Suncorp Australian insurance earnings fell 13.7% last financial year but the New Zealand grew thanks to premium gains and a lack of damaging weather events.
Profit after tax for the Australian business fell to $588 million in the year to June 30 from $681 million.
Gross written premium (GWP) increased 1.3% to $8.25 billion, with increases in rates offsetting lower new business in consumer areas and portfolio exits in commercial.
“This reflects our disciplined portfolio realignment, with strong premium rate increases partially offset by the selective non-renewal of poorer risks,” CFO Jeremy Robson said.
New Zealand insurance earnings surged 76.4% to a record $NZ261 million ($249 million), including life and general insurance, as GWP rose 8.4% and the country experienced an unusually low claims year for natural hazards .
Suncorp Group net profit fell to $175 million, down from $1.06 billion a year earlier, including a $910 million non-cash loss on the sale of the life business.