• Valuation of asbestos-related disease liabilities of former James Hardie entities to be met by the AICF Trust
• Comparison of actual claims experience with previous valuation projections
• Central estimate of liabilities at $1,472.4 million as at 31 March 2025

KPMG has been retained by the Asbestos Injuries Compensation Fund Limited (AICFL) to provide the annual actuarial report on the asbestos-related disease liabilities of the Liable Entities to be met by the AICF Trust. The report is effective as at 31 March 2025 and has taken into account claims data and information provided by AICFL as at that date. The report compares the actual claims experience in 2024/25 with the projections from the previous valuation, showing that claim numbers were higher than expected, particularly for mesothelioma and asbestosis claims. Average claim sizes were also generally higher than expected. The central estimate of the liabilities of the Liable Entities (net of insurance recoveries) to be met by the AICF Trust is assessed at $1,472.4 million as at 31 March 2025, an increase of $149.9 million from the previous valuation. This increase is primarily due to higher assumed future claim numbers for mesothelioma and non-mesothelioma claims, as well as changes to the assumed age mix and incidence pattern of mesothelioma claims. The report also includes the calculations required under the Amended Final Funding Agreement, including the Discounted Central Estimate, Term Central Estimate, and Period Actuarial Estimate.

The central estimate of the liabilities of the Liable Entities (net of insurance recoveries) to be met by the AICF Trust is assessed at $1,472.4 million as at 31 March 2025.