Suncorp Group publishes full-year financial results

Suncorp Group publishes full-year financial results

Suncorp Group publishes full-year financial results | Insurance Business Australia

Insurance News

Suncorp Group publishes full-year financial results

Three-year plan concluded

Insurance News

By
Terry Gangcuangco

Suncorp Group has published its financial results for the year ended June 30, 2023 (FY23).

Here’s how the trans-Tasman insurer performed in the period:




Metric/source



FY23



FY22







Insurance (Australia) profit after tax



$755 million



$174 million





Suncorp New Zealand profit after tax



$105 million



$155 million





Suncorp Bank profit after tax



$470 million



$368 million





Profit after tax from ongoing functions



$1.33 billion



$697 million





Other profit/(loss) after tax



$(76 million)



$(24 million)





Cash earnings



$1.25 billion



$673 million





Group net profit after tax



$1.15 billion



$681 million




 

In its earnings report, Suncorp said it has successfully completed the company’s three-year plan to FY23, achieving Suncorp’s key financial and operational targets.

Commenting on the numbers, group chief executive Steve Johnston said: “Our dedicated focus on digitising and automating, reinvigorating our leading brands, becoming more efficient, and improving how we serve our customers has helped us to deliver strong top-line growth across our businesses and improve underlying margins.

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“Our Australian and New Zealand businesses have achieved strong growth in premiums, while unit growth across consumer portfolios demonstrates the value of our products and brands. The bank’s continued growth in home lending demonstrates the benefits of improved broker and customer experiences.”

Gross written premium in Australia and New Zealand grew by 10.6% and 14.3%, respectively.

Meanwhile, as previously reported, Suncorp will be supporting Australia and New Zealand Banking Group (ANZ) through the merger authorisation process following the Australian Competition & Consumer Commission’s decision to block the sale of Suncorp Bank to ANZ.

Additionally, the Suncorp board has determined to pay a fully franked final ordinary dividend of 27¢ per share.

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