Suncorp NZ profit falls 25% to $316m as weather and competition bite
Suncorp New Zealand's annual profit dropped $103 million due to severe weather events and increased competition from overseas insurers.
Suncorp New Zealand reported a net profit of $316 million for the June year, down 25% from $419 million a year earlier. The decline was driven by a higher-than-normal number of adverse weather events and claims, combined with increased competition from overseas insurers and tough economic conditions. As NZ's second-largest insurer, the company faced pressure from both natural hazards and a weak commercial market.
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interest.co.nz
Storms and soft market hit Suncorp NZ's profit
Weak commercial market and 'elevated' natural hazard events drives Suncorp NZ’s annual profit down $103 million to $316 million
BusinessDesk
Severe weather results in Suncorp NZ's profits down 25%
Competition from overseas insurers, tough economic conditions and a higher-than-normal number of adverse weather events helped drive Suncorp New Zealand’s net profit down by 25% over the June year. The company, NZ’s second biggest insurer after IAG, reported a net…
NZ Herald
Suncorp NZ profit falls 25% to $316m amid adverse weather events and competition
Suncorp NZ profit falls 25% to $316m as weather claims and competition rise.