Suncorp New Zealand reports a net profit after tax of $129 million for the six months to 31 December 2020, up 19.3 per cent on the prior corresponding period.
The firm’s New Zealand life insurance business – Asteron Life – delivered profit after tax of $29 million, $15 million above the prior corresponding period. The result, says the firm, was driven by “…improved claims experience and favourable investment returns”.
New business increased by $1 million at Asteron on the prior corresponding period reflecting growth in submissions from independent financial advisers, and retention rates continue to be above system. In-force premium grew 3.7 per cent on the prior period, supported by CPI and age-related premium growth.
Suncorp CEO Jimmy Higgins says that in 2020 the company established a new end-to-end operating model for Asteron Life, and says the team has made good progress on the implementation of new systems.
“Adviser support actions, and will continue to focus on growing new business across all of Asteron Life’s distribution channels,” he says.
Higgins says that the hardship fund established by Suncorp New Zealand last year continues to be available to customers experiencing financial vulnerability.
“Insurance plays a big part in New Zealanders’ financial resilience, and we want to help customers maintain cover through these uncertain economic times. We also continue to look for new ways to provide products and services that meet different views of value and accessibility.”
Suncorp New Zealand is aiming for net-zero emissions by 2050, in line with the New Zealand’s Zero Carbon Act, and is a member of RE100, a partnership of businesses who share a common goal of transitioning to 100% renewable electricity.
The business also announced it had increased its sponsorship of the TupuToa programme, with seven new Māori and Pasifika interns joining the business in 2020.