Suncorp Group has fallen well below cash earnings estimates for its first-half of the year earnings report, released today.
The Australian-based insurer faced a heavy drop in cash earnings, down by 67%, after a year filled with natural disasters across both Australia and New Zealand.
In the six months to December, there were nine natural disasters across both countries, seeing its natural hazard expenses allowance blown to more than double the year before, coming in at $1.32 billion.
Gross written premium for 2026 was also downgraded, to “the bottom of the mid-single digits range", despite rising 2.7% for the earnings period, with the insurer's consumer portfolio doing particularly well at 6.3%.
Profit landed at $263 million, compared to $1.10 billion the same time last year.
Shares took a hit as a result of these shaky results, dropping to the lowest level since 2024 on Wednesday.
"Suncorp's 1H26 reported profits and shareholder returns have been challenged by an elevated level of natural hazard costs and lower investment returns over the half," said CEO Steve Johnston on the report results and string of natural disasters.
“These events continue to underscore our purpose and the important role we play in our communities and economies."
At the time of reporting, Suncorp Group (SUN: ASX) was trading down 4.54%, at $15.26.
