Suncorp’s full-year earnings climb 12% YoY

Its general insurance segment’s GWP increased by 14%.

Suncorp’s full year 2024 (FY 2024) reported a net profit after tax (NPAT) of $0.80b (A$1.2b), up 11.8% year-on-year (YoY) from the previous year, driven by improved underlying margins, positive investment returns, and natural hazard costs below allowances.

Cash earnings rose to $0.94b (A$1.4b) from $0.80b (A$1.2b). The recently sold Bank, which was acquired by ANZ on 31 July, contributed $0.25b (A$379m) to NPAT, down from $0.32b (A$470m) the previous year.

In the General Insurance business, gross written premium (GWP) increased by 13.9%, driven by unit growth and targeted price increases in response to higher costs from reinsurance, natural hazards, and claims inflation.

The underlying insurance trading ratio (UITR) for the second half of FY 2024 rose to 12.0%, with the full year increasing to 11.1%, supported by revenue growth, price increases, and efficiency gains.

The board declared a fully franked final ordinary dividend of 44 cents per share, bringing the total for FY 2024 to 78 cents per share.

($1.00 = A$1.49)