Suncorp Starts the Capital Management Initiatives Following the Life Company Sale
No-moat-rated Suncorp Group’s sharp fall in first-half fiscal 2019 earnings was forewarned with the Sydney storm update on Jan. 3, 2019 but we were disappointed with the outlook for additional regulatory costs in second-half fiscal 2019, and higher natural hazard allowance and extra reinsurance costs in fiscal 2020. The Sydney hailstorm in December 2018 was the main culprit for the 13% decline in first-half fiscal 2019 cash profit to AUD 413 million compared with a year ago. Lower investment ear...Suncorp Group is engaged in the general insurance, banking, life insurance, superannuation products and related services to the retail, corporate and commercial sectors. Co.'s segments are: Personal Insurance, which include home and contents insurance, motor insurance and travel insurance; Commercial Insurance, which include commercial motor insurance, commercial property insurance and marine insurance; General Insurance, which include home and contents insurance, motor insurance, marine insurance; Bank, which include personal and commercial banking; and Life, which include financial planning and funds administration services.
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