Suncorp NZ remediation bill mounts

Fri, 21 Aug 2020

Suncorp Group’s New Zealand division expects to spend three times as much to remediate historic discounting issues, but still managed to maintain its profitability.The Australian insurer is a major player in NZ with a suite of New Zealand brands including Vero Insurance, the AA Insurance joint venture, Asteron Life and AA Life. In February it said it had put aside $8 million to cover remediation costs over discounting issues.Today, it said it recognised $18 million in remediation provisions against its premium income for the customer disc...

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