Suncorp profits rise despite year of disasters
In the face of Australia's worst year for natural hazard events, Suncorp Group Limited, has posted a net profit after tax (NPAT) of $1133 million for the 2015 financial year.
Suncorp chief executive, Patrick Snowball, announced the group's NPAT had jumped by $403 million over the 12 months to 30 June 2015, in a statement to the Australian Securities Exchange (ASX).
The group's full year results revealed, an NPAT for Suncorp Life of $125 million — up 39.5 per cent — with Suncorp Bank posting an NPAT of $354 million — up 55.3 per cent.
Snowball said the result was achieved despite five major weather events in Queensland and NSW, which combined with smaller attrition events, had led to claims of more than $1 billion.
"I'm proud that Suncorp has been able to increase profit and dividend in a year of terrible weather events," he said.
"This demonstrates that Suncorp's diversification across general insurance, banking and life is delivering a resilient earnings profile."
Suncorp's general insurance business recorded an NPAT of $756 million for the year, despite the impact of more than $1 billion worth of claims.
The company also revealed that a forecast maximum impact relating to recoveries under the 2011 catastrophe reinsurance program, had been reduced from $118 million after tax, as reported in the group's half-year results announcement in February, to less than $20 million.
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