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Media release

SUNCORP NEW ZEALAND ANNOUN­CES HALF YEAR RESULTS 2016

11 February, 2016

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

Suncorp’s New Zealand general insurance business, which consists of Vero New Zealand and AA Insurance, contributed an insurance trading result of NZ$83 million for the half year.

Gross Written Premium (GWP) grew by 2.7% through direct and intermediated distribution channels.

Paul Smeaton, Chief Executive of Vero New Zealand, said significant growth in personal insurance, particularly home and motor insurance, has supported a strong result for the New Zealand business.

“New Zealand is building a multi-channel business across both personal and commercial lines, and today’s result demonstrates our focus on becoming a more resilient and sustainable business.

“Our policyholder customers and valued business partners are a key focus for us, and we continue to look at ways to make it easier for them to engage with us.”

“We’ve demonstrated this in our new partnership with Warehouse Money, which allows customers to quote and buy online, and our SumExtra benefit, which provides eligible policyholders with extra house cover at no extra cost.”

Christchurch earthquake claims

Vero has now settled NZ$4.7 billion of claims relating to the Christchurch earthquake, representing 89% of expected total claims costs.

“We’re committed to resolving every claim and we hope to be near completion with that programme by the end of 2016.

“Vero has also taken an active role in the EQC review and we’re looking forward to the results of that this year – we see this as an opportunity to really embed all the learnings from the earthquakes.”

ASX announcement

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