Powered by MOMENTUM MEDIA
moneymanagement logo
 
 

Suncorp considers sale of life business

Suncorp/life-insurance/sale/partnership/

15 February 2018
| By Mike |
image
image image
expand image

Suncorp Group has flagged a possible sale of its life insurance business.

The company signalled the possibility in its half-year results announced to the Australian Securities Exchange.

The Group announced an indifferent half year profit result, with net profit after tax down 15.8 per cent to $452 million for the six months ended 31 December, last year.

It said the result was impacted by natural hazards and timing of investments, including the Business Improvement Program and increased regulatory costs.

However, the company has told the Australian Securities Exchange it expects a strong full-year result.

The board has determined an interim dividend of 33 cents per share.

On a divisional basis, the company’s life insurance business provided some good news with underlying profit up 56 per cent to $39 million which the company said reflected the benefits of repricing and an ongoing focus on its optimisation process.

However, Suncorp chief executive, Michael Cameron said that while the Australian Life Insurance business was progressing well, the company continued to explore alternatives “which include a partnership, sale or reinsurance”.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

The succession dilemma is more than just a matter of commitments.This isn’t simply about younger vs. older advisers. It’...

1 day 19 hours ago

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

3 weeks 5 days ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

1 month ago

After last month’s surprise hold, the Reserve Bank of Australia has announced its latest interest rate decision....

4 weeks ago

ASIC has released the results of the latest adviser exam, with August’s pass mark improving on the sitting from a year ago. ...

4 days 13 hours ago

While the profession continues to see consolidation at the top, Adviser Ratings has compared the business models of Insignia and Entireti and how they are shaping the pro...

1 week 6 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND