Suncorp Group, Australia-based general insurance company, has reported a net profit of A$548m for the first half of 2013, compared to A$574m during the comparable period last fiscal.
The decrease in profit was due to increase in general insurance claims. Due to weather events, Suncorp claims rose by 12% to $3.3bn.
Profit from the company’s general insurance division decreased to A$470m, down from A$564m during the corresponding period earlier year.
Suncorp banking division registered a net profit of A$105m, up from $4m during the comparable period a year ago.
Due to increasing claims, its life insurance division profit decreased by 57% to $22m.