Suncorp's NZ insurance business posts 57% drop in first-half profit on quake costs

Wed, 08 Feb 2017

By Jonathan Underhill Feb. 9 (BusinessDesk) - Suncorp Group's New Zealand insurance units posted a 57 percent decline in first-half profit, mainly reflecting the Kaikoura earthquake and additional 'over-cap' claims from the 2010/11 Canterbury earthquakes. Suncorp New Zealand’s general insurance and life insurance businesses had a profit of $37 million, down from $87 million a year earlier. The decline was mostly in Suncorp's NZ general insurance business, which operates Vero Insurance and AA Insurance in a joint venture, recording a 72 pe...

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