Qbe Insurance Group Limited · ASX:QBE
Qbe Insurance — Shareholder Meeting (March 2013)
37 slides from Qbe Insurance's shareholder meeting presentation, Mar 27, 2013
Slide 1: 2013 Annual General Meeting of Shareholders – Presentation Slides
QBE Insurance Group Limited ABN 28 008 485 014 Head Office 82 Pitt Street SYDNEY NSW 2000 For personal use only Australia Postal Address Box 82 GPO SYDNEY 2001 27 March 2013 Telephone: +61 (2) 9375 4444 Facsimile: +61 (2) 9231 6104 DX 10171, Sydney Stock Exchange The Manager Market Announcements Off
Slide 2: 2013 Annual General Meeting
For personal use only 2013 Annual General Meeting Belinda Hutchinson John Neal
Slide 3: Chairman's address
For personal use only Chairman’s address Belinda Hutchinson
Slide 4: Group Chief Executive Officer address
For personal use only Group Chief Executive Officer address John Neal
Slide 5: Contents
Contents For personal use only • 2012 financial results summary • 2013 outlook • Refreshed vision and strategy • Executive management changes 4
Slide 6: 2012 financial results summary
2012 financial results summary For personal use only • Insurance profit for FY12 $1,262m with COR 97.1% • $464 million of adverse prior accident year claims Underlying insurance development business sound • Group’s risk margins strengthened by $88 million - improved probability of adequacy of outsta
Slide 7: 2012 performance by division
2012 performance by division For personal use only Australia & North Latin Europe New Asia Equator FY12 Group America America Zealand Pacific Re GWP ($M) 18,434 6,569 1,223 5,077 4,987 578 3,710 GEP ($M) 18,341 6,978 1,170 4,854 4,794 545 3,712 NEP ($M) 15,798 3,501 1,018 3,331 4,123 415 3,410 Claim
Slide 8: 2012 underlying insurance profit margin analysis
2012 underlying insurance profit margin analysis For personal use only 15.0 14.0 13.0 0.6 0.6 12.0 0.6 (1.2) 0.4 (0.1) 11.0 10.0 2.9 9.0 8.0 7.0 6.0 11.8 5.0 4.0 8.0 3.0 2.0 1.0 0.0 FY12 reported PY development (1) Risk margin top-up Risk-free rates (3) Investment returns Attritional (5) Large risk
Slide 9: 2013 targets
2013 targets For personal use only Gross written premium • US$18.5-19.0billion Net earned premium • US$15.5-16.0billion Combined operating ratio • 92% Insurance profit margin • 11% of net earned premium 8
Slide 10: 2013 insurance profit margin guidance analysis
2013 insurance profit margin guidance analysis For personal use only 15.0 14.0 13.0 0.6 0.6 12.0 0.6 (1.2) 0.4 (0.1) (1.0) 11.0 (0.9) 1.1 10.0 2.9 9.0 8.0 7.0 6.0 11.8 11.0 5.0 4.0 8.0 3.0 2.0 1.0 0.0 FY12 PY Risk margin Risk-free Investment Attritional (5) Large risk & Expenses FY12 OTP Investment
Slide 11: Last year we rolled out our vision
Last year we rolled out our vision For personal use only QBE has a vision to be the most successful global insurer and reinsurer in the eyes of our customers, our people, our shareholders and the community 10
Slide 12: Building the new QBE
Building the new QBE For personal use only 11
Slide 13: Building the new QBE: Value creation model
Building the new QBE For personal use only Value creation model 12
Slide 14: QBE's Value Creation Model
QBE’s Value Creation Model For personal use only Leadership in our core businesses Consistently achieve Operational Profitable growth excellence – global and diversification business plans reach & scale and targets Financial strength and flexibility World class talent and leadership 13
Slide 15: Forthcoming Group Executive leadership changes
Forthcoming Group Executive leadership changes For personal use only • Neil Drabsch Our Group CFO retires February 2014 • Richard Pryce Currently Deputy CEO of European Operations takes over as CEO Europe November 2013 • Steven Burns Our current CEO of European Operations moves to Sydney as Group CF
Slide 16: Closing remarks
Closing remarks For personal use only • The challenges of 2011 and 2012 have provided valuable lessons • 2012 result was disappointing but we move into 2013 in a strong position • We will act with renewed focus on three areas • PERFORMANCE • EVOLUTION • PEOPLE 15
Slide 17: Formal Business
For personal use only Formal Business Belinda Hutchinson
Slide 18: Item 1: Annual financial report
Item 1: For personal use only To receive and consider the annual financial report and the reports of the directors and of the auditors of the Company for the year ended 31 December 2012 17
Slide 19: Item 2: Adopt the remuneration report
Item 2: For personal use only To adopt the remuneration report 18
Slide 20: Results of proxy voting for item 2
Results of proxy voting for item 2 For personal use only Resolution For Open Against Abstain 2 672,254724 4,065,598 62,397,659 9,072,926 19
Slide 21: Item 3: Conditional rights for former Group CEO
Item 3: For personal use only To approve the grant of conditional rights over the Company’s ordinary shares under the 2011 and 2012 QBE Long Term Incentive plans to the former Group Chief Executive Officer LTI AWARD AS A % 2011 LTI AWARD OF FIXED REMUNERATION CONDITIONAL RIGHTS ROE and combined Di
Slide 22: Results of proxy voting for item 3
Results of proxy voting for item 3 For personal use only Resolution For Open Against Abstain 3 478,638,714 4,021,116 247,468,638 18,342,881 21
Slide 23: Item 4: Retirement allowance for former Group CEO
Item 4: For personal use only To pay the former Group Chief Executive Officer a retirement allowance 22
Slide 24: Results of proxy voting for item 4
Results of proxy voting for item 4 For personal use only Resolution For Open Against Abstain 4 437,474,732 3,944,741 281,991,680 25,060,246 23
Slide 25: Item 5: Appointment performance incentive for Group CEO
Item 5: For personal use only To approve the grant of conditional rights over the Company’s ordinary shares as an appointment performance incentive to the Group Chief Executive Officer 24
Slide 26: Results of proxy voting for item 5
Results of proxy voting for items 5 For personal use only Resolution For Open Against Abstain 5 708,808,755 3,999,484 31,639,261 4,400,100 25
Slide 27: Item 6: Conditional rights for Group CEO
Item 6: For personal use only To approve the grant of conditional rights over the Company’s ordinary shares under the 2012 QBE Long Term Incentive plan to the Group Chief Executive Officer LTI AWARD AS A % 2012 LTI AWARD OF FIXED REMUNERATION CONDITIONAL RIGHTS ROE and combined Diluted operating I
Slide 28: Results of proxy voting for item 6
Results of proxy voting for items 6 For personal use only Resolution For Open Against Abstain 6 674,683,680 2,510,251 53,746,927 16,452,312 27
Slide 29: Item 7: Increase non-executive director fees
Item 7: For personal use only To increase the maximum aggregate fees payable to non-executive directors 28
Slide 30: Results of proxy voting for item 7
Results of proxy voting for items 7 For personal use only Resolution For Open Against Abstain 7 719,807,883 2,500,280 15,310,074 9,566,911 29
Slide 31: Item 8: Elect a director Mr J A Graf
Item 8: For personal use only To elect a director Mr J A Graf 30
Slide 32: Results of proxy voting for item 8
Results of proxy voting for items 8 For personal use only Resolution For Open Against Abstain 8 715,888,026 4,344,973 24,485,921 4,258,225 31
Slide 33: Item 9a: Re-elect Mr D M Boyle
Item 9a: For personal use only To re- elect Mr D M Boyle as a director 32
Slide 34: Results of proxy voting for item 9a
Results of proxy voting for items 9a For personal use only Resolution For Open Against Abstain 9a 717,201,907 4,254,531 23,316,324 4,212,733 33
Slide 35: Item 9b: Re-elect Mr J M Green
Item 9b: For personal use only To re- elect Mr J M Green as a director 34
Slide 36: Results of proxy voting for item 9b
Results of proxy voting for items 9b For personal use only Resolution For Open Against Abstain 9b 718,552,065 4,264,605 21,961,754 4,207,271 35
Slide 37: Important disclaimer
Important disclaimer For personal use only This presentation should be read in conjunction with all information which QBE has lodged with the Australian Securities Exchange (“ASX”). Copies of those lodgements are available from either the ASX website www.asx. com.au or QBE’s website www.qbe.com. Pri
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