Financial Stocks News Suncorp Group (SUN)
24th Feb 2011
Suncorp Group (SUN) is Australia’s fifth largest listed bank, and one of the largest general insurance groups.
The group is a leader in banking, insurance, investment and superannuation and focuses on retail customers and small to medium businesses.
On 23 February, SUN reported its 1H11 results, keeping the market content.
Net profit after tax (NPAT) of $223 million for the half was down from $364 million in the prior year’s half.
SUN attributed the 39% decline to the succession of natural disasters throughout Australia and New Zealand and write-downs following asset sales.
SUN declared a half dividend of 15 cents per share, towards the midpoint of its stated 50% – 60% target range.
Cash earnings per share (EPS) excluding divestments, the basis of SUN’s dividend payouts, were 27.7 cents.
Suncorp Group noted the total amount of reinsurance protection it will receive is approximately $1.5 billion.
SUN has incurred a further cost of $173 million to reinstate its reinsurance coverage so it is fully protected against major events for the balance of the year.
With the profit loss hardly surprising given the amount of natural disasters occurring over the last year, SUN finished the day up 0.2%, outperforming the share market, which declined 0.2%.
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