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Suncorp has announced group top line growth of 2.5 per cent, driven by good momentum across Home and Motor Insurance and Banking in HY18.

Reported net profit after tax (NPAT) of $452 million for the six months to December 31, 2017, was down 15.8 per cent on the prior corresponding period.

Suncorp attributed this to the impact of natural hazards, timing of investments and increased regulatory costs.

Suncorp CEO and MD Michael Cameron said an increased focus on Suncorp’s four strategic priorities, in particular, elevating the needs of customers, had helped deliver solid top-line performance.

“In the first half, Australian Motor and Home Insurance gross written premium (GWP) grew by 4.7 per cent and 2.9 per cent respectively, while the Bank achieved 8.7 per cent lending growth, well above system growth.

“Our work over the past 18 months on driving efficiencies in our claims processes, improvements in our customer experience, a hardening insurance market and our strategic investment programs, position the business well for the second half .”

Despite the dip in profits, the Australian insurance sector of the business was up 3.9 per cent, driven by unit growth and price increases.

However, CTP premium growth was offset by recent regulatory reforms in both NSW and Queensland.

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