Trading Room home page

Suncorp lifts first half profit

Market watch top headlines

Australian reports

World reports

Stocks to watch

AGK, AGO, API, BLY, LEI, OSH, TLS,

AAP

2013-02-20

Suncorp Group's first half profit has grown by 48 per cent due to lower insurance claims and stronger financial markets in the six months to the end of December.

The financial company on Wednesday said the cost of claims from floods and bushfires since the end of December total up to $417 million, which is still below its allowance of $520 million for the full 2012/13 financial year.

Suncorp made a net profit of $574 million in the six months to December 31, up from $389 million in the previous corresponding period.

Revenue in the six months to December of $8.2 billion was up 1.4 per cent from $8.1 billion in the same period the previous year.

"While this result does reflect more benign weather conditions and improved investment markets, our business is in good shape," chief executive Patrick Snowball said in a statement.

Suncorp declared an interim dividend of 25 cents per share, 80 per cent franked, up from 20 cents at the same time the previous year.

MOR