Suncorp's NZ insurance posts 57% drop in annual profit on mounting disaster claims

Wed, 02 Aug 2017

By Paul McBeth Aug. 3 (BusinessDesk) - Suncorp Group's New Zealand insurance business posted a 57 percent drop in annual profit as a series of natural disasters, including last year's Kaikoura earthquake, pushed the value of claims beyond the firm's reinsurance claims. Net profit dropped to $87 million in the 12 months ended June 30 from $200 million a year earlier, due largely to a 20 percent jump in net incurred claims to $735 million, Suncorp said in a statement to the ASX. Total claims more than doubled to $1.9 billion in the year as...

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