Suncorp points to better times ahead
Suncorp has signalled to shareholders that it will look to deliver an enhanced special dividend when the markets recover after acknowledging that the dividend delivered for the current period was lower than shareholders had come to expect in the past.
Suncorp chairman John Story has used his letter to shareholders in the company’s annual report to express his deep disappointment at the performance of the company but said he remained upbeat about its prospects moving into the future.
“The financial outcome for the half-year to December 31, 2008, has been deeply disappointing and we are acutely aware of the share price performance during this period,” he said.
However, he said the company remained very positive about the long-term capital generation capacity and competitive advantages of its general insurance operations, with Suncorp continuing to achieve significant growth in premium income.
Dealing with wealth management, he said the company’s performance, while solid on an underlying basis, would continue to reflect the volatility of the fix interest and equity markets.
AUTHOR
Mike Taylor
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