News | Environment
23 Feb 2018 1:41
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
     22 Feb: Taranaki properties still wait for power
     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
     20 Feb: South Island, Taranaki brace for Gita
     20 Feb: KiwiRail earnings up despite Kaikoura woes
     Top Stories

    RUGBY RUGBY
    Super Rugby week-two preview panel More...


    BUSINESS BUSINESS
    Shares gain as investors take a2 above $9b More...



     Today's News

    General:
    Winter Olympics: Russian mixed doubles curling team lose bronze medals after Alexander Krushelnitsky's positive test 22:15

    Skiing:
    Teenage Kiwi duo win Olympic bronze 21:55

    Technology:
    Russia-linked internet bots trying to make the world an angrier place 21:45

    International:
    Winter Olympics speed skaters and the athletes whose unusual bodies suit their sports 21:45

    Entertainment:
    Oscar Isaac knew he wanted to marry her after he saw his pregnant wife take care of his sick mother 21:35

    Rugby League:
    McLean faces NRL Storm front in NQld debut 21:15

    Entertainment:
    Matt LeBlac is “sure” Jennifer Aniston is “doing okay” following her split from Justin Theroux 21:05

    Entertainment:
    January Jones has insisted she is not dating Nick Viall 20:35

    Entertainment:
    George and Amal Clooney have donated $500,000 to the March For Our Lives movement 20:05

    Entertainment:
    Liam Gallagher has said the key to being a “rock star” is having “loud farts” 19:35


     News Search






    Power Search


    © 2018 New Zealand City Ltd