Suncorp's insurance profits are down 68% percent in FY22 compared with FY21 - $174 million versus $547 million profit. Group net profit after tax was down by 34.1% to $681 million, while cash earnings were down 36.7% to $673 million. The prevailing La Niña weather pattern across Australia and New Zealand led to 35 separate weather events and around 130,000 natural hazard claims. This resulted in the Group exceeding its natural hazard allowance by $101 million, with significant recoveries made under the Group’s reinsurance program.
The Group reported record gross written premium (GWP) growth in the second half of the financial year across its Australian and New Zealand insurance businesses of 9.9% (excluding ESL), while second half annualised growth in home lending of 12.4% underscored the turnaround in the Bank’s performance.
Insurance Australia delivered full year GWP growth of 9.2%, excluding portfolio exits, which was broad based across all portfolios.
Suncorp New Zealand delivered GWP growth of 14.1%, with growth in both Intermediated and direct distribution channels.
Excluding COVID-19 impacts the Group's underlying insurance trading ratio (ITR) increased from 7.2% to 9.0%.
Suncorp recently announced it wants to sell its banking arm to ANZ however the sale remains subject to regulatory and Government approvals.
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