Suncorp Group Limited provided results for 1HFY23 ended 31 December 2022

Suncorp Group Limited (ASX: SUN) reported higher revenues and significant growth in 1HFY23. The company's net profit after tax climbed by 44.3% to AU$560 million, while cash earnings increased by 62.9% to AU$588 million. In Australia, the company’s gross written premium (GWP) increased by 9.0%, excluding Emergency Services Levies (ESL) and portfolio exits, and 12.2% in New Zealand.

In 1HFY23, the company’s underlying Insurance Trading Ratio (ITR) grew from 8.0% (excluding COVID-19) to 10.0%. Group operating expenses fell by 3.1% to AU$1,349 million, mainly reflecting efficiency benefits from the strategic program of work, and a decrease in project investment relative to the prior period, more than offsetting the impact of the inflationary environment.

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