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Suncorp Group has reported a significant 89% year-on-year jump in net profit for the first half of the 2024 financial year (FY 2025), reaching $693 million (A$1.1 billion). This surge was primarily driven by a one-off gain of $158.76 million (A$252 million) from the sale of Suncorp Bank, completed on July 31, 2024.
Key highlights from the result include:
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- Earnings Per Share (EPS): The EPS for the period stood at $54.54 (A$86.56), a notable increase from the previous year’s $28.94 (A$45.94).
- Favourable Natural Hazard Conditions: The company benefited from more favorable natural hazard conditions during the period.
Positive Investment Returns: Investment returns also contributed positively to the result. - Absence of Prior-Year Reserve Strengthening: No reserve strengthening was needed in this period, further boosting the bottom line.
General Insurance:
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- Gross Written Premium (GWP): GWP increased by 8.9%, driven by both unit growth and price adjustments to address claims inflation and higher hazard allowances.
- Operating Expenses: Operating expenses in the General Insurance division rose by 7.4% to $538.65 million (A$855 million), driven by increased project spending and investments aimed at driving future growth.
- Efficiency Measures: The company implemented measures that helped lower insurance expense ratios, contributing to improved operational efficiency.
Overall, Suncorp’s H1 results reflect a strong financial performance, aided by strategic moves like the sale of Suncorp Bank and continued growth in its insurance business.
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