Suncorp Group releases financial results, and other news
August 11, 2022
Suncorp’s FY22 results, by the numbers, for the 12 months to 30 June 2022:
Suncorp Group
Net profit after tax: AU$681 million
Decline in profit after tax from FY21: 34.1%
Cash earnings: AU$673 million
Decline in cash earning from FY21: 36.7%
Net loss from investment market volatility: AU$190 million
Natural hazard claims: 130,000
Fully franked ordinary dividends FY22: 40c per share
Suncorp New Zealand
Net profit after tax: NZ$165 million
Decline in profit after tax from FY21: 23.3%
Net incurred claims: NZ$1 billion
Net investment loss due to rising bond yields and equity market volatility: NZ$30 million
Gross written premium growth from FY21: 14.1%
Women in senior leadership positions: 50%
ANZIIF awards won: 5
Asteron Life
Underlying profit after tax: NZ$38 million
Reported profit after tax: NZ$15 million
New business: NZ$18 million
Claims acceptance rate: 95%
Jimmy Higgins, Suncorp NZ Chief Executive, spoke of the challenges they are facing
‘“The current environment presents challenges from economic factors and New Zealand’s health system constraints, together with emerging risks around potential impacts of long COVID, and market disruption from the proposed New Zealand Income Insurance Scheme.”
“On the scheme, it is critical for us to think about the role advisers play in financial advice and literacy; equally important is ensuring customers have access to quality case management and rehabilitation services that are essential for good customer outcomes, especially for longer duration claims. Asteron is monitoring these risks and is well placed to meet these challenges.”
Executive General Manager Life Grant Willis says it was a challenging year for Asteron Life customers, advisers, and the Asteron team.
“Due to a combination of Covid-19 restrictions and business disruptions from ongoing regulatory and licensing changes, our advisers experienced a challenging environment but continually adapted to assist customers while in lockdown and when other restrictions were in place,” says Willis.
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