Suncorp Profit $574m up 48% 1H2013

Banking and Insurance company, Suncorp Group (ASX:SUN), has announced its first half results to shareholders, investors and traders.

• Suncorp Net Profit at $574 million, up 48 percent on the previous corresponding period.
• Suncorp owns insurance brands: AAMI and GIO. Its insurance businesses made $564 million profit, from $162 million in the previous corresponding period.
• Company's written premiums increased 9 percent to $4.2 billion.
• Suncorp had an after-tax loss of $140 million from its 'non-core' bank, which houses a series of bad commercial property loans.
• Suncorp will distribute an interim dividend fully-franked, at 25 cents per share up from 20 cents per share. The dividend distribution equals 52 percent of the company's cash earnings from the period. The target payout range was 60 to 80 percent – which would be met at full year – as the company holds the cash in case of other natural disasters for the financial year.
• Suncorp chief executive, Patrick Snowball said, "I recognise that the payout ratio is below our full-year target range. But as you are by now aware we are always conservative at the half-year, and ex-Tropical Cyclone Oswald was a reminder of why our interim dividend might still be slightly lower than you’d otherwise expect given the strong operating performance in the first half and also the strong balance sheet."
• Floods and bushfires cost Suncorp $417 million for the period, less than its allowance of $520 million for 2012-13.