Suncorp Group has reported a net profit after tax of $491m for the full year 2013, a decrease of 32% compared to $724m last fiscal.
The drop in profits is mainly due to $632m loss after tax from resolution of the Non-core Bank.
Profit after tax from core business lines rose by 19%, which stood at $1.23bn, against $1.03bn during the corresponding period earlier year, owing to strong growth, maintained or growing margins and operational efficiency.
Commenting on the results, Suncorp chairman Dr Ziggy Switkowski said the group had delivered solid earnings from its core businesses, strengthened the balance sheet and increased dividends.
Suncorp CEO Patrick Snowball commented the group’s business lines were all delivering growth within risk appetite and had maintained or improved margins through operational efficiencies and a focus on cost control.
General Insurance posted an after-tax profit of $883m, compared to $493m, last year, while gross written premium (GWP) rose by 8% to $8.58bn with all product lines recording strong growth.
GWP increased by 10.4% and 4.7% in home portfolio and motor segment, respectively, while in commercial insurance, GWP increased by 8.4%.
Suncorp Life profit after tax stood at $60, while its underlying profit after tax was $120m, down on the prior year due to negative experience against lapse and claims assumptions.
Suncorp Core Bank delivered an after-tax profit of $289m, while asset growth stood at 9.5%, which was achieved across the bank’s segments of mortgages, agribusiness and commercial/SME lending.