There are a number of important things that need to be said about the insurance business.

And there are a number of equally important things to be said about the company I have chaired through the vital period of its transformation, indeed its metamorphosis, into a listed company.

I have been an industry participant in the development and growth of the Australian banking and finance sector for some time - from my early days at JP Morgan, Banque Paribas and American Express, through the State Bank (where I was a keen advocate of developing our financial system to include off-shore banking) to my current roles with IAG* and Deutsche Bank. As such, it gives me great pleasure to speak to you this afternoon as part of the Australian Banking & Finance Lecture Series.