Suncorp’s fiscal year profit drops 34.1% due to volatility and natural hazard costs

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   By Alice Uribe 
 

SYDNEY – Suncorp Group Ltd. said its annual net profit fell 34.1%, due to investment market volatility and increased natural hazard costs.

Australia’s general insurer reported net profit of A$681.0 million ($470.20) for the 12 months to June, up from A$1.03 billion a year earlier.

Suncorp’s cash profit, a metric tracked by analysts that excludes certain costs and one-time items, fell 36.7% to A$673.0 million.

The directors of the company declared a final dividend of A$0.17/share. Last year, it declared a final ordinary dividend of A$0.40/share and a special dividend of A$0.08/share.

Chief Executive Steve Johnston said that in a difficult year the company maintained momentum on its key strategic initiatives.

“We are proud of what we have achieved this year and the hard work we have put in over the past three years means we are able to reaffirm our goals for FY23,” he said.

Consensus forecasts compiled by FactSet predicted that Suncorp’s annual profit would be A$676.0 million.

 

Write to Alice Uribe at alice.uribe@wsj.com

 

(END) Dow Jones Newswire

August 07, 2022 6:45 p.m. ET (22:45 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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