Suncorp, Australia and New Zealand's second-largest insurer, reported a 14% increase in first-half cash earnings to A$660m, with home and motor insurance premiums rising by 9.

Suncorp, Australia and New Zealand's second-largest insurer, reported a 14% increase in first-half cash earnings to A$660m ($424m), as average premiums for home and motor insurance rose by 9.9% and 15.9% respectively. The company attributed the increase in premiums to higher reinsurance costs, inflationary pressures, and the impact of six severe weather events in November and December. Suncorp's New Zealand division reported a 3.3% increase in half-year profit to A$94m, while premium income rose 20%.

February 25, 2024
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