Growth in Suncorp's insurance and banking operations boosted its 2013/14 annual profit by 49 per cent to $730 million, as the company lifted insurance premiums, incurred lower claims, and increased loans and deposits.
That business made a profit of $1. 01 billion in 2013/14, up 14 per cent on the prior year due to lower natural hazard claims and a three per cent rise in written premiums.
Suncorp also took $320 million off the value of goodwill associated with its life insurance business, which was recognised in Suncorp's overall profit.
Suncorp bank made a profit of $228 million in 2013/14, up from a loss of $343 million a year earlier.
Suncorp paid out $538 million in natural hazard claims in the year, $27 million lower than its allowances.
Shareholders are also being rewarded with an $895 million dividend payout, with the final dividend up 10 cents to 40 cents per share, plus a special dividend of 30 cents up from 20 cents a year ago.
You will also find that we have outperformed by 50 per cent the ASX in that time, and this year our retail shareholders in Queensland received the highest dividend they've ever got from Suncorp," he said.
He has forecast further growth for Suncorp in the current financial year, as it moves on from years of troubles in its banking business due to failed loans.
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