News | Environment
23 Feb 2018 19:53
NZCity News
NZCity CalculatorReturn to NZCity

  • Start Page
  • Personalise
  • Sport
  • Weather
  • Finance
  • Shopping
  • Jobs
  • Horoscopes
  • Lotto Results
  • Photo Gallery
  • Site Gallery
  • TVNow
  • Dating
  • SearchNZ
  • NZSearch
  • Crime.co.nz
  • RugbyLeague
  • Make Home
  • About NZCity
  • Contact NZCity
  • Your Privacy
  • Advertising
  • Login
  • Join for Free

  •   Home > News > Environment

    Suncorp's NZ unit lifts 1H profit 81pc

    Suncorp's NZ insurance division lifted first-half profit 81 per cent as Vero Insurance faced fewer claims in a period when there were no major earthquakes.



    Suncorp Group's NZ insurance division lifted first-half profit 81 per cent as the Australian owner of Vero Insurance faced fewer claims in a period when there were no major earthquakes.

    After-tax profit rose to $67 million in the six months ended December 31 from $37m a year earlier, Brisbane-based Suncorp said in a statement to the ASX.

    The bulk of that came from the general insurance division, which consists of Vero and the AA Insurance joint venture, which more than doubled profit to $50m, as net incurred claims shrank 6.5 per cent to $348m from the year-earlier period which included the Kaikoura earthquake.

    Gross written premium rose 7.6 per cent to $768m, with auto and home insurance premiums growing at a double-digit pace.

    "The New Zealand general insurance business has maintained strong growth and underlying performance," Suncorp said.

    "Natural hazard experience is significantly lower than the prior year's earthquake-affected result."

    The result echoes that of larger rival Insurance Australia Group, New Zealand's biggest general insurer, which more than tripled first-half earnings on the absence of earthquake claims.

    Suncorp said it's working on a series of initiatives to lift earnings at the New Zealand unit, and will keep focusing on motor claims cost inflation with new pricing and improving claims management processes.

    Suncorp's New Zealand life insurance division, the Asteron Life and AA Life joint venture, posted a 5.6 per cent decline in first-half profit to $17m on what it said was "short-term volatility" in claims experience.


    NZN




    © 2018 NZN, NZCity


     Other Environment News
     23 Feb: Limited re-opening of Takaka Hill Sunday
     23 Feb: EQC chairman quits as govt steps in
     23 Feb: NZ summer set to be hottest on record
     22 Feb: Category six cyclone rating needed as storms get bigger, New Zealand Climate Minister says
     21 Feb: Gita hits New Plymouth's water supplies
     21 Feb: Number of South Island roads re-open
     21 Feb: Data shows rebuild progress after quake
     Top Stories

    RUGBY RUGBY
    Tahs want to put pride back in jersey More...


    BUSINESS BUSINESS
    Northport upbeat on regional fund More...



     Today's News

    Entertainment:
    Liam Gallagher performed a moving rendition of Oasis hit 'Live Forever' at the BRIT Awards in memory of those who lost their lives in the Manchester terror attack last year 19:35

    Entertainment:
    Hailey Baldwin was left completely star-struck when she walked the same red carpet as Courteney Cox at the BRIT Awards 2018 19:05

    Rugby:
    Tahs want to put pride back in jersey 18:55

    Environment:
    Limited re-opening of Takaka Hill Sunday 18:45

    Entertainment:
    Kylie Minogue says being at the BRIT Awards 2018 reminded her of how nervous she was before her iconic performance at the 2002 ceremony 18:35

    International:
    Kokoda Track: Protesting landowners end blockade of famous trek 18:15

    Rugby:
    Arnold twins could make rugby history 18:05

    Entertainment:
    Stars including Rita Ora and Dua Lipa have shown their support for the #MeToo movement by holding white roses on the BRIT Awards red carpet 18:05

    Entertainment:
    Harvey Weinstein has claimed Gwyneth Paltrow’s sexual harassment allegations against him are false, as she continued to work with him after the alleged misconduct took place 17:35

    Soccer:
    Glory aims to win 'Cup final' against City 17:25


     News Search






    Power Search


    © 2018 New Zealand City Ltd