Suncorp Group Ltd (ASX:SUN) witnessed its total profit after tax from ongoing functions decline by 26.8% to $871 million while cash earnings were down by 32.8% on pcp to $749 million. Nevertheless, the total net profit of Suncorp soared to $913 million in FY20 due to large after-tax profit from the sale of the Capital SMART and ACM Parts businesses. Details include:
- Insurance (Australia) division posted net profit after tax of $384 million, down 33.9%.
- Group increased its allowance for natural hazards by $130 million to $950 million for FY21.
- Final dividend of 10 cents per share was decided to be paid, bringing full-year dividend to 36 cents per share, down 48.6% from previous year.