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Suncorp NZ profit knocked by wild weather

Staff reporters
Mon, 09 Aug 2021

Suncorp’s New Zealand unit posted a 17% decline in net profit to $217 million in the 12 months ended June 30, with the insurer paying out more on natural hazards such as the Napier floods in November and South Island storm in May.The Australian-owned general and life insurer – which runs the Vero Insurance, AA Insurance and AA Life joint ventures, and Asteron Life brands – reported a 17.7% increase in net claims of $864m due to the natural hazards and as claims on cars returned to normal having dropped during the prior year&rs...

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