Suncorp posts stronger half
Queensland-based Suncorp Group has posted a half-year net profit after tax of $631 million on the back of better performances within its insurance businesses.
Announcing its half-year result to the Australian Securities Exchange (ASX) today, the company pointed to solid growth both within its general insurance division and within Suncorp Life.
The directors declared an increased interim dividend of 38 cents per share fully franked, representing a payout of 73.6 per cent of cash earnings.
Where Suncorp Life was concerned, the company announced a profit after tax for the half year of $86 million with an underlying profit of $52 million — up 20.9 per cent.
The company's announcement said the underlying result had supported the decision made in May last year to rebase the balance sheet and materially revise key valuation assumption.
It said life's underlying profit had stabilised following the revision of key assumptions with overall claims and lapse experience being $7 million favourable and total life in-force premiums up 8.6 per cent.
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