Media release


4 August, 2015

The Suncorp Group (ASX:SUN) today reported a net profit after tax (NPAT) of AU$1,133 million for the year to 30 June 2015. 

Suncorp New Zealand’s general insurance business, which consists of Vero New Zealand and AA Insurance, delivered a strong performance with an insurance trading result of NZ$159 million for the full year, a 64 per cent increase on the prior year. 

This increase reflected a reduction in impacts from weather-related events during the year and additional claims costs in relation to the Canterbury earthquake events.

Gross written premium increased by 3 per cent over the period in the direct and intermediated businesses. An increased focus on personal insurance has resulted in pleasing unit growth of over 6 per cent over the past 12 months. Growth and improved client retention rates remain strong in commercial insurance despite challenging market conditions.

Vero New Zealand chief executive Gary Dransfield said Suncorp remained committed to investing in and growing the New Zealand business.

“In particular, we continue to invest in simplifying and transforming our business to make it easier for our customers, particularly at claims time. This includes technology investment and new product development as we saw with the launch of SumExtra this year.

“We continue to work through remaining claims in Canterbury and have continued to make progress in the past 12 months. Suncorp New Zealand has now paid $4.5 billion in claims to customers.”

“The remaining cases are the most complex ones and we are committed to resolving these directly with customers as soon as practicable. The resolution of Canterbury claims remains a key priority.”

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The Suncorp Group today reported a net profit after tax (NPAT) of AU$530 million for the six months to 31 December 2015.

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The information in this article has been compiled from various sources and is intended to be factual information only. Full details of policy terms and conditions are available from Vero Insurance New Zealand Limited or your financial adviser. For advice on product suitability, please contact your financial adviser. While we take reasonable steps to ensure that the information contained in this article is accurate and up-to-date, it is subject to change without notice. Vero Insurance New Zealand and its related companies does/do not accept any responsibility or liability in connection with your use of or reliance on this article.