Suncorp releases interim numbers

Suncorp releases interim numbers | Insurance Business

Suncorp releases interim numbers

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 AU$490 million (around $523 million) – a positive figure, albeit lower than the AU$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)

AU$258 million

109.8%

Banking & Wealth

AU$190 million

11.1%

New Zealand

$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 AU26¢ per share.