Suncorp profit rise despite wealth management slump

wealth-management/wealth-management-business/insurance/wealth-management-division/financial-services-group/funds-management-industry/equity-markets/cent/amp/

28 February 2003
| By George Liondis |

Suncorp Metwayhas recorded a slight profit increase in the six months to December last year, despite a sharp drop in the performance of its wealth management division.

The Queensland based financial services group announced today a net profit for the half year of $155 million, up $1 million on its result for the previous corresponding period.

The result was underpinned by strong growth in the group’s general insurance division, which saw an increase in its net profit by 67 per cent to $72 million.

The group said the performance of the general insurance division was spurred by improvements made through its integration of the GIO business, which it acquired from AMP in June 2001.

However, the result was offset by the performance of the wealth management business, which reported a profit of $17 million, half the $36 million figure reported in the six months to December 2001.

The group said its wealth management business suffered from the sharp slowdown in funds flowing into the funds management industry in the wake of falling equity markets.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks 1 day ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 6 days ago

TOP PERFORMING FUNDS