Suncorp Group has published its results for the first half of FY21, or the financial year ended June 30, and chief executive Steve Johnston is “proud of how the group has delivered” on their commitments.
According to the financial services giant, its group net profit after tax in the first half (1H21) amounted to $490 million – a positive figure, albeit lower than the $642 million posted in 1H20. Broken down, here’s how Suncorp’s businesses fared:
|
Division |
Profit after tax in 1H21 |
Change from 1H20 |
|
Insurance (Australia) |
$258 million |
109.8% |
|
Banking & Wealth |
$190 million |
11.1% |
|
New Zealand |
NZ$129 million |
19.4% |
Meanwhile, Suncorp also announced simplification initiatives as it continues to focus on sustainable growth.
“Vero will exit from Australian consumer and construction policies via Australian intermediated partners (this has no impact on New Zealand),” said the finance enterprise, “Suncorp Bank will no longer offer personal loans, enabling greater focus on home lending; and the group will permanently cease underwriting travel insurance under all brands.”
In relation to the latter, assurances have been offered that today’s announcement will not affect existing travel insurance policies.
Johnston, who highlighted that the company is in good shape, commented: “Over the past year, we have refocused our strategy, continued to implement the ongoing regulatory program of work, improved our customer service, reinvigorated our brands, further digitised our business and become more efficient.”
Suncorp, which remains “well capitalised,” is paying a fully franked dividend of 26 cents per share.
