Suncorp plans a $462M writedown, reduces growth targets


Suncorp Group (SNMYF), Australia’s largest general insurer by market value, is planning a A$500M ($462M) writedown due to rising insurance claims and customer competition.

The writedown will reduce net profit and cut capital by A$27M ($25M), although the insurer expects to pay a dividend of 60-80% of cash earnings.

As a result, the group lowered its top-line growth targets to 4-6% from 7-9%.

From other sites
Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Hub
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs