QBE continues to fulfill that role while delivering appropriate returns. Finally, I want to emphasize that while this is a change in chair, it is not a change in direction. The board is confident in Andrew and our executive team, and we're aligned with the strategy being executed. As chair, my approach will be pragmatic and engaged with governance focused on driving performance and supporting QBE's long-term success. I'm proud to take on this role, and I look forward to working closely with the board, management, and the broader QBE team as we continue to build on the strong foundations already in place. Thank you, and I'll hand back to Mike. Thanks, Yasmin. Before we open the meeting to questions, I'll now present a video of your Director, Penny James, speaking to her election as outlined in resolution 4 of the notice of meeting. This has been pre-recorded due to the time zone differences as Penny is currently overseas. Hi. My name's Penny James, and I sit on the risk, the people and remuneration, and the governance and nomination committees at QBE. I have around 30 years of experience across financial services, including leadership roles in general insurance, life assurance, and wealth and asset management businesses. Those roles include being Chief Executive Officer and formerly Chief Financial Officer at Direct Line Group PLC, being the Chief Risk Officer at Prudential PLC, and being the Chief Financial Officer at Omega Insurance Holdings Limited. My non-executive portfolio currently includes St. James's Place PLC, a wealth manager; Mitie PLC, a facilities manager, and Vitality, a life and health insurer. I also chair the FTSE Women Leaders Review in the U.K. My previous non-executive roles include being on the boards of Admiral PLC, a general insurer, and Hargreaves Lansdown PLC, a wealth management business. I've also sat on the U.K.'s industry board, the Association of British Insurers, and I've chaired the FCA's practitioner panel. It is a real honor to be on the QBE board. I'd like to thank Mike Wilkins for his support, his stewardship, and frankly, his wisdom through his tenure as chair. I'd like to welcome Yasmin Allen into the chair world and offer her and Andrew Horton, the CEO, and the wider management team my support as we seek to maximize QBE's potential on behalf of our shareholders, our customers, our people, and the wider community. I would be very grateful for your support for my re-election to remain on the QBE board. Thank you. Ladies and gentlemen, I am now opening up the meeting to questions from all shareholders. I refer you again to the instructional slides on how to ask questions on your screen and behind me. We will start firstly with questions here in the room in Sydney. Microphone 2. Thank you, Mr. Chair. Natasha Lee, shareholder. Firstly, I'd like to thank the board for their performance this year, noting that there are things which you can control and things that you can't in this sort of industry, but overall, I'm pleased with the results. Taking on board the comments last year about the color intensity of the report, which was much easier to read this year. There's a degree of sadness that you're stepping down, Mike. We've had good engagement over the years, but I look forward to having engagement with Yasmin in the future. The first question I've got, in the report, you talked about catastrophe bonds in relation to climate incidents to mitigate against the future availability and cost of reinsurance. How exactly will these bonds work, if you can just give a bit of context and Yeah, sure. Thank you, Ms. Lee, and thank you for your continued interest in QBE. A catastrophe bond is essentially what it suggests. It's a bond that pays out in certain events that relate to catastrophe, it is an adjunct to the reinsurance program that we currently run. We look at it as an addition to our reinsurance protections. However, there are various triggers that go with that, certain conditions have to be met before the bond is called upon. If the bond is not called upon, the participants in that bond have had a significant benefit. However, if it is called upon, they can potentially lose the entire value of the bond that's associated with them. It is a one, a one-shot protection rather than ongoing from a reinsurance perspective, and as such, it is that adjunct that I was talking about. We see it as an important addition to our protections more generally and to the cost of those protections, because the catastrophe bonds are, generally speaking, less expensive than the ongoing reinsurance protections. Okay, thank you. You talked about sort of diversification of your sort of asset base and businesses. I note that the investment property funds increased by some $ 911 million. I couldn't really get clarity about the basis of it. Looking at page 119, we've got revaluation of units, what sort of seems to be based on revaluation of units without much explanation. Was that due to purchases or revaluations of your? Oh, it's probably a little bit of both. It's probably a little bit of both, to be honest with you. We did indicate that we have increased our risk assets, and property would fall into that, to around 15% of our portfolio. I'm looking at our chief investment officer who's nodding his head. I think it would been we added some to it, but also there would've been some revaluation increments. Yeah. That went with it. As we expect, yeah. Yes. It might be helpful just to sort of. In a footnote just put a bit of an explanation for next year. Auditors' remuneration increased by nearly 12%, which seems a lot, but can you give an explanation on that? Well, you know, given that the auditor is here, I've probably gotta be careful what I say about all of this. I think it's a combination of some additional work that has been required, including the work in auditing our mandated climate reporting that was included in QBE for the first time, plus some other reporting obligations internationally. I think there was probably an element of exchange rate that found its way into that as well. Right. I suppose the sort of final question in this section, and you did mention exchange rate. I suppose the two parts of it is the impact of expected higher inflation given the global geopolitical situation. Given that you report in USD and have part of or a fairly substantial part of your business in the U.S., how do you see the impact of inflation as well as potentially the erosion of the USD as the reserve currency impacting the business, and what are your plans going forward? Well, I guess the good thing about QBE is our liabilities are also represented in the same currency as our assets, so that we automatically have a bit of a hedge that goes with that. Inflation is an issue that we and everyone else is having to face into. We do have an inflation working group looking at what we think the implications of inflation may be on our business. Of course, the rates of inflation are different depending on the different markets in which we're involved. I think Australia is currently running much higher than a number of our other international markets in which we operate. We do have regard for that. As I said, the currency piece that you were talking about, we tend to get a bit of a natural hedge because we hold our assets in broadly the same proportion as the currency and the liabilities that we have. Yeah. There's no plans or thinking about changing or diversifying. Not at this stage. Yeah. Okay, thank you very much. Thank you. I have microphone 1. Good morning everyone. My name is Professor Emerita Lesley Hughes. I'm a former Federal Climate Commissioner, former lead author with the Intergovernmental Panel on Climate Change fourth and fifth assessment report, and a founding councilor and now director with the Climate Council of Australia. My comments and question relate to resolution 5B. I've joined today to question the company's assessment of the impacts of climate change on the economy reflected in your annual report, which notes that you expect only a 20% increase in average annual loss by 2090 under the IPCC's RCP 4.5 pathway. For those in the audience, and I expect it's most, don't understand what that pathway is. It's a mid-range emissions scenario, and it projects temperature increases in Australia by 2090 of between 1.4 and 2.7 degrees. For example, Adelaide is expected to have 150% more extreme hot days by that time. As a consequence of these climate changes, we are also seeing and expecting further increases in the frequency and severity of climate disasters such as bushfires, floods, rising sea levels, tropical cyclones, et cetera. These place tremendous pressures on both natural and human ecosystem, human systems. We've had a number of recent reports on the impacts of climate change on insurability that affect the bottom line of insurance companies. For example, the Climate Council's At Our Front Door report estimated that uninsurability of households will rise to nearly 20% in the next 25 years. The Australian Prudential Regulator, APRA, has released data indicating that 1 in 7 households now are estimated to be uninsured or uninsurable, and that could increase to 1 in 4 by 2050, let alone 2090. In conclusion, even a very, very cursory understanding of climate change and of the risks associated with it, does not match the assessments in your annual report. My question to the board is this: how do you reconcile our knowledge of climate science with your assertion that climate disasters will only increase annual average losses by a mere 20% by 2090? Thank you very much. Thank you, Professor Hughes. A couple of comments to that. I think the basic premise of your question assumes that QBE's business is entirely climate exposed and property based. It is not. I talked earlier about the diversification of the business that QBE has, and I repeat my comment that I believe that the fundamental tenets underpinning the resolutions 5A, 5B, and 5C demonstrate a lack of understanding of insurance and a lack of understanding of QBE's business model. We apply judgment in terms of looking at the climate risks and the scenarios that we think are going to be the most useful to our shareholders and investors rather than looking at worst cases. People are interested in the overall resilience that we are able to bring rather than necessarily going to worst case, because QBE has a number of levers available to it rather than continuing as you would have suggested or as is implied in your question. The disclosures that we made highlight that QBE is quite resilient. We believe that average annual loss, which is the measure that we've used, is the appropriate measure, and it does demonstrate that for property, the long-term indication of scale and the impact of claims is as you set out. We believe that what we have put forward is an accurate representation of what QBE's current exposure is rather than the implications that come with these particular resolutions. Thank you for your question. I have microphone 3. Good morning, Mr. Wilkins, Ms. Allen, the board and shareholders. Amanda Richman from Australian Ethical Investment. Australian Ethical holds around AUD 66 million worth of QBE shares, we, together with SIX, co-filed the shareholder resolutions. I have a question on each of the climate resolutions. Early last year, we wrote to the board and asked QBE to disclose how much of its current insurance underwriting portfolio it is anticipating based on climate modeling it will need to actively exit or aggressively reprice due to climate change. QBE did not answer our question. We asked again at QBE's AGM last year. Your answer suggested that this might be captured by mandatory reporting. In December last year, we wrote to QBE asking whether its 2025 annual report, QBE's first report under mandatory climate reporting, would include disclosure of that information. We received no response. QBE's 2025 report did not include the disclosures we asked for. QBE has already exited markets in Australia and North America, in part due to climate amplified risk. Does QBE anticipate that it will need to continue to exit markets to manage increasing catastrophe volatility due to climate change? Will it disclose the scale of anticipated market exits to investors? Ms. Richman, thank you for your question. A few comments that go with that. Firstly, going to the communication that you had with us in December of last year. My understanding is that the information you sought was confidential inside QBE, and we were concerned that you were seeking to have selective disclosure, which, of course, we are not going to have. We have produced a climate report which we believe meets the needs of the majority of our shareholders, and we will continue to evolve that report as those needs change, as legislative requirements change, and as contemporary disclosures continue to be improved. I don't agree with your assertion that QBE withdrawing from certain markets was solely related to climate exposures. QBE considers a number of issues when looking to exit markets and in a number of those situations, climate was not a significant consideration. It was more about our capacity to compete, the scale that we needed to have, and the outlook that we saw for the growth of those markets. Could I just I just wanna refer to, you to QBE's 2023 annual report, which first mentioned deliberate property portfolio exits in North America and Australia. On page 11, it provides that the rationale for exiting was to reduce property catastrophe volatility. Further on page 28 of the 2023 report, QBE says that its climate risks include significantly increased frequency and severity of events related to certain perils and regions, particularly flood in Europe and Australia and cyclones in North America. Its strategic response to those risks refers to reduced exposure to North America hurricane risk as part of portfolio optimization initiatives. In the 2024 annual report, QBE refers to those exits again, saying on page 8, "Catastrophe costs remained below allowance despite global insured losses being one of the most elevated years for industry on record. Exposure to hurricanes Milton and Helene were notably lower than historic experience given recent portfolio exits and portfolio optimization initiatives." Researchers at the World Weather Attribution have concluded with high confidence that both of those events were made worse by climate change. In the most recent annual report, QBE refers to Californian wildfires and Hurricane Maria, plus a number of eastern storm and flood events in Australia, including Cyclone Alfred, and says, "Exposure to these events was notably lower than historic experience given recent portfolio exits and portfolio optimization initiatives." I think to the extent that QBE has suggested to investors that these market exits had nothing to do with climate change, from QBE's past reports, that seems to be a mischaracterization, and I think QBE might need to reach out to those investors and correct the record. Back to my question, does QBE anticipate it will need to continue to exit markets to manage catastrophe volatility as catastrophe volatility increases due to climate change? A couple of questions. I would like to just correct you firstly on the comments around withdrawing purely because of that. The comments that we refer, or that you referred to in those annual reports related to an overexposure that we had. Insurance is all about spreading risk. When we have an overexposure in terms of one area or one risk, it's a natural reaction for an insurer to seek to diversify that into other areas. That's what drove a lot of those comments that you referred to rather than any other particular reason with that. In terms of ongoing portfolio construction, we continue to monitor the performance of individual portfolios. We will keep doing that. The exposure to climate-related risk will be one of those factors that are considered, as will our capacity to compete, the scale that we have in those marketplaces, the cost of our capital relative to the returns that we're able to generate, and a number of other factors. Can we please move to your second question? One follow-up question, though. In the 2020 annual report, in the annual report that QBE published in 2020, QBE said that, "We recognize that over the longer term, climate change will impact our customers and the communities that we serve. This may cause insurance premiums to become unaffordable, especially for customers in areas more prone to weather-related risks, potentially resulting in loss of revenue." Professor Lesley Hughes also referred to the APRA study, which refers to increasing uninsurability in Australia. I understand that QBE has diversified exposure, are you telling investors today that the need to withdraw insurance because of climate risk or insurance becoming unaffordable because of climate risk is not a material risk for QBE? What I have said is that we continue to consider a number of factors. I think going back to ancient history in terms of annual reports, what we are calling out is the key risks that we see and that we believe investors should consider in terms of the business of QBE. We've called those out, and what we continue to do is to monitor all of those risks and make determinations based on our assessment of the performance of the portfolios as we see them going forward. Climate risk is one. There are a number of other factors that go into all of that. Thank you. I'm going to move on to question 2, which relates to QBE's oil and gas underwriting policy. QBE continues to underwrite conventional oil and gas, new oil and gas expansion, oil and gas without any climate restriction of substance. APRA's stress test identifies social license risk is a material risk for QBE, so for insurers. Has QBE assessed and does it have a plan to manage the specific social license risk created by it being the only Australian insurer that is both withdrawing insurance from those most exposed to climate risk while at the same time underwriting new and expansionary oil and gas without any restriction of substance? Sorry, is that your question? Yes, it's have you done that assessment of the specific social license risk that that creates? Well, we believe that QBE is a responsible insurer, and part of our responsibility is to ensure that the transition is undertaken in an orderly manner. Given the current situation, geopolitically and otherwise, we think that energy is a very key factor that needs to be considered. What we have said is that we are rolling out our transition maturity assessment for our key oil and gas customers. We will continue to do that. We will look at their emissions performance. We'll look at their decarbonization goals, and we'll understand where those customers are in the transition. We'll continue to do that. In terms of being responsible and supporting that transition, we believe that there may be some instances, I don't know how many, so please don't ask me. There may be some instances where we would undertake, or we would take further exposure in the short term to one of our energy customers to assist them in that transition. I believe that QBE is acting responsibly in that role, and as I've said to you at a number of annual meetings previously, I think going cold turkey in terms of oil and gas is not something that is sensible, and certainly in the current environment is something that QBE couldn't contemplate. I've never suggested going cold turkey. I think the issue isn't that QBE underwrites oil and gas. It's that the policy has no mechanism to distinguish between projects needed for energy security and projects or other corporate conduct that undermine the transition. That's the contrast between QBE and peers like Allianz, AXA, Zurich, including local financial institutions like CBA and NAB. Back to my question, has QBE assessed and does it have a plan to manage the specific social license risk created by it being the only Australian insurer that is withdrawing insurance from those most exposed to climate risk while at the same time exacerbating that risk? I think I've answered your question. I can't comment on our competitors. What I can say is QBE acts responsibly, will continue to act responsibly, and we believe that our social license will remain intact. Just one final comment. I would distinguish a response from an answer. I think your answer suggests that, you know, QBE has not conducted such an assessment, and I'd be concerned personally if I were remaining on the board as to the personal implications of there being a reasonably foreseeable risk to the business. Like we know Peter Dutton a few years ago suggested breaking up insurance companies. That wasn't a sensible policy, just purely in response to the premium increases that we were seeing across the insurance industry. There is a material social license risk for companies like QBE as an insurance company, and then it's particularly acute when you have an oil and gas underwriting policy that has no mechanism of substance to distinguish between projects needed for the energy, for energy security and projects that undermine the energy transition. There is a distinction. You not managing that foreseeable risks carries risks and suggests serious governance concerns. Thank you. Well, Ms. Fraser, I reject your assertion around the position of QBE. I have said that we manage all of our risks. I believe we continue to manage reputational risk as well as any other. I reject the implications, particularly for my continuing fellow board members. Thank you, Mr. Chairman. My name is Dr. Dimitri Lafleur. Would you like to Can we just a bit higher or? Just gonna stand here. My name is Dr. Dimitri Lafleur. I'm Chief Climate Scientist at the Australasian Centre for Corporate Responsibility. I've got questions regarding two topics in relation to the climate disclosures. Climate change and 2015-2016 super El Niño resulted in the highest sea surface temperatures on record at the time. The energy of the lingering ocean heat in 2017 worsened the impacts of the three Atlantic hurricanes, Harvey, Irma, and Maria, and the Tropical Cyclone Debbie that year, contributing significantly to our company's losses. In 2017, losses were equivalent to 10.3% of net earned premium, with absolute losses tripling compared to the year before. El Niño is expected to be declared in the second half of 2026, and models suggest it could develop in a very significant El Niño later in the year. This would amplify the global warming trend of around 0.3 degrees per decade, compounding the probability of extreme, severe extreme weather events, and impacts across multiple regions over the next two years. Against this backdrop, our company has stated that the increase in catastrophe average annual loss before reinsurance due to climate change across key peril regions is not expected to be significant by 2030. I've got two questions here. First, given climate-related damages are increasing non-linearly, how can our company assess whether its current allowance is for catastrophic losses is sufficient? Secondly, climate science tells us that the shape of the probability distribution of losses should change over time. Even if the average remains relatively unchanged, does the AAL calculation account for this? Well, we believe the AAL calculation is the best methodology. It's based on the actuarial science that we apply to all of this. I think that, referring back to my answer to Professor Hughes' question, your implication is that QBE is totally climate exposed, totally property exposed, which we are not. The AAL is the best representation of what we believe the most likely outcome is going to be. Also, in terms of our catastrophe allowance, we do disclose that each year. It does go into our pricing. As Andrew said to you, thus far this year, our catastrophe costs all in, including the costs from the Middle East, which are not climate related, they are otherwise loss related, are $ 300 million, which is well within the allowance that we currently have. Can you say anything about the distribution? In terms of? Of the AAL. The distribution is based on where the exposure is had, and we demonstrate that. It's set out in our annual report as well. I mean the probability distribution. The probability of distribution, clearly it is the best estimate that we have, and that's what insurance is based on, the best estimate of what the most likely outcome is going to be. All right. The second question is in regards to the projections to 2019. Professor Lesley Hughes headed has stipulated what the consequences could be in such a scenario. I would only want to add that events towards that year can occur in isolation, but can also cascade or compound and can occur simultaneously across regions. They will greatly challenge people, businesses, and entire ecosystems, meaning climate risks shift from manageable to systemic. This level of future warming brings a systemic climate risk that cannot be realistically captured in models of loss to an insurance portfolio. The question is, can the board explain the key assumptions and modeling tools it uses to conclude that average annual loss will be 20% by 2090 under an RCP 4.5 scenario? What is the full losses distribution of the projected outcome? Short answer is I think we set out our assumptions in terms of our climate report, and I don't think it serves the meeting to go into any great detail with that at this stage. Okay. My last question is, you don't consider it appropriate to the investors to inform what the probability distribution is apart from the average. What is the low and high case in such a circumstance? Well, we have set out what we believe the most likely case is going to be. That is around a series of assumptions, but we believe that the majority of our shareholders want to understand what we believe the most likely outcome is going to be. We've set that out. We've set our assumptions out. As a broader comment, I would say that I'm very proud of that report, which we think for a first effort, because QBE was one of the first companies to do it, was a pretty good effort in terms of that. We will continue to look at improving that report over time, but I won't give any commitments in terms of what that will include because we will have to see how legislation changes, how certain other conditions in the market change before we do that. I am proud of that report. Right. Thank you. Appreciate it. Microphone 2. Thank you. Elizabeth Fish from the Shareholders Association. I wanted to ask you about the LTI performance period. Currently it's running at three years, and it seems very short compared to a number of ASX companies. Have you thought of increasing the LTI performance period? If not, why not? Ms. Fish, thank you and thanks for the engagement, from the ASA, which we always appreciate. As I think we explained to your colleague, we believe three years is the appropriate time for that LTI to vest. We believe that, given insurance is an annually renewable business, we are able to see what the performance is. As you are also aware under CPS 511 from APRA, there is then a further significant deferral of those awards under the LTI, such that I think Andrew has to wait six or seven years before he actually gets the full benefit of those rewards. We have malus and clawback provisions that are available to us during that time. For all of those reasons, we believe three years remains the appropriate period. Thank you. I'm not seeing any other questions in the room. Perhaps we could go to those questions online. Thank- We'll come back to you, Natasha. Thank you, Chairman. We have a question from Mr. Stephen Mayne. Congratulations to Yasmin Allen on being elected by her colleagues as Chair. He's asking who ran the process, and was there a competitive vote within the board? He made mention of last year's protest vote and asking were any of the major protesting shareholders and proxy advisors consulted about her elevation to Chair? Finally, could Yasmin please publicly commit to retain the hybrid AGM at QBE under her chairmanship, something that didn't happen at Santos during her final three years on that board? Well, Mr. Mayne, thank you for your questions, and thank you for congratulation to Yasmin. I agree with that. The process to elect the chair is one that is conducted via the board. I did not participate in that process because I believe that it's not appropriate for the outgoing chair to participate in selecting his or her successor. I can tell you that external and internal candidates were considered, and Yasmin was the unanimous choice of her colleagues to lead the board into the future. In terms of publicly committing to a hybrid AGM, interestingly, Yasmin and I had this discussion just this morning, and I think I can speak for her, but she can speak for herself as well, that we believe that a hybrid AGM is the appropriate mechanism in the current circumstances. Yasmin, you may want to comment on that. Yeah. I think it gives, you know, a good amount of access, and, you know, we should be using as much updated technology as we can. I think for now we'll continue with it. Thank you, Chairman. We have a further question from Mr. Stephen Mayne, referencing that it would be good to see the proxies lodged with the ASX and hoping that Yasmin may look at that format in the following years. The proxy vote slide revealed the biggest protest against the board's recommendation was a 13% vote against the CEO's LTI grant. What was the issue, and could CEO Andrew Horton also please summarize his past LTI grants as to whether they have vested or lapsed? Has he ever sold any ordinary shares in the company or bought any on market without relying on an incentive scheme to build his equity position? Please don't say, "Look it up in the annual report and through ASX announcements." It's complicated. The CEO could factually summarize in 60 seconds. Mr. Stephen Mayne, much as you may want to say, "Don't look it up in the annual report," it is clearly set out on page 67 of our annual report. I think it's there for you to see, rather than putting Andrew Horton on the spot or indeed, going through multiple years of outcomes. I believe the disclosures we've got are appropriate, with all of that. In terms of the vote on Andrew Horton's LTI, we believe that the measures that we have put in place are both testing and stretching in terms of achievement. Frankly, if Andrew and the management team continue to deliver an ROE in excess of 15% per annum on a three year plus basis, then I think that they deserve every reward that they can get, particularly given the risks and volatilities that are inherent in an insurance business. Thank you, Chair. We have one further question from Mr. Stephen Mayne in relation to opinion-based non-binding resolutions. There was a 10% vote in favor of one of the climate resolutions today suggesting that some of your shareholders and perhaps one of the proxy advisors recommend a vote in favor. Did any of the proxy advisors recommend against the board's recommendation on any resolution today, including the climate resolutions? Also, when disclosing the outcome of the poll to the ASX, will you also include the headcount data so we can see how many of the 67,782 shareholders participated in today's vote? Well, again, thank you, Mr. Mayne. In terms of the disclosures that we make, I believe that they are appropriate. They are in accordance with the law and with the ASX listing requirements, and I can't speak for the future, I suppose, but at the moment I believe those disclosures are appropriate. In terms of the vote for resolution 5B, I can't comment on that. I don't know. Certainly in terms of some of the interactions that I've had with shareholders over the past few weeks and months, none of them have shown any support for that resolution. Thank you, Chair. One final question from Stephen Mayne. Thank you to Mike Wilkins and Kathy Lisson for their long years of service to this board and the excellent shape they have left QBE in. It is always helpful for investors to have access to some exit perspectives from retiring independent directors and chairs. In their final contributions as QBE directors, could Mike and Kathy please both comment on what they regard as the best two decisions made during their tenure? If they had their time again, what would they have done differently? Well, thank you, Mr. Mayne. You may be surprised at this, but Kathy, would you care to comment on that? Yes. Thank you, Mike. I hope you can hear me. First of all, it's been a pleasure to serve on this board through a period of significant change and improvement, I think, of QBE. Two best decisions, I think, the portfolio optimization that we've undertaken to reduce the volatility in our business and to generate consistent returns. The second, quite frankly, the selection of Andrew Horton as our Chief Executive Officer. I think he's led a tremendous turnaround both within our management teams and within our divisional businesses. As I look back over my decade on the board, I must say it's with pride, not regret, at the journey QBE has been on and the strong position we're in now. I think with hindsight, as I look back, I would press maybe for earlier focus on strong culture metrics, because that helps to guide the governance and the culture of the company as it delivers its strategy. Thank you, Mike. Thanks, Kathy. I think my reflections are very similar to Kathy's. I'm proudest of the cultural development that QBE has shown and the culture that we currently have in the organization. I think culture is an important contributor to performance of the organization, and we're seeing that performance now starting to come through. Very happy with the consistency of the organization, and like Kathy, I believe that our recruitment of Andrew was one of the key highlights of my tenure as chair of the board. As I said earlier, I'm very proud of QBE. I'm proud of the position that it finds itself in today, and I'm proud of the outlook that it has for the future. If there was a regret, it would only be not moving quicker, and I think that's probably a regret that as all of us look back on anything that we've done, it's the one reflection that we have. I think we had another question in the room in Sydney. Thank you, Mr. Chair. Apologies. I wasn't sure whether you was gonna deal with questions at each resolution. Anyway, this sort of concerns the board appointments. Yeah, I see that you've got good gender diversity and reasonable diversity on the board. I did note that the skills matrix, it seemed to be a bit of a weakness in the AI STEM skills apart from Yasmin and Tan, noting that Kathy's technology skills as she's stepping down will be lost. Part of I suppose the first part of the question is, how is the board compensating to address AI and STEM, given the comment that AI is integral to the business and going forward? The second part of that question is that, from what I understand of AI, companies can take sort of an incremental process where you replace certain functions with AI, such as when emails replace fax and the like. The productivity gains from that method are somewhat limited. Essentially, AI seems to demand that the technology be at the heart of it, which means changing processes, hierarchies, which is more disruptive for a company in the short term, there are various risks involved in it. The productivity gains in the longer term are greater. How are you implementing AI in QBE? Natasha, I think you and I are probably the only two that can remember email replacing fax. In terms of where we're at with AI, you asked a couple of questions there. I think AI is just an area that all of us are learning about, QBE is no different. The board is compensating for its understanding by having experts come to speak to us regularly, by looking at the way in which we are deploying AI into the business. As Andrew mentioned during his presentation, we are looking at digital, cloud, and AI, all to enable our people to make better decisions. I think that those better decisions are also going to be faster decisions that we make. I think by necessity we can't go just random in terms of what we wanna do with AI. We do have a policy that we've set around the responsible use of AI. We stay within those guidelines. It is an expanding part of our business. Andrew is the champion of that across the business, encouraging people to use it to make those better decisions. I think by making those better decisions and making them faster, we will then ultimately get the benefit of AI. It's each day is kind of a new adventure in that. I read, as you do, about something new in the papers every day. Okay. Look, we'll leave it at that for now. It's something which, I'll get back to next year on the board on how you're progressing. Thank you. Yeah. Which you won't have to worry about. Yasmin, over to you. Yeah. Thank you. Question from microphone 3. Hi. I'm Adam Verwey. I am the shareholder, and I'm also CEO of Share Trading Platform SIX, which proposed some of the shareholder resolutions today. My question relates to item 5C and the policies and processes QBE has in place to manage conflicts of interest. I know that Director Yasmin Allen has now resigned as a director of Santos. However, I'd like more information about the conflicts management process of the board that allowed a director of an oil and gas company to participate in discussions around the company's continued underwriting of oil and gas companies. At last year's AGM, when asked if Director Allen recused herself from board level discussions about the environmental and social risk framework, the answer was no. ISS in their proxy advice highlighted, and I quote, "The fact that Director Allen did not recuse herself from board level discussions about QBE's oil and gas policy while in office at oil and gas firm Santos is a valid governance concern." My questions are, what changes have been made since the last AGM to ensure that directors are not involved in discussions and decision-making concerning issues that may affect other companies that they are also directors of? Has the board reviewed its process and decision-making around the environmental and social risk framework to ensure it wasn't influenced by any real or perceived conflicts of interest? Well, a few comments to go to that. Firstly, the board is very well aware of its responsibilities around managing conflict of interest. That's set out in the Corporations Act. We have made definitive disclosures in terms of our corporate governance statement, and you can read that online in terms of where we're at. We don't believe that there was any conflict that was in there. I think the basis of your question seems to imply that boards have particular discussions around individual customers, which we don't, in the same way that boards do not underwrite individual risks. The implication that you're making, frankly, I find is insulting and offensive to the board. The comment isn't about specific companies. It's about your policies in relation to the industry, and if you have directors involved in that industry, it feels like a very obvious conflict of interest. I think I've answered your question. We're well aware of our conflict of interest obligations. Disclosures are regularly made and updated, and we set those policies and procedures out in our corporate governance statement. I'll just note it's not just our shareholder group that raised this as a concern. It was also the proxy advisors, ISS as well, who noted it. I think I have answered your question. Thank you. I'm not seeing any further questions in the room, and I don't believe there are any other questions online. There are no further business, I'll shortly be closing the polls for all items of business. I ask any shareholders who haven't submitted their votes yet to do so now. I refer you again to the instructional slides on how to vote now on your screen and behind me. I'll give some time for people to finalize their votes. Looks like all votes have been collected. I now close the poll and declare the meeting closed. Thank you for voting. The results of each item will be announced on the ASX shortly. Thank you to our shareholders for attending today. On a personal note, I'd like to thank you for the support and the encouragement that shareholders have given to me over my tenure on the board. It's been a privilege to have served as chair of QBE, and I wish you and the company all the best for the future. I now declare the meeting closed, and as previously mentioned, light refreshments will now be served in the foyer for those of us who are in Sydney. Thank you and good morning.