Asteron Life delivered an after tax profit of $38 million to owner Suncorp New Zealand in the 12 months to June. The figure is $2 million less than the prior corresponding period.
Suncorp NZ’s CEO Jimmy Higgins says the firm’s “strong underlying performance” was driven by improved claims experience but was offset by “…unfavourable market adjustments as a result of a rising interest rate environment”.
Asteron Life’s in-force premium growth of 4% for the period was driven by new business growth and strong retention rates, says Higgins in a statement.
“New business was $2 million higher than the previous corresponding period, mainly due to increased business through independent financial advisers,” he says.
Higgins says Asteron Life’s focus on supporting financial advisers and customers through Covid-19, and its suite of products, were being recognised by advisers for delivering good customer outcomes.
Suncorp New Zealand made a net profit after tax of $215 million for the 12 month period, down 17% on the prior corresponding period.
Higgins says the New Zealand result was impacted by natural hazard claims costs associated with the recent Auckland Tornado as well as floods in Napier, Northland and Canterbury, which pushed natural hazard costs $45 million higher than the prior year.
Parent company Suncorp Group announced an net profit after tax of AU$1,064 million, up 42.1%.