Suncorp shares dip as hail hits H1 profit

February 15, 2018

Melbourne's December hail storm has contributed to a blow-out in Suncorp's natural hazards payouts.

Suncorp's first-half profit has fallen 15.8 per cent to $452 million after Melbourne's December hail storm contributed to a blow-out in the insurer's natural hazards costs.

The financial services giant says insurance premium revenue for the six months to December 31 rose 1.8 per cent, but reinsurance and other revenue slipped, and natural hazard costs climbed to $395 million - $65 million above allowance.

Nonetheless, Suncorp has held its interim dividend at a fully franked 33 cents and says it will look to return surplus capital to shareholders at the time of its full-year results.

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