Suncorp New Zealand announces HY25 Financial Result

Suncorp New Zealand today reported financial results for the six months ending 31 December 2024, announcing a half year profit after tax of $248 million and general insurance gross written premium of $1,495m, up 6% on the prior comparable period (PCP).

Suncorp New Zealand Chief Executive Officer, Jimmy Higgins, said the company’s interim profit was driven by a benign natural hazard claims environment, an easing of claims inflation pressures, and solid investment income returns.

“Over the last six months we’ve grown our customer base and paid out $700 million in claims. Generally favourable weather conditions and a softening of inflation and construction prices have contributed to a decrease in claim costs and supported bottom-line growth. 

“The events of early 2023 fundamentally changed reinsurers risk outlook towards New Zealand, resulting in a significant rise in reinsurance pricing. These costs have begun to stabilise however, and when coupled with the easing of claims inflation, should contribute to a moderation of premium increases in the second half of the year, helping to reduce pressure on consumers.  

“We’re focussed on ensuring insurance remains affordable and accessible for Kiwi homes and businesses. To do that, we need to make Suncorp the most efficient and effective business we can. After the recent sale of Asteron Life we’re now a more streamlined general insurer, enabling us to better serve the needs of our customers and brokers. It’s vital we meet the needs of New Zealanders and deliver the products and services they want and need. This requirement is more important than ever given the complex environment and the impacts of climate change on our communities”, says Higgins. 

Suncorp New Zealand protects approximately 870,000 customers and almost $600 billion of assets across the country. Of the $700 million paid in claims, approximately $300 million was paid out in property losses and $250 million in vehicle related claims. The company saw growth in its intermediated and direct channels, with Suncorp NZ’s consumer portfolio expanding 10.5% on the PCP. More information on Suncorp Group’s financial performance is available here. 

About Suncorp New Zealand 

• Suncorp New Zealand (SNZ) includes Vero Insurance and Vero Liability, which provide intermediated services via a network of brokers. Suncorp New Zealand also has the joint venture direct to customer business AA Insurance (a joint venture between Suncorp New Zealand and the New Zealand Automobile Association).
• On 31 January, Suncorp New Zealand completed the sale of Asteron Life Limited to Resolution Life NOHC. 
• Suncorp New Zealand employs over 1,000 people in 13 offices around the country. 
• Suncorp New Zealand raised $417,000 for cancer research through its Spirit to Cure initiative during 1HY25 which was donated to Leukaemia & Blood Cancer New Zealand and the Cancer Research Trust NZ. Over the past three years, Spirit to Cure has collectively raised a remarkable total of $1 million in support of this amazing cause.