Suncorp New Zealand announces FY24 Financial Result

19 August 2024

Suncorp New Zealand today reported a FY24 result; profit after tax of $230 million (year ending 30 June).

“Profit is up on the prior year largely due to a much better year for weather events, investment markets were much stronger this year than last year, we’ve increased our customer base, and while we paid out $1.21 billion in claims, we have started to see some of the claims costs and inflation moderate”, says CEO Jimmy Higgins.

Suncorp New Zealand wrote $2,858 million, our gross written premium, and saw strong growth in our intermediated and direct channels largely in the Consumer portfolios.

Suncorp New Zealand protects approximately 850,000 households and $590 billion of assets across the country. Of the $1.21 billion paid in claims, approximately $600 million was paid out in property losses, and $400 million in vehicle related claims. 

New Suncorp New Zealand Chief Executive Officer, Jimmy Higgins

“As a Trans-Tasman insurer, we’re in the business of building futures and protecting what matters, and that means we need to be here for generations to come. The ability of Kiwi families to recover after the impact of extreme natural hazard events, or other events such as a fire, depends on how well prepared they are for the unexpected – that’s where we come in. To be there in those moments helping families, businesses and communities get back on their feet as quickly as possible,” says Higgins.

Life Insurance reported profit after tax of $19 million. In-force premium of $336 million, grew 5.3% due to strong new business and retention performance. This result reflects Asteron Life’s focus on sustainable growth and its position as a trusted provider of quality products to customers, via both adviser and direct channels.

About Suncorp New Zealand

• Suncorp New Zealand (SNZ) includes Vero Insurance and Vero Liability, which provide intermediated services via a network of brokers and Asteron Life. 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 4 April, Suncorp Group Limited announced it entered into a share sale and purchase agreement with Resolution Life NOHC to sell its New Zealand Life Insurance business, Asteron Life Limited. This is subject to approval from the Reserve Bank of NZ.
• Suncorp New Zealand employs over 1,000 people in 13 offices around the country.
• Suncorp New Zealand increased investment into its Drive product during FY24, which aims to improve accessibility to car insurance for financially vulnerable New Zealanders. Drive is offered in partnership with Good Shepherd NZ in conjunction with its Good Loans Programme.
• Suncorp New Zealand raised $354,000 for cancer research through its Spirit to Cure initiative during FY24. 

Media enquiries: Kimberley Cameron +64 27 208 1268