Suncorp profit rise despite wealth management slump
Suncorp Metwayhas recorded a slight profit increase in the six months to December last year, despite a sharp drop in the performance of its wealth management division.
The Queensland based financial services group announced today a net profit for the half year of $155 million, up $1 million on its result for the previous corresponding period.
The result was underpinned by strong growth in the group’s general insurance division, which saw an increase in its net profit by 67 per cent to $72 million.
The group said the performance of the general insurance division was spurred by improvements made through its integration of the GIO business, which it acquired from AMP in June 2001.
However, the result was offset by the performance of the wealth management business, which reported a profit of $17 million, half the $36 million figure reported in the six months to December 2001.
The group said its wealth management business suffered from the sharp slowdown in funds flowing into the funds management industry in the wake of falling equity markets.
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