Suncorp New Zealand announces 2016 full year results

Suncorp New Zealand announces 2016 full year results

Suncorp Group Limited today reported net profit after tax (NPAT) of A$1,038 million for the 12 months to 30 June 2016.

Suncorp New Zealand’s operations, across General and Life Insurance, delivered a solid earnings result, with an after tax contribution of NZ$198 million.

The general insurance business, which consists of Vero Insurance and AA Insurance, delivered an insurance trading result of NZ$178 million for the full year – an 11.9% increase on the prior year.

Gross Written Premium (GWP) increased 3.2% for the period due to growth in personal lines through both the direct and intermediated channels.

The New Zealand life business, which consists of Asteron Life and AA Life, grew its in-force portfolio by 8% to NZ$230 million, through its sustainable intermediary relationships and a market leading customer retention strategy.

Chief Executive of Suncorp New Zealand, Paul Smeaton, said with the new operating model now fully operational, the business is well positioned to deliver on its strategy to build resilience, capacity and a marketplace that will meet New Zealanders’ needs.

“Our vision is to be the number one choice for New Zealanders because we give our customers the freedom and flexibility to look after their financial wellbeing in a way that best suits them,” said Mr Smeaton.

“Key to our continued success is the strong relationship with brokers, advisers and business partners.”

Canterbury earthquake claims

Vero has now settled over NZ$4.9 billion of claims relating to the Canterbury earthquakes, representing 92% of expected claims costs.

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