The year ended 30 June 2001 was undoubtedly one of the most important in the Association's 81 year history.

Members of the Association and members of what is now NRMA Insurance Group Limited (“NIGL”) overwhelmingly supported the demutualisation of NRMA Insurance Limited in 2000. As a result:

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.