Full Year 2024 Suncorp Group Ltd Earnings Call Transcript
Key Points
- Suncorp Group Ltd (SNMCY) reported an increase in cash earnings to $1,372 million and net profit after tax of $1,197 million for the financial year 2024.
- The underlying profit after tax in the General Insurance (GI) business increased by 29% to $1,104 million, with an underlying ITR improvement to 11.1% for the full year.
- The consumer business achieved growth of 10% in home insurance and 16% in motor insurance, reflecting strong unit growth and average written premium increases.
- The New Zealand GI business reported premium growth of 17%, driven by pricing increases and solid unit growth, particularly in the consumer portfolio.
- The Board declared a final fully franked dividend of $0.44 per share, representing a payout ratio of 72% of cash earnings for the full year.
- The CFO, Jeremy, was absent from the earnings call due to a minor surgical procedure, which may have impacted the depth of financial insights provided.
- The bank's FY24 performance showed a decline in profit due to competitive pressures on NIM, lower other operating income, and higher expenses.
- The Queensland CTP portfolio faced challenges, including a $39 million onerous contract provision and the need for scheme reform due to margin disparities among participants.
- The GI business experienced elevated water and fire claims, contributing to sticky inflation in the home insurance portfolio.
- The capital position at June 30 showed a reduction in the GI CET1 ratio from 1.22 times to 1.15 times PCA, partly due to changes in capital targets and higher capital usage driven by growth and inflation.
Good morning and welcome, everyone. And to those joining us here in the office, if you could put your mobile phones on silent. And of course, if there's any need to evacuate, follow the instructions of the team. Let me begin by acknowledging the traditional owners of the lands upon which we meet and pay our respects to Elders, past and present.
As you would have seen in our ASX on Friday. Unfortunately, our CFO, Jeremy, has had a minor surgical procedure last week, and on the instructions of his doctor, he's reluctantly not with us today. I had asked (inaudible), to help me deliver the result, but he might have had a bit of time, obviously, but it doesn't. I'm sure I speak for everyone in wishing Jeremy a speedy recovery and understand he'll be back at work later in the week. So hopefully, we'll be back on the roadshow.
So what that means is I'll incorporate the usual CFO results overview into my presentation. And following that, we'll ask the key P&L CEOs to join me to answer
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
