OUTsurance Group (OUT) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with a welcome to directors and shareholders, outlining the agenda: CEO's review, farewell to a retiring director, resolutions, Q&A, voting, and results announcement.

• Voting to be conducted electronically, with open Q&A and transparent handling of shareholder questions; Computershare appointed as scrutineers.

• Meeting constituted with 88.15% of issued share capital represented, confirming quorum and proper notice.

Financial performance review

• Gross Written Premium grew 20.5% year-on-year, driven by premium inflation and improved growth quality.

• Operating profit increased 15.5%, supported by strong claims and cost ratios, and high investment income.

• Profitability faced headwinds: higher natural peril claims, legacy share option scheme costs, claims inflation, and underperformance in Australia.

• Normalized earnings at Holdings level up 15.7% to ZAR 3.83 billion; Group level up 20.3% to ZAR 3.536 million.

• Highlights included OUTsurance Ireland launch, group structure simplification, and retention of level one B-BBEE status.

Board and executive committee updates

• Farewell to Professor George Marx, retiring from the board after long service and chairing the risk committee.

• Several directors retired and offered themselves for re-election, with individual votes for each.