Stormy weather sees Suncorp NZ profit sink by a third

Tue, 08 Feb 2022

Suncorp’s New Zealand unit reported a 35% slide in first-half profit as heavy storms through the middle of 2021 saw more claims paid out than the insurer expected.The Australian-owned general and life insurer reported a net profit of $84 million in the six months ended Dec 31, down from $129m a year earlier. The general insurance unit – consisting of the Vero and AA Insurance brands – posted a 22% decline in profit to $78m, due mainly to claims resulting from heavy rain and storms in July, August and September coming in $41m a...

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