Suncorp NZ’s half year profit after tax is $94m, an increase of 3.3% on the previous corresponding period (PCP).
However, its life insurance arm – Asteron Life – saw half-year profits of $14m, a decrease of 12.5%.
The firm has in-force premiums of $330m, up 7.1%, supported by new business, CPI, age-related premium growth, “…and strong retention”.
Asteron’s new business totals $13 million for the half year, up $1 million on the PCP, driven “…by strong adviser engagement and support, with growth in all channels. Retention rates continue to be better than system”.
Suncorp NZ’s CEO Jimmy Higgins says the business is conscious of the current pressures on customers, and thanks insurance brokers and business partners.
He says the business is using multiple levers, analytics and insights to help customers better understand how their premiums are made up, what they can do to manage their premiums and what options are available to them if they are struggling.
“Operationally, we’ll continue to work towards our vision of ‘expertise delivered simply’, which includes improving our underwriting and pricing capability as well as improvements to our technology platforms,” says Higgins.
“We are committed to working with central and local government to improve our collective understanding of natural hazard risks and how we can reduce or mitigate these risks through proper, longer-term investments into planning and development decisions.”