Insurance giant Suncorp Group has announced its full year financial results. The trans-Tasman firm reported a net profit after tax (NPAT) of AU$1.82 billion, an increase on last year of AU$686 million or 52%.
In recent days both Insurance Australia Group (IAG) and QBE Insurance Group have announced their results with profit jumps of 21% and 27% respectively.
The profit, said the results overview, included AU$252 million from the one-off gain on sale of Suncorp Bank and AU$99 million for New Zealand Life. Gross written premium (GWP) for the year was $8.14 billion.
Suncorp New Zealand’s NPAT was reported as $NZ419 million with GWP at NZ$2.9 billion.
Overall, the results said the firm paid out AU$9.8 billion in premiums, much the same as FY24. The overview said the firm benefitted from “favourable natural hazard experience” of more than AU$200 million below the allowance and positive net investment income of AU$766 million.
Johnston also recognised the cost pressures businesses and households across Australia and New Zealand continue to experience, including premium increases.
He said increased investment in new mitigation projects, incentives for customers who invest in their own resilience, improved planning laws and lower insurance taxes are key to protecting people and addressing insurance affordability and accessibility.
