Suncorp has reported a 6 per cent revenue fall following an “unprecedented” storm and bushfire season that forced it to safeguard margins from massive payouts by boosting its reinsurance cover.
The insurance giant’s half-year results reveal the fall was buffered by a profit injection from the sale of two repairs businesses, Capital SMART and ACM Parts, for $293 million, which saw the company’s net profit after tax come out on top at $642 million, up 156.8 per cent from the same time last year.
The company faced seven natural hazard events over the half-year period, with 42,219 claims lodged in Australia and 3,260 in New Zealand.
In a presentation of the results, Suncorp chief executive Steve Johnston sought to “widen the discussion” about the impact of the extreme weather and called for a national response to climate change.
“Against a scorecard of lives lost, properties destroyed and saved and communities torn apart, it continues to be abundantly clear that more needs to be done,” Mr Johnston said.
“For some time, our company has been arguing for a national response to improve the robustness of our private infrastructure and incentives to make out communities more resilient in the face of a changing climate.”
More to come