Suncorp has announced a significant lift in its financial performance, reporting a 52 per cent increase in net profit to $1.8 billion. This substantial rise includes gains realised from the sale of its banking operations to ANZ. The company is now operating as a pure-play general insurer. Suncorp’s cash earnings reached $1.4 billion, marking an 8.3 per cent increase.
In light of these results, Suncorp will distribute a fully franked ordinary dividend of 90¢ per share for the full year. Additionally, the company has revealed plans for an on-market share buyback of up to $400 million during the 2026 financial year, set to commence in September. This move aims to deliver further value to shareholders following the simplification of the business.
Gross written premium reached $15 billion. However, Suncorp noted a moderation in top-line growth during the second half of the year, attributing this to increased competition within the insurance market. Suncorp provides insurance (Home, Car, Business, Life and Travel) and banking products and services in Australia and New Zealand.
CEO Steve Johnston acknowledged the financial strain experienced by customers due to rising costs across the country, which included the impact of increased insurance premiums. He added, “Pleasingly, the increases in customer premiums continue to moderate as supply chain inflation eases and reinsurance markets stabilise,” indicating a positive trend for consumers.
