Suncorp’s strong half year
Queensland-based Suncorp has reported a strong half-year performance, recording a group net profit after tax of $574 million, up from $389 million for the prior corresponding period.
In a result which Suncorp chairman Dr Ziggy Switkowski attributed to operational efficiencies, top-line growth, favourable investment markets and relatively benign weather conditions, the group declared a 25 per cent increase in its fully-franked interim dividend of 25 cents per share.
However the result did not take full account of the damage inflicted by ex-tropical cyclone Oswald on Queensland and northern NSW in recent weeks, but suggested that the impact might be between $200 million and $220 million.
Suncorp chief executive Patrick Snowball said the group's "one company, many brands" business model and the refocusing of core businesses had delivered growth across the group.
Drilling down on divisional results, the company reported that Suncorp Life had reported an after-tax profit of $51 million on the back of life risk new business growth being maintained at 18 per cent "as the business continues to leverage the general insurance customer base".
However it said the prolonged period of economic uncertainty continued to impact consumer confidence and was having a material impact on the life insurance industry.
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