Bright result for Suncorp
Wealth management made a significant contribution to a record $1 billion profit posted by Queensland-based Suncorp today.
The company reported that its wealth management division had posted a profit of $81 million before tax despite what its chief executive, John Mulcahy, described as a difficult year for all financial services organisations, with increasing competition, margin pressure and slowing credit formation in particular sectors.
The company reported a $691 million profit before tax in its general insurance business, with a record insurance trading ratio for the full year of 19.3 per cent.
Looking forward, Mulcahy said macroeconomic conditions remained sound although future interest rate increases, if they occurred, would impact on lending growth in the retail mortgage sector and competition would continue to be intense in the financial services sector as the economy and growth slowed.
AUTHOR
Mike Taylor
Recommended for you
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
With many advisers preparing to retire or sell up, business advisory firm Business Health believes advisers need to take a proactive approach to informing their clients of succession plans.
Retirement commentators have flagged that almost a third of Australians over 50 are unprepared for the longevity of retirement and are falling behind APAC peers in their preparations and advice engagement.
As private markets continue to garner investor interest, Netwealth’s series of private market reports have revealed how much advisers and wealth managers are allocating, as well as a growing attraction to evergreen funds.
