Insurance giant Suncorp Group has announced its full year financial results. The trans-Tasman firm reported a net profit after tax (NPAT) of $1.82 billion, an increase of $686 million or 52% on last year.
The profit, said the results overview, included $252 million from the one-off gain on sale of Suncorp Bank and $99 million for New Zealand Life. Gross written premium (GWP) for the year was $8.14 billion.
Suncorp New Zealand’s NPAT was reported as $NZ419 million million with GWP at NZ$2.9 billion.
Overall, the firm paid out $9.8 billion in premiums, much the same as FY24.
The overview said the result benefitted from “favourable natural hazard experience” of more than $200 million below the allowance and positive net investment income of $766 million.
Johnston also recognised the cost pressures businesses and households across Australia and New Zealand continue to experience, including premium increases.
He said increased investment in new mitigation projects, incentives for customers who invest in their own resilience, improved planning laws and lower taxes on insurance are key to protecting people and addressing insurance affordability and accessibility.
