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to the members of Suncorp Group Limited

Independent auditor’s report

Report on the fnancial report

We have audited the accompanying fnancial report of Suncorp Group Limited (the Company), which comprises the Consolidated statement of fnancial position as at 30 June 2011, and Consolidated statement of comprehensive income, Consolidated statement of changes in equity, and Consolidated statement of cash fows for the year ended on that date, notes 1 to 36 comprising a summary of signifcant accounting policies and other explanatory information and the Directors’ declaration of the Suncorp Group comprising the Company and the entities it controlled at the year’s end or from time to time during the fnancial year.

Directors’ responsibility for the fnancial report

The Directors of the Company are responsible for the preparation of the fnancial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the Directors determine is necessary to enable the preparation of the fnancial report that is free from material misstatement whether due to fraud or error. In note 2.1, the Directors also state, in accordance with Australian Accounting Standard AASB 101 Presentation of Financial Statements , that the fnancial statements of the Suncorp Group comply with International Financial Reporting Standards.

Auditor’s responsibility

Our responsibility is to express an opinion on the fnancial report based on our audit. We conducted our audit in accordance with Australian Auditing Standards. These Auditing Standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the fnancial report is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the fnancial report. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the fnancial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the fnancial report that gives a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the fnancial report.

We performed the procedures to assess whether in all material respects the fnancial report presents fairly, in accordance with the Corporations Act 2001 and Australian Accounting Standards, a true and fair view which is consistent with our understanding of the Group’s fnancial position and of its performance.

We believe that the audit evidence we have obtained is suffcient and appropriate to provide a basis for our audit opinion.

Independence

In conducting our audit, we have complied with the independence requirements of the Corporations Act 2001 .

Auditor’s opinion

In our opinion:

(a) the fnancial report of the Suncorp Group is in accordance with the Corporations Act 2001 , including:

(i) giving a true and fair view of the Suncorp Group’s fnancial position as at 30 June 2011 and of its performance for the year ended on that date; and

(ii) complying with Australian Accounting Standards and the Corporations Regulations 2001.

(b) the fnancial report also complies with International Financial Reporting Standards as disclosed in note 2.1.

KPMG, an Australian partnership and a member frm of the KPMG

network of independent member frms affliated with KPMG  Liability limited by a scheme approved under International, a Swiss cooperative. Professional Standards Legislation.