The Brisbane-based financial conglomerate has also reported a spike in lending in its banking arm,Flooding in Auckland will hit Suncorp earnings for the full year.The trends were outlined as Suncorp unveiled a 63 per cent rise in cash profits for the six months to December of $588 million.
That was assisted by the release of almost $150 million in provisions that were previously set aside for potential COVID-19-related business interruption claims. That’s after insurers recently won a final round of legal test cases about whether they had to pay out such pandemic-related claims.The results reflected more pain for consumers in prices. The average written premium for homes was up 10.7 per cent, extending recent increases.
Still, Suncorp’s overall home policies rose 1.4 per cent “driven by landlord policies in the Terri Scheer Insurance brand”, its accounts said. It had focused on increasing the capacity of smash repair networks it used, while trying to have more customers file claims online to lower costs.Suncorp confirmed flooding in the past fortnight in NZ’s AucklandThe banking arm’s loan book rose $2.8 billion to $64.9 billion as of December. The home lending side of that was $2.6 billion – almost 10.4 per cent on an annualised basis with Suncorp aggressively offering cash back payments of $4000 on loans over $1 million.
Source: Insurance Report (insurancereport.net)
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