Suncorp insurance has reported a half-year net profit of $1.1 billion, which is an increase of $518 million on the previous reporting period. The result includes a one-off gain following the sale ($252 million) of Suncorp Bank, which completed on July 31 2024.
Other factors that supported the result include favourable natural hazard experience, positive investment returns and the non-recurrence of prior year reserve strengthening, which impacted the prior period.
Suncorp CEO, Steve Johnston said these results reflect the company’s discipline in executing strategic and operational priorities.
“We have delivered to our commitments; we are financially strong and resilient, and we have created future capacity to invest in initiatives to support our customers,” he said.
“It is pleasing to be returning the net proceeds of the sale of the bank to shareholders. It’s significant that we have been able to deliver the same net proceeds that we forecast when the transaction was announced almost 1,000 days ago.
“We also completed the sale of Asteron Life on January 31 2025, positioning Suncorp as a simplified pure-play general insurance company.
“Over the last six months we have continued our focus on improving how we serve customers, including expanding our claims team and supply chains.”