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Suncorp Group Limited (Sun) 3 August 2017

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Suncorp Group Limited (Sun) 3 August 2017 SUNCORP GROUP LIMITED (SUN) 3 AUGUST 2017 RESULTS Full Year 2017 Full Year 2016 CHANGE Cash Earnings ($m) 1,145 1,089 +5.1% Australian Insurance GWP ($m) 8,111 7,803 +3.9% Gross Written Premiums Australian Insurance NPAT ($m) 723 558 +29.6 Banking & Wealth NPAT ($m) 400 418 -4.3% Group NPAT ($m) 1,075 1,038 +3.6% Bloomberg Consensus ($m) 1,210 Final Dividend ($) 0.40 0.38 +5.3% Suncorp (SUN) insurance arm outperforms its banking division Suncorp Group Limited (SUN) cash profit for the 2017 full year came in lower than expected as the banking and insurance firm continues to spend on its refresh strategy. SUN posted a group Net Profit After Tax (NPAT) increase of 3.6% to $1,075 million, helped by a lift in insurance premiums and tight cost management. Suncorp’s Australian insurance business listed a better than expected lift in profit, helped by a 3.9% lift in Gross Written Premiums and lower costs from Natural hazards. SUN noted that recent elevated incidence claims within the income protection and trauma businesses are being carefully monitored. General insurance claims lifted in the second half of the year group claims ratio of 71.1% up from 66.4% in the first half of the year. Suncorp’s Life Insurance net profit after tax fell 50% to $34 million as the company works to keep underlying profits stable. Challenging market conditions has made it harder to lock in new business and renew contracts. SUN’s New Zealand insurance unit was hit by the Kaikoura earthquake and related reinsurance costs due to the quake. Suncorp Bank NPAT fell by 4.3% year on year to $400 million, even as lending increased by 1.9% over the year. Mortgage growth was up 1.3% on the same time last year in the second half of 2017. Business loan growth was robust even with tougher lending requirements and costs involved with the “progressive rollout of the Suncorp strategy. Operating expenses were up 2.9% on new project spend on the roll out of its refreshed strategy and ‘One Suncorp’ model. Suncorp will pay a final dividend of $0.40 a share on 20 September 2017. This takes the full year dividend to $0.73 with the second half payout ratio of 81.9%, above the company’s guidance and expected payout ratio of 60-80% for FY18. Commonwealth Securities Limited ABN 60 067 254 399 AFSL 238814 ("CommSec") is a wholly owned, but non-guaranteed, subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124 AFSL 234945 ("the Bank") and both entities are incorporated in Australia with limited liability. This information is directed and available to and for the benefit of Australian residents only and is not a recommendation or forecast. This information has been prepared without taking account of the objectives, needs, financial and taxation situation of any particular individual. For this reason, any individual should, before acting on the information on this site, consider the appropriateness of the information, having regards to their own objectives, needs, financial and taxation situation, and, if necessary, seek appropriate independent financial, foreign exchange and taxation advice. CommSec, and its related bodies corporate, do not accept any liability for any loss or damage arising out of the use of all or any part of this information. We believe that this information is correct as at the time of its compilation, but no warranty is made as to its accuracy, reliability or completeness commsec.com.au/reportingseason Twitter: @commsec .
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