Suncorp doubles profit
Queensland-based financial services group Suncorp has registered a strong profit rebound, lifting its net profit after tax for the last financial year from $348 million to $780 million.
The result was hailed by Suncorp chief executive Patrick Snowball as confirmation that the group’s recovery was underway, saying Suncorp was making good progress in recovering from the challenges that became apparent during the global financial crisis.
Much of the company’s strong result was underpinned by a 34 per cent increase in net profit recorded by its general insurance division to $577 million, combined with a 6.7 per cent increase in its life division.
Snowball referenced the degree to which the restructuring of the company’s executive ranks had contributed to the result, together with the sale of an LJ Hooker subsidiary and the joint venture in RACQ Insurance and RAA Insurance had contributed pre-tax profits of $215 million.
AUTHOR
Mike Taylor
Recommended for you
In this week’s episode of Relative Return Insider, hosts Maja Garaca Djurdjevic and Keith Ford discuss a busy week of announcements from ASIC, with submissions to its public and private markets paper made (mostly) public.
In this week’s episode of Relative Return Insider, AMP chief economist Shane Oliver joins the show to unpack Australia’s underwhelming March quarter GDP figures and what they signal for the Reserve Bank’s next move.
The latest episode of Relative Return sees host Laura Dew chat with Brian Jones, founder of outsourcing company VA Platinum, on why choosing to outsource certain functions of your business can enable you to be efficient and productive.
In this episode of Relative Return Insider, hosts Maja Garaca Djurdjevic and Keith Ford are joined by Money Management editor Laura Dew to discuss learnings from JP Morgan’s recent conference in London, and what top fund managers and analysts see driving market behaviour.
