Floods cause Suncorp NZ's full-year profit to dive by 30%

(Image: Getty)

Wed, 09 Aug 2023

The North Island’s flooding and cyclone events in early 2023 saw Suncorp New Zealand’s full-year net profit plummet by 30.3%.Suncorp NZ’s net profit for the 12 months ended June 30 was $115 million versus $165m in the prior period.Meanwhile, the wider Suncorp group saw its full-year net profit lift 68.6% and into billion-dollar territory which the company attributed to a bounce back from mark-to-market losses it experienced in the prior period. Group net profit for the 12 months ended June 30 was A$1.148 billion (N$1.238...

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