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Suncorp New Zealand focused on weather impacted customers while announcing half year result

8 February 2023

Suncorp New Zealand is firmly focused on customers impacted by the Auckland weather event as it today announced the result from the first half of its current financial year. 

Suncorp New Zealand announced a profit after tax of NZ $91 million for the first six months of its financial year (ending December 31, 2022), an 8.3% increase from the previous year and a reflection of the strong customer growth in the New Zealand insurance business. 

The Suncorp New Zealand half year result includes contributions from its general insurance brand Vero Insurance, it’s life insurance brand Asteron Life, Vero Liability and AA Insurance, a joint venture between the New Zealand Automobile Association (AA) and Suncorp Group New Zealand. 

However, Suncorp New Zealand CEO Jimmy Higgins says while the company delivered a strong first half performance, its second half performance is likely to be impacted by the recent devastating floods and land slips across Auckland and parts of the North Island.

“Friday January 27 was the wettest 24 hours on record in over 60 years. There are indications that this was a 1-in-250-year event with some areas of Auckland getting more than 280mm of rain in 24 hours. 

“The significance of this event has reached the corridors of global reinsurers who have supported New Zealand insurance markets over the years and events such as these will cause risk models to be updated. However, our focus right now is helping our customers to assess, recover and move on from the events of the Auckland Anniversary weekend weather,” Higgins says.  

In the first week following the event, Suncorp New Zealand has settled or offered to settle well over 1000 claims, and paid customers more than $5m in claims. Higgins urges any customers still seeking help to go online at www.vero.co.nz or www.aainsurance.co.nz

“Against a backdrop of a challenging economy, increasingly severe weather events (including the recent North Island floods and landslips), and global uncertainty, the value of insurance has never been clearer, despite our customers being challenged by the increased cost of living.   

“Over the next few months, our continued focus will be on delivering to the customers and communities who are going to need our support more than ever before. 

“Repairs for the extensive flooding damage will also put pressure on the building industry and the broader supply chain, so we will be working closely with impacted family and business customers to ensure they can get back on track as quickly as possible. While the best outcome is a fast claim settlement, there will be other factors outside our control that can impact this.”

Included in the Suncorp New Zealand result, Asteron Life reported Profit After Tax (PAT) of $16 million for the half year to 31 December 2022. 

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Media enquiries: Kimberley Cameron +64 27 208 1268 

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