Suncorp Group, the trans-Tasman insurance giant, has announced half year financial results for 2025. The Group’s net profit after tax (NPAT) was A$1.1 billion and gross written premium (GWP) was A$7.5 billion, up nearly 9%.
An ASX announcement this morning also said that the A$4.1 billion from the sale of Suncorp Bank will be returned to shareholders, amounting to A$3.00 per share. NPAT included a one-off gain of A$252 million from that sale.
Last month, Suncorp also completed the sale of its New Zealand Life business to Resolution Life for NZ$410 million plus excess capital.
“These results reflect our discipline in executing strategic and operational priorities,” said CEO Steve Johnston (main picture) in the announcement. “We have delivered to our commitments, we are financially strong and resilient, and we have created future capacity to invest in initiatives to support our customers.”
Johnston also said his firm has continued to focus on expanding its claims team and supply chains.
“We have redoubled our efforts to address those claims that have remained unresolved from prior year events,” he said. “Increases in customers’ premiums are now moderating, with home construction and car repair costs showing signs of stabilisation, margins approaching or within our target ranges and reinsurance markets remaining constructive.”
The announcement said the cost of natural hazards for the half year was A$503 million, A$277 million below the company’s allowance.
“Suncorp remains committed to working with Governments, other insurers, banks, technical experts, community organisations and homeowners to reduce Australia’s exposure to natural hazard risks,” said the CEO.
