Suncorp defies tough global economy and natural catastrophes to notch up big bounce in profits
Ex-Aviva UK chief executive Patrick Snowball was on a high today after the Australian bancassurance firm he now runs, Suncorp, reported a big jump in profits.
Net profit after tax jumped to $389m (£248m) for the half year to 31 December 2011, up from $223m in the prior corresponding period.
Snowball said: “I’m proud of what Suncorp has achieved over the last six months and am confident the transformation of our group is on track.”
General Insurance recorded an after tax profit of $162m for the half year to 31 December 2011, with the result impacted by natural hazard claims that were $149m above allowances as well as falling interest rates and increased reinsurance costs.
Australian short-tail classes grew with home up 15.9% and motor up 1.7%. Premium rates in these classes increased following ongoing adverse natural hazard experience and significantly higher reinsurance costs.
Commercial insurance gross written premium increased 9.3%. Higher reinsurance costs saw price increases for most commercial lines although the small to medium enterprise market remained challenging due to competition and the economic environment.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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