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.
